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Colorado’s sports betting handle surpasses $600m for first time in November

| By kylegoldsmith
Colorado reported a record-breaking $608.5m (£481.7m/€554.9m) in sports betting handle for November, the first time it has exceeded $600m in a single month.
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Total handle in Colorado was also 9.67% higher than in October,. It’s a 10.11% increase from the $553m accumulated in November 2022.

Total wagers in Colorado for 2023 now stand at $2.3bn, with December’s numbers still to come. As of November, the total wagers were 8.92% up from the same point in 2022.

However, the total taxes of $1.5m were 55.43% down on October 2023, as well as 42.31% lower year-on-year.

November a great month for sports bettors in Colorado

It was a great month for bettors, with Colorado’s November gross gaming revenue standing at $28.6m. This is down from $46.9m in October, with total win percentage dropping from 8.46% to 4.7%.

American football continues to be the dominant market, with $151.1m of wagers on the professional game, while college football generated $52.1m of bets.

This is likely to drop off soon, however, with the end of the football season around the corner, a potential problem considering football accounted for 33.4% of Colorado’s total wagers in November.

Basketball also performed well, with $143.6m placed on the NBA in Colorado in November. College basketball, meanwhile, saw $37.8m in wagers.

Fanatics a potential big player in Colorado

The state’s record-breaking sports betting handle will likely be boosted in the future by Fanatics launching its sportsbook in Colorado.

The Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings acquired PointsBet US in September. It subsequently launched its sportsbook in Colorado in December, replacing PointsBet in the state.

Existing PointsBet customers in Colorado can log in to the Fanatics Sportsbook using their existing credentials. Any open bets, balances and responsible gambling settings will also be moved across to the Fanatics Sportsbook.

In total, the Fanatics Sportsbook is now live in Kentucky, Maryland, Massachusetts, Ohio, Tennessee, West Virginia, Virginia and Colorado, as well as its most recent launch of Connecticut.

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