This shows a 5.62% increase compared to December 2022’s $518 million. However, it represents a 4.62% decrease compared to the same month in 2022 when the total handle was $573.7 million.
Colorado’s Sports Betting Figures for January
The majority of the sports bets placed in Colorado during January, amounting to $542.2 million or 99%, were placed online. Meanwhile, the remaining $4.9 million (1%) of bets were made in retail locations.
Tax revenue collected in January 2023 reached $2.6 million, which was a 78.6% increase year-on-year compared to January 2022. The proceeds from tax revenue go to the Colorado Water Plan fund, with $22.5 million going to the fund during the current fiscal year.
Basketball remains the most popular sport to bet on in Colorado, with a total of $178 million in bets placed, followed by professional football with $122.2 million. NCAA basketball came in third with $50.2 million, followed by tennis with $29 million and ice hockey with $22.3 million. With the Denver Nuggets currently leading the Western Conference in the NBA, it is no surprise that basketball betting is on the rise.
Super Bowl Bets, Down
Despite a strong showing for the overall revenues in sports betting in Colorado in January 2023, the Super Bowl wagering numbers were somewhat disappointing. This year’s Super Bowl brought in $37.9 million in bets, down by 7.47% compared to 2022 when the total bets were $41 million. However, it was still higher than the $31.3 million from 2021.
Data from the 10 states that reported the total Super Bowl handle was $549 million, which is up from the $546 million reported across 13 states the previous year.
As the NBA postseason is around the corner, basketball is expected to remain near or at the top of the sports betting revenue list in Colorado for the rest of the season. The Denver Nuggets have already pulled away from other Western Conference teams and look healthier than ever,
Meanwhile, March Madness is another upcoming event that is expected to drive up betting activity in Colorado. With both NCAA basketball brackets and bets, likely, this will soon move up the list of top sports betting revenue earners in Colorado.