Colorado sports betting continues to soar high as January 2021 figures reveal a record $326.9M worth of bets were made for the said calendar month.
The number easily tops Colorado sports betting’s previous high of $284.6M which was set in December 2020 or a 14% increase from the previous month. It also translated to a $1.1M tax revenue for Colorado which was an increase of more than 125% from the previous month.
Basketball is Top Sport
Professional Football is the top sport for betting in the United States but that isn’t the case in Colorado. According to the January figures, basketball is the driving force behind Colorado sports betting with the NBA amassing a total of $88M in total bets. College basketball was third on the list, bringing a total handle of $39M.
The NFL ranked second to the NBA with more than $75M of wagers but with Super Bowl LV concluding the league’s latest season, there will be very little pro football bets made between now and Fall. Table tennis is a surprise market in Colorado with a total of $11.8M bets made during the previous month.
Retail Betting is Picking Up
The pandemic has seen punters utilize online sports betting and that has also been the case in the Boulder State with 98% of all January 2021 wagers placed made via the internet. However, the in-person handle saw a slight increase as retail betting produced $7.5M in January bets, which was double the December figures.
The reason behind the uptick in in-person betting is the gradual lifting of restrictions and limitations that were put in place at the onset of the COVID-19 pandemic. With these slowly getting removed, the retail sportsbooks in Black Hawk, Central City, and Cripple Creek have seen an increase in sports bets taken.
Gaining on the Leaders
Sports betting has been up and running in the Boulder State for the past nine months and it has seen a total of more than $1.5 B in sports bets placed. The tremendous growth since inception has seen Colorado sports betting gain on the leaders in the industry.
New Jersey continues to break records month after month and is the top sports betting state in the U.S. The Garden State raked in a massive $958M in January. Nevada is also gaining on New Jersey but is still in second place. Meanwhile, Pennsylvania and Illinois are ranked 3rd and 4th, respectively.