In November Colorado sportsbooks handle more than $600 million.

In November Colorado saw a surge in sports betting, with a record $608.5 million handled, up 10.1% YoY. Despite this, operators only held 4.7%, resulting in a $28.6 million revenue, a 24% YoY decrease.

The low hold rate led to a monthly revenue drop of 39%. Operators netted $13.6 million, indicating over $14 million in promotional credits, possibly linked to the ESPN BET launch.

Notably NFL and NBA bets dominated, comprising nearly half of all wagers.

 

[CR7]

The surge in sports betting in Colorado during November is indeed promising, with a record $608.5 million in handle, marking a significant increase of 10.1% compared to the same month the previous year. However, the news isn't all positive for operators, as they only held 4.7% of the total handle, resulting in $28.6 million in revenue. This represents a notable 24% decrease in revenue compared to the previous year.

The low hold rate of 4.7% was responsible for the significant monthly revenue drop of 39%. Meanwhile, operators were able to net $13.6 million in profit, indicating that over $14 million in promotional credits were given out. It's possible that these promotional credits were linked to the launch of ESPN BET, but further details would be needed to confirm this.

It's interesting to note that NFL and NBA bets accounted for a significant portion of the wagers made in November, making up nearly half of all bets placed. This demonstrates the popularity of these sports among bettors and their significant contribution to the overall handle in Colorado.

Overall, while the surge in sports betting activity is a positive sign for the industry in Colorado, the decrease in revenue and low hold rate highlight the challenges that operators are facing in maximizing their profits.