In November, Colorado’s sports betting market continued its robust growth, reporting a handle of $608.5 million, marking a substantial 10.1% increase year-over-year. The Colorado Division of Gaming’s latest data underscores the state’s thriving sports betting landscape, with online wagers contributing significantly to the overall handle.
Key Statistics:
Total Handle: $608.5 million
Year-over-Year Growth: 10.1%
Online Betting Share: $602.9 million
Retail Betting Share: $5.6 million
Revenue Insights:
While the handle experienced a double-digit surge, the revenue reported a decrease of nearly 24% year-over-year, amounting to $28.6 million. Notably, operators’ net revenue stood at $13.6 million, indicating a substantial issuance of promotional credits, potentially influenced by the launch of ESPN Bet. The dynamics between handle and revenue underscore the promotional strategies employed in the competitive market.
Top Sports for Betting:
American Football: Led as the most popular sport with bets totaling $151.2 million.
NFL Bets: Generated $5 million in revenue after $146.2 million in winnings.
Basketball: Recorded a handle of $143.6 million with revenue reaching $5.7 million.
Betting Diversity:
Parlay Bets: Players wagered over $135.3 million, resulting in $11.1 million in gross revenue for operators.
Tax Contribution: The state received $1.49 million in taxes, showcasing the financial impact on the state’s revenue.
Market Outlook:
Colorado’s sports betting market’s positive trajectory in November aligns with the industry’s growth trend, driven by the popularity of online betting and diverse offerings across sports categories. The state’s commitment to fostering a competitive yet regulated sports betting environment is evident in the consistent year-over-year growth.
Upcoming Acquisition:
In a notable development, Rocky Mountain Gaming is set to acquire the operating assets of Johnny Nolon’s Casino and the Colorado Grande Casino, pending approval and licensing from the Colorado Division of Gaming. This move reflects the industry’s continued consolidation and strategic acquisitions in response to the evolving landscape.
Colorado’s sports betting market’s impressive performance in November reaffirms its position as a key player in the burgeoning U.S. sports betting landscape. The state’s ability to adapt to market dynamics and embrace innovative platforms contributes to its sustained growth, making it a focal point for operators and industry stakeholders.