(The Center Square) – The total sports betting handle in Colorado increased 4.9 percent in November to $552.6 million, according to state data released Wednesday.

November's total was also 16.2 percent higher than November 2021, the Colorado Division of Gaming said. The total handle for October was $526.6 million.

Colorado collected almost $2.6 million on taxes for the November wagers, the division said, which was up 10.8 percent from October tax revenue.

“The monthly November 2022 tax total represents a 30.4 percent increase from the taxes collected in the same month previous year of November 2021 of $1,979,134,” the division said. 

With the NBA season having just started, professional basketball was the top sport for November with $142.2 million in total wagers. The sport was followed by NFL football ($135.2 million), NCAA Football, ($48 million), and NCAA Basketball ($38.9 million). 

Sports betting became legal in Colorado in 2020. Most of the revenue goes toward state water projects. The Hold Harmless Fund and Office of Behavioral Health also get a portion of the revenue.