Colorado Sports Betting Hits Record $608.4 Million Handle In November

The sports betting handle in the state of Colorado has just hit an all-time high. The Centennial State brought in $608.4 million in total wagers throughout the month of November for a new state record.

The NFL attracted the most wagers throughout the month as the Denver Broncos played several pivotal games, with the NBA coming in at second. Colorado sports wagering initially rolled out in 2020, and there’s hope that online casinos could become available in the future.

Colorado Sports Betting Handle Exceeds $600 Million For The First Time

Colorado sports bettors placed some big wagers in November of 2023. Some recently released data revealed that the Colorado sports betting handle hit $608.4 million throughout the month.

The handle was a big jump from the previous month, growing 9.67% from October to November. While the handle improved, gross gaming revenue took a tumble, going from $46.9 million to $28.6 million. This represents a 39% month-to-month decrease.

According to PlayUSA, the Colorado betting handle has been consistently improving from month to month since July. In fact, November represented the fourth month in a row that the betting handle increased. That means the handle continued to increase every month from July ($281.1 million) to November ($608.4 million). Overall, the handle improved 116.4% throughout that span.

Colorado Bettors Focus On The NFL

The NFL was the major draw for Colorado sports bettors in November, making up $151.1 million of the total handle and 24.8% of the revenue. It certainly didn’t hurt that the Denver Broncos had a very successful month. Throughout November, the Broncos went 3-0, taking down the Buffalo Bills, Minnesota Vikings, and Cleveland Browns. This contributed to a five-game winning streak in which the Broncos looked like a potential playoff team.

But the NBA also majorly contributed, with $143.6 million in handle and 23.6% of revenue. This makes sense, as it was the first full month of the season for the Denver Nuggets, who are in the midst of defending their title. Plenty of bets were also placed on college football ($52 million), college basketball ($37.7 million), tennis ($22.6 million), and hockey ($19.6 million).

Colorado Sports Betting Launched In 2020, Online Casinos Could Be Next

The Colorado sports betting industry is preparing to celebrate four years of availability. The state initially legalized sports wagering in November of 2019, with retail and mobile sports betting going live in May of 2020. Since launch, Colorado sports wagering has collected over $14 billion in total handle, and $1 billion in revenue.

With the massive success of sports wagering in Colorado, many are wondering when online casino gaming will go live in the state. As it stands right now, there’s no concrete evidence that Colorado online casinos will launch any time soon. But that doesn’t rule out the potential for iGaming in the state, especially considering the state is home to over 30 retail casinos across Black Hawk, Cripple Creek, and Central City. If online casino gaming gets the green light, these casinos will be able to partner with the different iGaming operators.

Currently, online casinos are only available in a small handful of states: New Jersey, Pennsylvania, Michigan, West Virginia, Delaware, Michigan, and Connecticut. Plus, the Rhode Island online casino industry is expected to go live in 2024. It’s important to note that each of these states also have online sports wagering available.