Colorado reported favorable growth in November for the state’s sports betting market.
According to data provided by the Colorado Department of Revenue, licensed operators in the Centennial State accepted $647.9 million in wagers in November 2024 compared to $608.4 million for the same month last year. The results in November were also a substantial increase from the $601.2 million wagers accepted in October 2024.
Colorado, home to 13 online sportsbooks, generated $55.6 million in gross gaming revenue from mobile wagering in November with a total online win percentage of 8.6%. By comparison, Colorado reported $28.2 million in gross gaming revenue from online wagering in November 2023 with operators closing the month with a 4.6% win percentage.
In November, Colorado collected $3.9 million in total taxes from online sports betting. In November 2023, the Centennial State collected $1.4 million in taxes from online wagers.
NFL action soars in Colorado
In November 2024, Colorado and its licensed operators benefited from the NFL and the recent success of the Denver Broncos. The Broncos hold a 9-7 record and are vying for an opportunity to compete in the playoffs later this month. The popularity of the NFL and the Broncos saw Colorado sports bettors dish out $161.5 million on pro football wagers in November 2024. That month, operators paid $152.5 million in winnings to players.
By comparison, November 2023 saw bettors spend $151.1 million on NFL wagers with operators paying players $144.5 million.
The affinity for football translated to an uptick in parlay wagers, which were the most popular wager type in Colorado in November 2024. That month, operators saw bettors spend $164.8 million on parlay wagers compared to $135.3 million in November 2023.
Parlay wagers proved to be profitable for Colorado and its operators with sportsbooks paying $137.6 million to players last month. By comparison, operators in November 2023 paid $124.2 million in winnings to players who placed parlay wagers.
The NBA also found favor with Colorado sports fans with bettors dishing out $148.4 million in November 2024 to bet on pro basketball. That month, operators paid $140.7 million to players. November 2023 saw bettors spend $143.6 million wagering on the NBA.
During that month, operators across Colorado made $137.9 million in payments to players.
Ballot measure approved by Colorado voters
Colorado reported its latest sports betting results after voters approved a ballot measure in November that removed the cap on the proportion of wagering tax the state could keep.
The measure, Proposition JJ, allows the state to retain all tax revenue generated from sports betting and allocate those proceeds toward water projects for the state. Since 2019, Colorado has been able to keep up to $29 million in sports betting tax revenue.
