Sports Betting Revenue in Colorado Shows Growth in January
LISTEN TO THIS ARTICLE:Colorado saw gross gaming revenue from sports betting increase 50.7% year-on-year in January despite there being only a small increase in the month’s handle.
A total of $596.7 million was bet on sports in January, an increase of 9.1% from 2023 but 16.6% less than December’s record of $716.4 million in the state. From this amount, $592.2 million was bet at online sportsbooks and $4.5 million was bet at retail facilities.
Although the year-on-year increase in handle was small operators enjoyed large revenue. Gross gaming revenue climbed to $53.4 million, far more than the $35.5 million in January 2023. It was also 32.1% more than December’s revenue of $40.5 million, despite the decrease in the amount bet.
The majority of the revenue, $53.3 million, came from online while the rest, $190,394, came from retail.
Basketball Betting Boosts Revenue
Many expected that most betting activity would be on February’s Super Bowl. However, basketball proved to be the most popular sport with Coloradoans.
A total of $135.3 million was bet on the sport in January while American football betting came to $86.1 million. A further $24.6 million was bet on college basketball. There was also $21.2 million bet on tennis, $14 million bet on soccer, and $11.9 million bet on ice hockey.
Players won a total of $543.2 million from their bets in January with $538.9 million won online and $4.3 million won in retail sportsbooks. The increased revenue means that the state took in $4.1 million in sport wagering tax, the highest monthly total yet.
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