Colorado Continues Sports Betting Climb
Colorado sports betting has had 10 full months of legalized sports betting, and the monthly reports have come in for nine of them.
In all nine months, the total Colorado sports betting handle has continued to rise, with the total reaching $326.9 million during the month of January.
The Colorado Division of Gaming announced the full report last week, and the state also set new records by bringing in $23.1 million in gross betting revenue. Over $1.2 million in taxes was collected as a part of this massive surge, more than doubling the December tax revenue figure.
The December 2020 sports betting handle total was $248.6 million, meaning that there was a 14.9% increase from month to month. Since sports betting officially launched on May 1, the state has seen more than $1.5 billion in wagers, according to the recent report.
Online or mobile wagering continues to be the most popular form of betting in the state, accounting for nearly 98 percent of all of the wagers placed in January. In-person sportsbooks are just now starting to reopen throughout the state after being closed due to COVID-19 protocols.
Bettors in the state of Colorado have continued to see new online sportsbook options pop up, and ZenSports will likely become the next option. This has created a competitive market in the state, and bettors continue to flock to the sportsbooks to get in on the action.
Colorado finished the 2020 calendar year as one of the five biggest markets in the US, but they were surpassed by Indiana in January 2021. The top four biggest markets are New Jersey, Nevada, Pennsylvania, and Illinois.
Basketball Big WIth Bettors
A majority of states that have already announced their sports betting handle totals for the month of January reported that the NFL once again brought in the most amount of wagers. That wasn’t the case in Colorado, as basketball was the most popular betting market to begin 2021.
NBA basketball accounted for $88.3 million of the total handle, and college basketball chipped in with $39.9 million. The NFL was sandwiched between those two markets, accounting for $75 million in wagers during the month of January.
Parlays have become a popular betting option in the state, and that type of betting brought in more than $53 million in handle. Parlays are a combination bet, and they can include many different sports or betting markets.
Once again, table tennis was able to crack the top five, which has been the case since sports betting was officially launched in May 2020. That unique sport brought in over $11 million in wagers, which was ahead of the NHL at $9.6 million.
The Super Bowl should help boost the February numbers, but it will be basketball that leads the way for the next few months. March could prove to be another record-setting month as this is the first time that bettors in the state will get to bet on March Madness.
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