Colorado’s sports betting industry had a standout performance in November 2024, according to the latest report from the Colorado Department of Revenue. The state’s monthly sports wagering handle hit an impressive $647,951,807, making it the second-highest month ever for total betting volume.
Only December 2023 has outperformed this, with a staggering $716,430,270. As December 2024 unfolds, all eyes are on whether a new record is on the horizon.
November 2024 by the Numbers
The statistics from November underscore just how strong Colorado’s sports betting market has become. Beyond the sheer size of the handle, several key figures tell the story of a booming industry:
- Online sportsbooks dominated, accounting for 99.38% of the total handle.
- Gross Sportsbook Revenue hit an all-time high of $55,666,475.
- State tax contributions reached $3,958,611.
- Sportsbooks enjoyed a healthy win percentage of 8.59%.
These figures highlight two clear trends: the overwhelming preference for online betting and the state’s ability to convert this activity into meaningful tax revenue.
What Were Colorado’s Bettors Backing?
The sports that Coloradans chose to bet on in November reveal some intriguing patterns. A significant 73.2% of all wagers came from just three categories: parlays/combinations, NFL games, and basketball.
Here’s how the bets broke down:
| Sport/Category | Percentage of Handle |
|---|---|
| Parlays/Combinations | 25.4% |
| NFL | 24.9% |
| Basketball | 22.9% |
| NCAA Football | 6.7% |
| NCAA Basketball | 4.6% |
| Tennis | 3.6% |
| Soccer | 3.2% |
| Table Tennis | 2.7% |
| Ice Hockey | 2.5% |
From major league matchups to niche sports like table tennis, Colorado’s bettors showed diverse interests. Parlays were the top choice, thanks to their high-risk, high-reward nature, while the NFL and basketball maintained their status as staples of sports wagering.
The Rise of Online Sportsbooks
Online platforms played a pivotal role in Colorado’s betting boom. With 99.38% of bets placed through online channels, the convenience and accessibility of digital sportsbooks are reshaping the industry. This trend aligns with national patterns, where mobile and online betting increasingly outpace traditional in-person wagering.
This reliance on online sportsbooks benefits the state as well. The high volumes of betting activity translate to significant tax revenues, which are used to fund public initiatives. November’s $3,958,611 contribution underscores the economic potential of sports betting when effectively regulated.
Is December Set to Break Records?
As December unfolds, the potential for a record-breaking month looms large. Historically, December has been a strong month for sports betting, thanks to the NFL season, college football bowl games, and the NBA heating up. If the trends from November carry over, December 2024 could very well surpass last year’s all-time high of $716,430,270.
Factors that could drive December’s performance include:
- NFL Playoff Races: As teams battle for playoff spots, the stakes—and the betting interest—rise.
- College Bowl Games: From the Rose Bowl to the College Football Playoff, December offers a packed schedule for NCAA football fans.
- Holiday Season: More leisure time during the holidays may lead to increased betting activity.
Looking Ahead for Colorado
Colorado’s sports betting market continues to set the bar for other states. With a strong online presence, a diverse array of sports, and robust tax contributions, the state is reaping the rewards of its forward-thinking approach to sports wagering. The coming months will reveal whether this upward trajectory can be sustained or even surpassed.
