By
Amelia Walker
Senior Content Writer Updated: 17 January 2024
Amelia Walker Senior Content Writer
Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.
According to recently released figures, Colorado’s sports betting industry has risen to new heights, with November 2023 enjoying a record-breaking handle. The figures show that during this month there was a total handle of over $608 million.
This huge milestone was reported by the Colorado Department of Revenue (DOR), and it marks the first time in the state’s history that the sports betting handle has exceeded $600 million. This achievement reflects the impressive performance of the Colorado sports betting market since it was launched back in 2020.
The November figure equates to an impressive 9.67 percent increase compared to the October 2023 handle, which comes as good news for the state. However, the data also showed that despite this increase in the handle, there was a noticeable decline in gross gaming revenue. In November, this fell from $46.9 million in October to $28.6 million.
Officials state that overall, the data indicated a pattern of steady growth, with each month in the latter half of last year outperforming the previous one. Monthly handles between July and November 2023 were:
This trend mirrors the patterns that have been seen in the state since 2020, with a noticeable increase from summer to autumn. The record-breaking November handle not only soared past the previous high set in January 2022 by over $30 million but also marked the ninth time that the state’s sportsbooks have crossed the $500 million threshold.
In a press release, the Colorado Division of Gaming wrote:
$608+ million is the highest amount of handle in a given month since the inception of sports betting in May 2020 as well as the first time the monthly handle has exceeded $600 million.
One of the key reasons behind the surge in November betting was the NFL betting sector, which accounted for 24.8 percent of November’s total handle. In addition, data also showed that professional basketball bets made up 23.6 percent of the handle, with NCAA football bets making up 8.6 percent.
The future for Colorado’s sports betting industry appears promising, according to officials. Historical data suggests that the handle for December and January will most likely remain above $570 million.
There is also speculation that January could see figures nearing $625 million, potentially setting new records. This is based on the fact that January has historically been one of the strongest months for sports betting in Colorado.
There is also the Super Bowl in February to look forward to as well as March Madness. So, the state can look forward to a very busy period for the next few months when it comes to sports betting.
Like other sports betting states across the country, however, Colorado is likely to experience a slowdown after March Madness is over, and this is a trend that is seen across the country. This then lasts until the start of the football season again in the fall.
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