The Colorado Division of Gaming announced Wednesday that the state’s bettors produced a handle of $552.6 million in November, giving the state its fourth handle eclipsing $500 million in 31 months of legal sports betting.
That handle marks a 4.9% increase from the October 2022 numbers and a 16.2% increase from the November 2021 handle of $475.4 million.
The state collected $2.58 million in November sports betting taxes, which represents a 10.8% increase over the prior month and a 30.4% increase from the November 2021 tax haul of $1.98 million. Thus far this fiscal year, Colorado has netted $10.8 million in taxes, a 98.95% increase from the same period the previous fiscal year.
The Denver Nuggets lead the Western Conference with a record of 24-13 and NBA basketball was the leading sport for Colorado bettors in November, accounting for $142.2 million in total wagers, followed by the NFL with $135.3 million in bets, then NCAA football ($48.1 million), NCAA basketball ($39 million), and soccer ($27.7 million). Hockey came in sixth with a handle of $19.4 million.
Parlays continue to hurt bettors
November’s handle ranks behind only the $573.7 million from January. In October, Colorado became the seventh state to surpass $9 billion in all-time handle in the post-PASPA era and the seventh to clear $4 billion in handle for 2022.
The November hold rate of 6.7% on gross gaming revenue of $37.6 million is in line with the 6.9% hold for October, both of which are lower than the national average.
There were $13.2 million in promotional credits and other deductions reported, leaving the state eligible to tax $24.4 million in adjusted revenue.
Parlays continue to be the biggest earners for the state’s online and retail sportsbooks, as Colorado bettors risked $91.8 million in parlay bets and won just $73.7 million, leaving a 19.7% hold rate for the house.