Players in the sports-betting industry spent a staggering amount in January, surpassing the previous record set in October 2021 by 16.7% to reach $567.1m. This figure was 75.5% higher than January of the previous year and 24.3% higher than the total spent in December 2021 ($461.4m).
According to data from the Colorado Department of Revenue, the majority of wagers, amounting to $567.1m, were placed online, while only $6.6m was bet at physical sportsbooks across the state.
In terms of revenue, sports betting generated $34.6m in gross gaming revenue for the month of January. This was a significant increase of 49.8% compared to January 2021 ($23.1m) and 40.1% more than the revenue generated in December 2021 ($24.7m). However, the January revenue fell short of the record high set in October last year ($36.8m) by 6.0%.
Out of the total revenue, online betting accounted for $34.2m, while the remaining $437,090 was generated from retail wagering facilities.
When it came to popular sports for betting, basketball took the lead, attracting a total of $163.6m in bets. Football followed closely behind with $141.0m, and college basketball garnered $62.0m in bets. Parlay betting also proved popular, with $90.2m spent on this type of wager.
In terms of winnings, players in the state of Colorado won a total of $539.1m from sports betting in January. Additionally, the state was able to generate $1.4m in tax revenue from sports wagering.
