During November, Colorado sportsbooks secured another entry into record books after becoming the sixth state to exceed $225 million in handling over a single month.
According to data released by the Colorado Department of Revenue’s Division of Gaming, the sportsbooks of the Centennial State took $231.2 m in wagers during the time. That was up 9.7 percent from the previous $210.7m high set a month earlier, marking the seventh record month in a row.
As operators took in $18.4m, up 5.5 percent from $17.4m in October, record wagering also generated record revenue. Since launching, Colorado sportsbooks have now produced $58.7m in gross revenue, with $35.8m of that coming in the last two months.
Dustin Gouker, analyst for PlayColorado.com said: “With five games in November, the Broncos gave a boost to sportsbooks.
“Almost every legal jurisdiction in the US has been growing this fall. But a common theme among them all is that a local NFL team can really make a significant difference in a month’s handle, and that is particularly true in Colorado.”
Again, with online sportsbooks attracting $226.8 m, or 98.1 percent of the month’s handle, almost all November’s wagers were made digitally. That’s up from October’s wagers of $206.4m, or 98 percent.
Ian St. Clair, analyst for PlayColorado.com added: “The unusual circumstances that Colorado’s industry launched made for an uneven start in terms of tax revenue, but sports betting is becoming more reliable.
“The industry’s growth should continue to pay dividends for the state. The timing is good, obviously, as rarely has that tax revenue been more needed.”
Analysts predicted that the November wagers are likely to position Colorado sixth in the US, behind New Jersey, Nevada, Pennsylvania, Illinois, and Indiana number five, which created a November state record of $251.4 million. The inclusions of Nevada and Iliinois of both regions are expected to release data later this month and throughout January, respectively.
“After surprisingly falling behind Indiana in October, Colorado managed to regain its pace,” Gouker added. “Indiana and Colorado are so similar in terms of population, makeup of the local sports landscape, and a balanced regulatory framework, that the two should remain close for the foreseeable future.”