The Colorado sports betting industry continues to put up impressive numbers as sports betting handle rose by almost 10 percent in November. Colorado was expected to become a huge sports betting market, but the state has put up impressive numbers during a pandemic.
Total sports betting handle was reported at $231.2 million in November after just $210.7 million in October. Once again, mobile betting led the way, accounting for more than 98 percent of all of the bets made.
Colorado saw a decrease in tax revenue in November, but that was mostly due to new operators offering various bonuses and promotions. The state collected $793,280 in taxes last month while collecting almost $825,000 in October.
Gross gaming revenue was totaled $18.4 million in November, which was an increase of almost 5.5 percent from the October figures.
Football Bringing in Most Wagers
It comes as no surprise that football was the most popular sport to bet on in Colorado during November. College football played a huge role in the numbers, but it was the National Football League that led the way.
Professional football accounted for $88.5 million in wagers last month, while college football brought in $22.3 million in bets. Surprisingly, table tennis remained a popular betting option, accounting for $12.4 million in bets.
Table tennis has been one of the most popular sports to bet on in Colorado since launch, but that was expected to fade out. Operators continue to feature table tennis markets as Colorado sports bettors continue to make wagers on the unique sport.
New Operators Coming in 2021
The state of Colorado already has some of the biggest names in the sports betting industry offering services, but the list will continue to grow in 2021. As the numbers continue to rise in Colorado, sports betting operators want to take advantage of the growing market.
888sport and Betsson were both given temporary sports betting licenses earlier this month, and they are expected to launch at some point in 2021. These are two of the biggest international sportsbook operators, and they will continue to boost the Colorado sports betting industry.
US Industry Setting New Record
It will take a while for all of the states to report their November sports betting numbers, but October was a huge month for the industry. Total betting handle went over the $3.25 billion mark for the first time, and November should shatter that mark.
New Jersey has already reported $931.6 million in total sports betting handle for November, and other states are expected to shatter records as well. Pennsylvania saw a slight decrease in sports betting handle in November, but the total was still $491.9 million.
Colorado still has work to do to catch the industry leaders, but the state is well on its way to becoming a huge factor in the US.