Positive results have been obtained from the latest Colorado activities wagering data provided by the Colorado Department of Revenue.
In November, the wager placed by Colorado residents amounted to a staggering $552,603,013. This represents a 4.9% increase in the handle compared to October of the previous year.
Since the legalization of the sports betting industry in Colorado, November became the fourth month to surpass the $500 million mark in revenue. Remarkably, it also secured the second-highest position in terms of revenue in the state’s history.
In addition, Colorado’s sports betting industry generated over $37 million in revenue during the same period as last year, representing an increase of approximately $1 million.
After factoring in special certificates and other considerations, the adjusted income for November amounted to $24.4 million.
Colorado sports wagers on a November YOY improve
The progression of sports betting in Colorado and Nevada was not limited to a monthly basis.
The sports betting control at & has seen a 16.2% increase since November 2021. During that month, Colorado sports bettors wagered slightly over $475.44 million.
Also, gambling-related tax revenue increased in CO.
In November, Colorado’s sports wagering brought in a tax revenue of $2,581,533. This represents a 10.8% increase compared to the previous quarter in October, where the tax total was $2,330,705.
From November 2021 to year over year, it has experienced a growth of 30.4 percent, reaching $1,979,134. The fiscal year’s taxes have reached an astonishing $10,816,035 as of November, indicating a significant increase of 98.95% compared to the same period in November 2021 ($5,436,615).
Furthermore, with the implementation of the new legislation, it is anticipated that the state will experience a growth in tax revenue generated from sports betting activities by 2025. These funds will be utilized in a responsible manner, including the allocation of resources towards supporting reliable gambling aid.
Sports are the most well-known sports stake in Colorado.
Despite the increasing heat of the professional basketball season in November, Colorado gamblers surprisingly favored other activities. This revelation is unexpected as sports typically dominate the sports betting scene, especially during the off-season.
However, Colorado casinos placed a significant amount of money on wood, with gamblers betting a staggering $142,186,629.72 on baseball in November.
It signifies a notable enhancement compared to last month’s basketball bets, amounting to roughly $85 million. Professional sports accounted for 25.7% of the wagers placed in November.
Despite the evident dominance of basketball in Colorado sports gambling, the recent success of the Denver Nuggets could potentially play a role. Currently, the Nuggets hold the top position in the Western Conference standings.
Denver hockey has become a must-watch on television, thanks to MVP candidate Nikola Jokic’s impressive stats of 25.6 points, 10.8 rebounds, and 9.5 assists per game. Furthermore, state-based bookmakers have taken notice of this remarkable performance.
Despite not securing the top position in November, football remained popular in Colorado, with bettors wagering a total of $135,263,417.14 on professional sports during the quarter.
The handle for professional football in November witnessed a decrease of just over $36 million compared to the October handle of $171,637,593. Additionally, approximately 24.5% of the bets made in November were focused on professional athletics.
The NFL staff of the state & is facing significant challenges due to their ambitious preseason Super Bowl goals. With only one week remaining in the regular season, the Denver Broncos are currently ranked next in their division and have a record of 4 – 12.
Nathaniel Hackett takes charge as the brain manager. Denver’s recent firing marks the conclusion of a period that fans would rather erase from memory.
In November, college basketball ranked as the third most popular game, generating an impressive revenue of $488,051,337.73. On the other hand, school sports settled at the bottom of the list, amassing a comparatively lower revenue of $38,982,392.57.
The three other sports, namely tennis (1859, 472.59), soccer (27,709,806.83), and ice hockey (1940,015.83), collectively gathered bets exceeding $7 million.
Colorado sports game companies benefited from wagers.
In the month of November, the total amount of bets placed by bookmakers in Colorado was $91,784,135.69. This figure slightly decreased compared to the parlay handle of $92,037,815.65 recorded in October.
However, when it was time to distribute the winnings to the players, punters were only given $73,701.198.54 from their bets. This amount represents a consistent rate of 19.7% for the bettors.
Colorado maintained a consistent 6.7% level across all activities throughout the month, with the condition keeping steady at 6.9% in October.
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