The January sports betting numbers are in for the state of Colorado, and it was another record-setting month. Colorado continues to see tremendous growth in the sports betting industry since launching sports betting on May 1, 2020.
The total sports betting handle for January was $326.9 million, easily eclipsing the previous high of $284.6 million. The previous record was set in December 2020, and there was an increase of more than 14 percent, setting the stage for what should be a huge year.
Sports betting has not been up and running for nine months in Colorado, and the total handle has already gone over the $1.5 billion mark. Colorado has set a new monthly handle record each month since May 2020, and that is a trend that won’t stop in the coming months.
Not only did the monthly handle set a new record in January, but the state also brought in more than $1.1 million in tax revenue. That is an increase of more than 125% from December 2020, and those numbers are more important for the state than the handle numbers.
Basketball Driving the Market
Football is the most popular sport to bet on in the U.S., but that hasn’t been the case in Colorado. Pro basketball brought in more than $88 million in bets, and college basketball was third on the list with more than $39 million in handle.
The NFL brought in more than $75 million in wagers, but there won’t be another bet made on football again until this Fall. Table tennis continues to be a popular betting market in Colorado, bringing in more than $11.8 million in wagers.
In-Person Betting Picking Up
With COVID-19 restrictions starting to loosen up in the state of Colorado, in-person sports betting is beginning to pick up in the state. All of the retail sportsbooks are in Black Hawk, Central City, and Cripple Creek, but there are plenty of retail options.
Mobile betting in January still represented more than 98% of all of the wagers placed, but the retail handle saw a significant increase. In-person betting handle jumped up to $7.5 million, which was nearly double the mark from December.
Online betting will continue to be the most popular option in Colorado, but an increase in retail betting will drive up the handle even further.
Still Chasing the Leaders
While Colorado has shown tremendous growth since May 1, 2020, it is still well behind the four largest sports betting markets in the U.S. The U.S. sports betting industry could go over the $4 billion mark for the first time in January, but it will take a while for all of those numbers to be reported.
New Jersey continues to shatter sports betting handle records each month, bringing in more than $958 million in January. That number was actually a decrease from December, but that state is still the clear sports betting leader.