Gross gaming revenue from sports betting in Colorado hiked 50.7% year-on-year in January despite only a short increase in handle for the month.
Spending on sports betting in January amounted to $596.7m (£469.5m/€549.4m). This was 9.1% ahead of $547.2m in 2023 but 16.6% short of December’s record $716.4m spend in Colorado.
Of this total, $592.2m was wagered via online sportsbooks and $4.5m retail facilities across the state.
While the year-on-year handle rise was only modest, operators were much more successful in revenue terms. Gross gaming revenue reached $53.5m, some way clear of the $35.5m posted in January 2023.
The January total was also 32.1% higher than the $40.5m reported in December. This was despite players wagering around $120.0m less month-on-month.
Online wagering accounted for $53.3m of all revenue during the month. In contrast, retail contributed just $190,394.
Basketball betting drives growth in Colorado
While many were looking ahead to the NFL’s end-of-season Super Bowl showpiece in early February, it was basketball that proved the most popular with players in Colorado in January.
Some $135.3m was bet in basketball during the month. American football betting amounted to $86.1m, while college basketball wagers totalled $24.6m.
Other stand-out sports in January included tennis with $21.2m in bets, football at $14.0m and ice hockey with $11.9m.
Colorado players won $543.2m from sports betting in January. This includes $538.9m from online wagering and $4.3m retail sportsbooks.
Increased revenue from sports betting also meant a rise in tax contributions to the state. In total, operators paid $4.1m in sport wagering tax, the highest monthly total on record.