According to the Colorado Department of Revenue, the first month of 2022 set an all-time high for the state’s sports betting handle since the market was established. The Colorado Division of Gaming announced that sportsbooks operators combined to accept $573.7 million in wagers.
Breaking Down the Record-Breaking January Numbers
As the sports betting industry seeks to reach new heights, Colorado took advantage of the schedule. January’s handle was 24.3 percent when compared to December and 75.5 percent higher than its year-to-date numbers of January 2021, which saw a handle of $326.9 million.
Colorado launched its sports betting market during the pandemic when finding events to wager on was at an all-time low. However, over the span of a little less than a year, sports betting has become widely accepted as it thrives in the Centennial State.
Mobile sports betting has also become the go-to for bettors across the state. Almost all the bets came through a mobile platform, with a total of about 99 percent of wagers placed online. The rest were placed at retail sportsbook locations such as Black Hawk and Cripple Creek.
Basketball took the top position as the most wagered sport for the month, but there is no doubt that the extra week of regular season football helped the market reach new heights. Basketball had a combined handle of $163.5 million, while football was right behind at $144 million.
The sports that secured the next few spots were hockey and tennis. Dan Hartman, who is the Director of Colorado’s Division of Gaming, reassured that the original legislation uses the money generated towards pushing for responsible gambling as the industry grows as a whole.
Comparing Colorado’s January Revenue and Outlook
Colorado has become a formidable market in the sports betting industry with the numbers to prove it. Sportsbook operators had gross revenue of $34.6 million, which is up 40.1 percent from December, and 49.1 percent in a year.
With the record in wagers placed, the state was able to collect over $1.4 million in taxes, with an increase of 88 percent from last month. Colorado sportsbook operators have collected over $4.4 billion since the market launched in May 2020.
January’s total handle is likely to rank Colorado sixth across the United States in terms of betting volume, according to PlayColorado.com. Several other jurisdictions have yet to post their sports betting numbers, but many across the board have seen record highs to open the new year.
Sportsbook operators that conduct business in Colorado and other states in the industry expect heavy average betting volume to continue as a few states await the Super Bowl handle figures. Experts in the industry believe the heavy betting volume will continue as March Madness will be underway soon before the volume cools off, heading into the Spring.
There is the uncertainty of the Spring schedule as the MLB Lockout will play a huge factor as a decision between the MLBPA and the owners is yet to be made.