The growth of sports betting in Colorado has been remarkable over the past few months, and in November it reached an impressive milestone. According to state data released on Wednesday, the total sports betting handle – or the sum of all money wagered – increased 4.9%, amounting to $552.6 million in November alone.
This is a testament to the surging popularity of sporting events such as football, baseball, and basketball amongst avid betters in Colorado who openly accept the added excitement that comes with wagering on your favorite team or competitor. With this high degree of enthusiasm for Colorado’s burgeoning sports betting scene, this number will likely continue to grow well into 2023.
November’s Total Was Also Higher Than Last Year’s November
November was an incredibly strong month for the sports betting industry in Colorado, with the total handle reaching a new high of $626.6 million according to the Colorado Division of Gaming. This represents an impressive 16.2% increase from October, while tax revenues increased by 10.8%.
It’s promising news for this still relatively young industry, with more and more people flocking to Colorado sportsbooks across the state every month as an increasing range of legal and convenient betting options become available – all culminating in these figures representing another successful milestone for sports bettors in Colorado.
“The monthly November 2022 tax total represents a 30.4% increase from the taxes collected in the same month previous year of November 2021 of $1,979,134,” the division stated.
NBA As The Top Sports For November
The start of the NBA season foretold good things for sports betting in Colorado, with basketball alone taking more wagers than any other sport at $142.2 million during last month’s peak. Betting on NFL was a close second, as most Americans view football as a religion and were happy to have both college and pro sports early in the fall.
Knowing that their bets would also contribute substantially to state funds must add extra sweetness to the state’s winnings. The revenue generated will be split among water projects, the Hold Harmless Fund, and the Office of Behavioral Health, providing additional jobs and well-being for Coloradans during these pandemic times. It certainly looks like 2020 has drastically changed from its initial months–not only with sports coming back but also with legalized betting setting new records in the Centennial State!