Profits soared in January for the Centennial State’s sports betting operators.
The Colorado Department of Revenue reported a record monthly gross revenue of $53.5 million, eclipsing the previous high of $51.3 million from Sept. 2022.
The first monthly revenue of 2024 was up 32% from December and 51% year-over-year.
The January handle reached $596.7 million with $592.2 million coming from online sports betting. The total amount wagered was down 16.7% from December’s all-time high of $716 million, but up 9.1% from Jan. 2023.
The monthly hold of 9% marked a 3% increase month-over-month, and the Centennial State hauled in $4.1 million in tax revenue to kick off the New Year. It was nearly 60% higher than Jan. 2023.
Bettors cash big on college football
January revenue could’ve been even higher if not for a mixed bag of football.
NFL wagers generated from the regular season's end and the playoffs' beginning brought in $10.2 million of profit on a handle of $86.1 million. That came despite the Denver Broncos missing out on the playoffs for the eighth straight year.
College football, however, cost sportsbook operators a combined $1.4 million loss as bettors got the best of a $4.8 million handle as Michigan won two College Football Playoff games and covered against Washington to capture the national title.
Parlay party
Football was undoubtedly a part of the $31.5 million Colorado sports betting raked in from parlays in January, which made up 45% of the overall handle and 60% of total revenue.
Meanwhile, professional basketball added over $7 million in profit, while college basketball and hockey hauled in less than $1 million combined.
Tennis accounted for $1.9 million of January revenue while golf and soccer made sportsbooks $1.3 million each.
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