High Handle, Low Hold For Colorado Sports Betting In November

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Colorado sports betting

Colorado sports betting customers limited their losses in November, holding operators to a sub-5% win rate for the second time in 2023.

According to figures recently released from the Colorado Department of Revenue, bettors won back 95.3% of the record-high $608.5 million they put down during the month.

Colorado sportsbooks were keeping, on average, 7.5% of all betting dollars between January and October 2023, with several months at or above 9%. Operators held 3% in June when the Denver Nuggets won the NBA Finals.

Low football hold for Colorado sports betting

College football betting, which increased in popularity thanks to Deion Sanders, saw bettors nearly break even in November.

Colorado sports betting apps kept $237,000 of the $51.5 million bet online on the college gridiron.

NFL betting volume up, win rate down

NFL betting was slightly better than college for CO sportsbooks in November.

Operators held onto 3.3% of the $151.2 million bet online and in-person on professional football.

Bettors staked $16 million more on the NFL in November 2023 than during the same month the prior year.

Basketball betting returns

Basketball betting is a favorite for Coloradans, though it still trailed NFL betting in total November volume.

Sportsbooks took in $143.6 million in November pro basketball wagers. It is $1.5 million more than the same month last year.

Bettors got back $137.9 million as operators kept 4% from basketball bets. That hold percentage on basketball bets is consistent throughout 2023 outside the Nuggets’ NBA championship, which cost sportsbooks $10.8 million in June.

Parlays provide CO sports betting profits

Coloradans spent more and lost less on parlay bets in November.

Operators posted an 8.2% win rate, making more than $11 million off the $135.3 million spent on the combo bets.

During the same month last year, CO sports betting companies kept 19.7% from parlays, winning more than $18 million in the process. Total parlay betting reached $91.8 million in November 2022.

Colorado sports betting in November

Record November sports betting handle pushed Colorado past $15 billion in lifetime volume. It is the sixth state to surpass that milestone.

One month after clearing $1 billion in lifetime earnings, operators added another $28.6 million in revenue to their bottom line.

The state collected $1.5 million in monthly sports betting taxes.