Colorado generates record-breaking sports betting handle of $608M in November

The Colorado Department of Revenue has released sports wagering figures for November 2023. For the first time in state history, Colorado’s sports betting handle surpassed the $600 million mark in November, reaching $608 million in bets.  

The sports betting handle total in November was 9.67% higher than the figure Colorado recorded in October 2023. November's handle was also 10.11% higher than the total for the same period in 2022, which was $552.6 million. 

According to data shared by the state’s Department of Revenue, November 2023 witnessed the fourth straight month when Colorado’s sports betting handle grew month-on-month:

• November: $608,488,266
• October: $554,859,801
• September: $512,792,794
• August: $306,065,790.69
• July: $281,110,490

Despite the surge recorded in handle, the state's gross gaming revenue fell from $46.9 million in October to $28.6 million in November. Meanwhile, the total taxes collected in Colorado in November 2023 were $1.5 million, a decrease of 55.43% from October 2023, when the state generated $3.3 million. The total taxes collected also saw a 42.31% decrease from November 2022, when the state generated $2.6 million. 

Colorado’s sports betting handle in November was mainly driven by non-parlay NFL bets, at 24.3%, owing to the boost provided by the ongoing NFL season. The handle also included pro basketball bets, which made up 23.6% of the handle share in November, and NCAA football, which accounted for the third-biggest share at 8.6%

“$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,” the Colorado Department of Revenue said in a press release.

November’s record handle surpassed the second-best record of January 2022 by $30 million. It was also the ninth time that Colorado sportsbooks generated more than $500 million in handle.