The Denver Broncos 2-1 record in November wasn’t enough to prevent a slight decline in Colorado sports bets from October’s record total, the Colorado Division of Gaming reported Monday.

Football boots Colorado sports bets to a record in October

The $475.4 million bet in November was down 3.3% from October’s nearly $500 million total but more than double the $231.2 million bet in November 2020. The decline was triggered by a $30 million drop in bets on NFL football, likely the result of the league playing five weeks of games in October and four weeks of games in November.

Colorado sports betting surges to record total

More than half of the monthly handle — nearly $265 million — was bet on pro football and basketball with college football and basketball each generating about $29 million in bets during November. In an odd twist, sportsbooks lost $1.73 million on the final World Series game in which the Atlanta Braves won the championship, paying out $3.16 million to bettors on $1.43 million in wagers.

Sports betting in Colorado spikes in August, among pacesetters in the U.S.

“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, which follows regulated gaming in Colorado. “November was a sort of litmus test for how sustainable the growth will be once football season ends because there were fewer games played (in November) than in October.”

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But sportsbooks were the real winners in November, generating a record $19.3 million in revenue after paying $438.7 million to winning bettors and despite giving away $17.4 million in free bets. The previous record revenue total of $11.7 million was set in January. The record sportsbook revenue also meant record tax revenue for the state — nearly $2 million, eclipsing the record of $1.25 million set in October.

Colorado voters legalized sports betting by approving Proposition DD in November 2019, with wagering beginning six months later in May 2020. Since then, Colorado bettors have wagered more than $4.5 billion. Colorado sportsbooks pay a 10% tax on what they keep after paying winners and subtracting free bets; those funds are set aside for Colorado water projects.