Tue, Jan 4, 2022 12:58 PM
By Robert Davis | The Center Square contributor, The Center Square
(The Center Square) – Colorado’s total sports betting handle for November eclipsed $475 million, according to the latest figures from the Department of Revenue (DOR).
The total represents a 3% decline since October when the state raked in a record $491 million in total wagers. However, it also represents a growth rate of more than 105% when compared to the $223 million in wagers that Colorado earned in November 2020.
American football was the top sport to bet on in Colorado, bringing in $140.3 million in wagers in November. Professional basketball followed in second place with more than $121 million wagered, while NCAA football rounded out the top-three with $29.4 million.
“Every market has grown significantly over the last few months, but few have performed better than Colorado since the football season began in September,” said Ian St. Clair, lead analyst for PlayColorado.com, a sports gambling analytics website. “November was a sort of litmus test for how sustainable the growth will be once football season ends because there were fewer games played than in October. A jump in basketball betting is an excellent sign for sportsbooks.”
Colorado collected nearly $2 million in taxes from the wagers, DOR said.
Sports bets are taxed at a 10% rate on the net proceeds reported by casinos. Some of the taxes are then redistributed to pay for the administrative costs of Colorado’s Division of Gaming, which oversees the state sports betting network.
The rest go to providing gambling addiction treatment through the state Office of Behavioral Health, a savings account that reimburses casinos for revenue lost after the state legalized sports betting, and statewide water projects, according to the nonpartisan Legislative Council Staff.