Colorado sports betting revenue soared in November, comfortably surpassing the state's previously held record. Indeed, sportsbooks earned gross revenue of $36.8m during the month, a 100.4% year-on-year increase and a 28.5% increase from the state’s previously held record.
This record-breaking revenue echoes a trend that occurred across the nation this fall; as the National Football League and the National Basketball Association returning in full swing coalesced with the ever-increasing appetite for sports betting.
Bettors in the Centennial State spent approximately $475.4m in November, according to the Colorado Division of Gaming. This falls 3.3% short of the $491.5m spent in October, a period with a full month of NFL matches. Year-on-year growth comes in at 105.6%, perhaps due to Covid restrictions limiting betting throughout 2020.
Similarly to the previous month, the average betting volume remained at $15.85m per day.
While an uptick in professional football certainly helped sportsbooks across the country, bringing in $140.3m in wagers for Colorado, pro basketball also played a key role. Indeed, basketball wagers increased to $124.7m in November from $63.3m in October. On top of this, collegiate basketball raised $29m, followed by ice hockey and soccer, which totaled $14m and $11m respectively.
Finally, net sports betting proceeds increased to $19.3m in November, breaking January’s record. In total, this saw the state record $1.98m in state taxes.
Sports betting was legalized for the Centennial State in the summer of 2020, operators such as BetMGM, Barstool and WynnBet are available for use in the region.
