Colorado sportsbooks secured another entry into record books during November, after becoming the sixth state to surpass $225m in handle during a single month.
During the period the Centennial State’s sportsbooks took $231.2m in wagers, according to data released by the Colorado Department of Revenue’s Division of Gaming. That was up 9.7 per cent from the previous record of $210.7m set a month earlier, marking the seventh consecutive record month.
The record wagering also generated record revenue, as operators took in $18.4m, up 5.5 per cent from $17.4m in October. Colorado sportsbooks have now produced $58.7m in gross revenue since launching, with $35.8m of that coming in the last two months.
“With five games in November, the Broncos gave a boost to sportsbooks,” said Dustin Gouker, analyst for PlayColorado.com. “Almost every legal jurisdiction in the US has been growing this fall. But a common theme among them all is that a local NFL team can really make a significant difference in a month’s handle, and that is particularly true in Colorado.”
Again, nearly all of November’s wagers were made digitally, with online sportsbooks attracting $226.8m, or 98.1 per cent of the month’s handle. That is up from $206.4m, or 98 per cent, of October’s wagers.
“The unusual circumstances that Colorado’s industry launched made for an uneven start in terms of tax revenue, but sports betting is becoming more reliable,” said Ian St. Clair, analyst for PlayColorado.com.
“The industry’s growth should continue to pay dividends for the state. The timing is good, obviously, as rarely has that tax revenue been more needed.”
Analysts expected that November’s wagers will likely place Colorado sixth in the US, behind New Jersey, Nevada, Pennsylvania, Illinois, and number five placed Indiana, which produced a state record $251.4m in November. Nevada and Iliinois are projected inclusions with both regions to release data later this month and during January, respectively.
“After surprisingly falling behind Indiana in October, Colorado managed to regain its pace,” Gouker added. “Indiana and Colorado are so similar in terms of population, makeup of the local sports landscape, and a balanced regulatory framework, that the two should remain close for the foreseeable future.”