As reported by the Colorado Division of Gaming on a Tuesday publication, state bettors dropped more than $573 million on sports bets in January, the most in any given month since it went live in May 2020.
The $573.7 million wagered during the first month of the year was 24,3% higher than December, and 75.5% higher than January 2021, when Coloradans placed $326.9 million in bets. 98.8% of those bets were made online or with sports betting apps.
Basketball was the most bet-on sport, with $163.5 million in total wagers. Football was the runner-up, falling close behind with $144 million.
Taxes off that record amount totaled $1.4 million, an 88% month-over-month increase. Fiscal year taxes to date for January 2022, from July 2021, are $7.6 million, more than double for the same period in 2020-2021.. Those taxes were collected off total wagers of $2.8 billion for the current fiscal year, a 93.5% increase in the total wagers in comparison to the last period.
Betting companies won $34.6 million in gross revenue from January’s wagers, up 49.7% year-over-year and 40.1% month-over-month. Since its launch in 2020, Colorado’s online sportsbooks have now collected $4.4 billion.
With January’s total, Colorado ranked 6th in the country for sports betting volume that month, as reported by PlayColorado, which tracks the state’s regulated sports betting market.
Ian St. Clair, lead analyst for PlayColorado.com, stated in a news release: “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. With the Super Bowl in February and the NCAA Tournament in March, sportsbooks should continue to see heavy betting volume numbers before seasonally tapering of in spring”.
Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayColorado.com, added: “Colorado’s emphasis on mobile betting continues to pay off with impressive results, month after month. Even with an onslaught of legalization over the last year, the state remains one of the most innovative and successful markets in the US”.
Original article: https://www.yogonet.com/international/news/2022/03/02/61606-colorado-sports-betting-sees-record-month-since-launch-with–573m-handle-in-january
