Sportsbook Financial

Colorado Sportsbooks Break Records In January With $574 Million in Wagers

Surge in NBA and NFL betting produces one of the state’s most lucrative months yet, according to PlayColorado

Colorado Sportsbooks Break Records In January With $574 Million in Wagers
Colorado Sportsbooks Break Records In January With $574 Million in Wagers

Colorado sportsbooks easily scored the state’s first $500 million wagering month in January — and nearly the state’s first $600 million month — as interest in the NBA and the NFL helped push betting to a new high-water mark. January’s $574 million in wagering extended the state’s hot streak that began in September, and likely placed Colorado sixth in the U.S. in January for sports betting volume, according to PlayColorado, which tracks the state’s regulated sports betting market.

“The NFL’s decisions to add an extra week of regular-season games and expand the playoffs were a boon for sportsbooks, but the NBA continues to be the state’s hottest bet,” said Ian St. Clair, lead analyst for PlayColorado.com.

“With the Super Bowl in February and the NCAA Tournament in March, sportsbooks should continue to see heavy betting volume numbers before seasonally tapering off in spring.”

Colorado’s online and retail sportsbook accepted $573.7 million in wagers in January, up 75.5% from $326.9 million in January 2021, according to data released Tuesday by the Colorado Division of Gaming. January’s wagering was another record for the state, topping $491.5 million in October. Only New York, New Jersey, Nevada, and Pennsylvania reported higher betting volume in January. Illinois likely will when that state reports its January data.

January’s handle included $567 million in online bets, or 98.8% of the total handle. With that, Colorado’s online sportsbooks have now collected $4.4 billion since launching in May 2020.

Sportsbooks won $34.6 million in gross revenue from January’s wagers, up 49.7% from $22.7 million in January 2021 and up 40.1% from $24.6 million in December 2021. After $21.5 million in promotional credits, sportsbooks generated $11.7 million in taxable revenue. That yielded $1.5 million in state taxes, the second-most all-time for the state.

“Colorado’s emphasis on mobile betting continues to pay off with impressive results, month after month,” said Eric Ramsey, analyst for the PlayUSA.comnetwork, which includes PlayColorado.com.

“Even with an onslaught of legalization over the last year, the state remains one of the most innovative and successful markets in the U.S.”

The busy NFL schedule, which included games played over five different weekends, propelled pro football betting to $144.1 million, up slightly from $136.5 million in December. Pro basketball generated $163.6 million in bets, up from $125.5 million in December.

 College basketball ($63.1 million), ice hockey ($24.7 million), tennis (20.0 million), college football ($16.0 million), and soccer ($14.7 million) all produced significant action, too. 

“The football season has propelled sports betting to a new level,” said Ian St. Clair, lead analyst for PlayColorado.com. “It is hard to imagine the last five months going any better.”

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