Sportsbooks Continue to Ride the Parlay and Basketball Waves in Colorado as the Market Surfs Past the $500 Million Mark Once Again
On Wednesday, the Colorado Gaming Division released its monthly betting report for November. In the report, NBA would be the catalyst for the increase in average wagering volume for the Centennial State.
Colorado Registers a Solid Increase From October’s Numbers
Unlike the Denver Broncos in the NFL, the Denver Nuggets remain competitive in the Western Conference as the team is well above the .500 mark. According to the numbers that were released to the public, sportsbook operators combined to produce $552.6 million in bets for the month.
This is the fourth time the state surpassed the $500 million mark in the last 31 months of its operation. It represents an increase of 4.9 percent compared to the previous month, and an increase of 16.2 percent compared to its year-to-date numbers. The increases are significant, as Nevada’s monthly and yearly handles are trending in the opposite direction.
The NBA has been on top, as the sport accounted for $142.2 million of the total wagers for the month. The NFL secured the second position with $135.3 million in bets. NCAAF came in third place with $48.1 million in the books.
NCAA basketball at $39 million, soccer at $27.7 million, and lastly hockey rounded out the top six with a handle of $19.4 million. The house fared well against the public as the state combined to collect $2.58 million in tax receipts.
Compared to November 2021, it’s a 30.4 percent increase from the $1.98 million tax haul and an increase of 10.8 percent over the prior month. The Centennial State has collected $10.8 million in taxes thus far this fiscal year, an increase of 98.95 percent over the previous year.
Parlays Continue to Hurt the Betting Public
In the Silver State, the public put up a solid fight against the public, as its most recent sports betting report depicted. However, the sportsbooks in Colorado continue to push forward as the bettors continue to struggle.
November’s handle ranks second only to January’s $573.7 million, which shows why the state is a prominent market in the industry. In the post-PASPA era, Colorado became just the seventh state that surpassed the $9 billion overall handle milestone. In addition, it became the seventh state to eclipse the $4 billion territory mark for 2022.
The sportsbooks combined to register a hold rate of 6.7 percent, which is slightly below the national average of 7.2 percent. A gross revenue of $37.6 million was generated as a result.
Other Factors That Contributed to the Numbers?
Bookmakers that operate in Colorado have some more breathing room in the state. According to the state’s report, promotional credits and other deductions totaled $13.2 million, leaving an adjusted revenue of $24.4 million to be taxed.
Parlays continue to bail out the sportsbook operators in the Centennial State. For the month, the hold rate on parlays alone was 19.7 percent.
