New Record for Colorado sports Betting Handle in November

Categories: News, Colorado | Published by: Alex W

24/12/2020

Colorado’s November sports betting handle has set another new record in the state.

The November Colorado sports betting handle jumped up by around 10% after a minimal increase in October. The latest numbers have broken the Keystone State’s previous record, which introduced its online sports betting industry on May 1. The most significant sportsbooks in Colorado accounted for a total handle of $231.2 million in November, which was a 9.7% increase from October’s total of $210.7 million. October saw a modest increase of around 1.5% from September.

Mobile sports betting contributed 98.1% of the total handle. The total of $226.9 million posted in November was a 9.9% increase over October’s $206.4 million. All of these figures have been released in a report from the Department of Revenue’s monthly statistics.

The state collected $793,820 in taxes in November from sports betting operators, which is the highest amount since the online market was launched. November’s Gross Gaming Revenue was $18.4 million, which was a 5.5% increase from October’s $17.4 million.

The five most prominent sports in the November handle were:

Pro Football: $88.5 million

College Football: $22.3 million

Table Tennis: $12.4 million

Pro Basketball: $9.7 million

College Basketball: $8.3 million

Parlay betting was the most popular bet type accounting for $40.4 million, while “other” sports took in $31.5 million in wagers for November.

Operators Lining Up to Enter Colorado Market

Established international gaming company 888 Holdings, who are behind 888sport in the U.S., and Betsson, who are based in Stockholm, were both approved for temporary Internet sports betting licenses earlier in December. The decision to approve the licenses was taken during the year’s final meeting for the Colorado Limited Gaming Control Commission.

Both brands received unanimous approval by the committee and are just waiting on regulatory background investigations before they can proceed further. 888Sport has signed a multi-year agreement with Grande Casino in Cripple Creek for Colorado market access. Betsson has agreed to a similar deal with Dostal Alley Casino in Central City.

Once both 888sport and Betsson are up and running, Colorado will have 18 online sports betting operators.

Records Breaking Across the Country

New Jersey Sports betting continues to lead the way in the country in terms of gambling revenue and will soon post $1billion in a month. In November, the total handle in the Garden State was $931.6 million, surpassing the previous national record of $803 million set in October.

Indiana also set a new state record in November, posting more than $250 million, which was an 8.9% increase over October’s $230.9 million.

Another state which is also showing growth is Iowa. November saw an all-time high for sports betting and mobile handles, beating October’s totals. The Iowa sports betting handle in November was $87.2 million, with $62.4 million in mobile handle.

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