Colorado’s Sports Betting Industry Hits Record Highs in January
In a remarkable start to the year, Colorado’s sports betting industry witnessed a significant surge, setting new records in tax contributions and overall revenue. January’s figures revealed a substantial 59.6% increase in tax collection from sports wagering compared to the same month last year, totaling $4.1 million.
This represents not only a historical high for the state but also a 12.1% month-on-month growth, underscoring the booming interest and participation in sports betting.
The state’s total sports betting revenue experienced a noteworthy year-on-year rise of 33.7%, reaching $53.5 million, up from $35.5 million a year ago. The total handle for January climbed to $596.7 million, marking a 9% increase year-on-year.
The online segment dominated the market, contributing $53.3 million of the total revenue, with basketball emerging as the most popular sport, drawing $135.3 million in bets.
Meanwhile, Colorado’s overall gaming revenue in January stood at $85.2 million, displaying a modest 2.2% increase from the previous year, although it saw an 8.2% decrease from the preceding quarter.
Colorado’s Sports Betting Industry Hits Record Highs in January
The adjusted gross slot receipts were reported at $70.7 million, with table games revenue adding another $14.5 million. This gaming activity generated $14.7 million in taxes for the state, up 3.4% year-on-year.
Despite the fluctuation in monthly handles, with December’s record-setting $716.4 million outpacing January’s figures, the state’s operators have found success in revenue terms.
The gross gaming revenue of $53.5 million in January significantly surpassed the $35.5 million from January of the previous year and was also 32.1% higher than December’s revenue, despite a roughly $120 million decrease in month-on-month wagering.
The majority of January’s sports betting was conducted online, amounting to $592.2 million, while retail facilities contributed $4.5 million. Beyond basketball, which led the charge in betting volumes, other sports like American football, college basketball, tennis, soccer, and ice hockey also saw significant wagering activity.
This surge in sports betting has translated into increased tax revenue for Colorado, with the state enjoying the highest monthly total on record at $4.1 million. This growth is reflective of a thriving sports betting scene that continues to evolve, driven by a robust online segment and the widespread popularity of various sports among bettors.
As the industry forges ahead, the state anticipates further growth and dynamism, bolstered by an engaging sports calendar and the ever-expanding reach of online and retail betting facilities.
Martin Vatev's exploration into the world of words began not amid the pages of fictional tales but within the bustling, pragmatic environments of newsrooms and media outlets. As a student of Journalism at the Technical University of Dortmund, Martin was swiftly plunged into the ecosystems of stories that were urgent, real, and imperatively bound to the world's happenings. By taking part in different local media, his days were enveloped in uncovering facts, ensuring objectivity, and rendering narratives that adhered strictly to the pulses of reality.
