Colorado Sets Record for Online Sports Betting in November
Colorado experienced yet another record-breaking month for online sports betting in November, with a surge in parlays and the popularity of table tennis driving the state’s betting activity. According to the Colorado Division of Gaming, the total handle for both brick-and-mortar and online sports betting combined reached over $231 million, representing a 9.7% increase from October’s record-breaking total of $120 million.
Positive Implications for Beneficiaries
Dan Hartman, the director of the Colorado Division of Gaming, expressed optimism about the positive response and its impact on the beneficiaries of sports betting in the state. He emphasized that the record-setting performance bodes well for the future.
Denver Broncos Games and College Football Contribute to High Betting Activity
The popularity of the Denver Broncos was evident in November’s sports betting numbers, with five of their games, including the memorable no-quarterback effort against the Saints on November 29, driving significant wagers. Additionally, the surprise emergence of the Colorado Buffaloes into the AP top 25 also contributed to the overall action, resulting in more than $88 million in combined bets on NFL and NCAA football.
Table Tennis and Basketball Dominate Betting Preferences
Russian professional table tennis continued to thrive in Colorado for the second consecutive month, attracting substantial bets. Basketball, encompassing both NBA preseason games and college matches, rounded out the top-five most wagered-on sports, collectively accumulating $52.6 million in bets.
Improved Payouts for Bettors
Bettors in Colorado enjoyed a more successful month in November, as the state’s sportsbook operators paid out slightly higher amounts, particularly in brick-and-mortar establishments. Retail wagers yielded a win rate of 16.7%, while online bets had a win rate of 7%.
Parlays and Multiple-Offering Bets Gain Popularity
Following the trend from October, parlays continued to be the go-to choice for bettors in Colorado. More than $40 million were wagered on bets with multiple offerings, indicating their widespread appeal and popularity.
Significant Role of Remote Registration
Remote registration played a pivotal role in the state’s success, as more than 98% of the total handle in November came from online or app-based wagers. This figure represents a slight increase from October when remote registration accounted for 97% of the handle. The convenience and accessibility of mobile platforms evidently drove the majority of betting activity.
Increased Dollars Spent on Apps
Dollars spent on betting apps continued to rise, with more than $226.9 million wagered via mobile platforms in November. This figure reflects a growth of over $10 million compared to October, reinforcing the dominance of online and app-based betting in Colorado’s sports betting landscape.
Conclusion
Colorado’s online sports betting market experienced tremendous growth in November, reaching a new record in total handle. The popularity of parlays and table tennis, along with the influence of prominent football teams like the Denver Broncos and the emergence of the Colorado Buffaloes, contributed to the state’s overall success. Remote registration via mobile apps played a significant role in driving betting activity, with the majority of wagers being placed through online platforms. Colorado’s thriving sports betting industry sets the stage for further growth and positive outcomes for the state and its beneficiaries.
Frequently Asked Questions
1. Can I bet on sports online in Colorado?
Yes, online sports betting is legal and widely available in Colorado. The majority of betting activity in the state is done through online platforms and mobile apps.
2. What sports attract the most bets in Colorado?
In Colorado, the most popular sports for betting include football, with a special emphasis on the Denver Broncos, as well as other major professional and college football games. Additionally, table tennis and basketball have gained significant popularity among bettors.
3. Are parlays a popular choice among Colorado bettors?
Yes, parlays have become increasingly popular among bettors in Colorado. The appeal of combining multiple offerings and potentially increasing payouts has made parlays a go-to choice for many sports bettors in the state.
4. How does remote registration impact sports betting in Colorado?
Remote registration has played a vital role in the success of Colorado’s sports betting industry. The ability to register and place bets through online platforms and mobile apps has made it more convenient for bettors, resulting in a significant portion of the handle being generated through remote registration.
5. What impact does the growth of online betting apps have in Colorado?
The growth of online betting apps has revolutionized the way people in Colorado engage in sports betting. The convenience, accessibility, and user-friendly nature of these apps have contributed to increased betting activity and overall handle in the state.
