Colorado sportsbooks generated record income in November, generating nearly $2 million in taxes for the state, despite the $475 million handles falling short of October’s all-time high. 

Colorado online casino churns out excellent numbers

According to PlayColorado, November’s numbers “further consolidated a historic boom” in sports betting across the United States, despite the fact that there was one fewer weekend than in October, resulting in fewer events to gamble on.

In November, wagers totaled $475.4 million in Colorado’s online and retail sportsbooks, falling 3.3 percent shy of the record $491.5 million in wagers set in October, according to Colorado Division of Gaming data. Despite the month-over-month decline, November’s average betting volume remained consistent with October’s 31 days at $15.85 million per day.

Volume increased 105.6 percent year over year to $231.2 million from $231.2 million a year ago. The majority of those wagers were placed through online sportsbooks, which accounted for $469 million, or 89.6%, of Colorado’s total volume. Sportsbooks broke the state’s gross revenue record in November, bringing in $36.8 million, up 28.5% from the previous month’s record of $28.6 million. Gross revenue increased 100.4 percent year over year to $18.4 million in November 2020.

Net sports betting revenue increased to $19.3 million in November from $9.8 million in October, shattering the previous record of $11.7 million set in January. This resulted in $1.98 million in state taxes, the highest amount ever collected in a single month in Colorado.

Quotes from the Press Release

“While every market has seen considerable growth in recent months, few have outperformed Colorado since the start of the football season in September,” said Ian St. Clair, principal analyst at PlayColorado.

“November served as a litmus test for the sustainability of development following the conclusion of the football season, as there were fewer games played than in October. An increase in basketball wagering is a positive indicator for bookies.”

“Sportsbooks have been attempting to leverage the busiest time of the year in order to expand their customer bases,” noted Eric Ramsey, PlayUSA analyst. The plan has been successful, since revenue for sportsbooks and the state has increased while promotional spending has remained at record levels.”

November’s results were achieved despite one fewer football weekends than in October. November wagering on professional football totaled $140.3 million, down from $171.2 million in October. Additionally, college football revenue decreased to $29.4 million in November from $51.2 million in October.

“Sportsbooks gained considerable new consumers this fall, and gamblers have grown increasingly comfortable with a variety of betting options,” St. Clair continued. Bettor interests in sports other than football are already diverse in Colorado.

“However, operators have an opportunity over the next few months to diversify their sports betting offerings by capitalizing on the growth experienced during football season.”