Sportsbooks in the western US state handled $574m in wagers during January, up by more than 75% for a new all-time high, spurred on by local interest in pro basketball, according to PlayColorado.com.
While a busy NFL schedule saw football betting reach $144.1m, NBA wagers were the month’s hot ticket, amounting to $163.6m, up from December’s $125.5m.
College basketball was similarly popular, producing $63.1m in bets during January, followed by ice hockey and tennis at $24.7m and an even $20m respectively.
“The NFL’s decisions to add an extra week of regular-season games and expand the playoffs were a boon for sportsbooks, but the NBA continues to be the state’s hottest bet,” said Ian St. Clair, Lead Analyst for PlayColorado.com.
“With the Super Bowl in February and the NCAA Tournament in March, sportsbooks should continue to see heavy betting volume numbers before seasonally tapering off in spring.”
Online wagers accounted for the vast majority of the month’s betting action. Coloradans placed $567m in bets online, nearly 99% of January’s total.
Based on the month’s wagering activity, sportsbooks won $34.6m, up nearly 50% from January 2021’s gross revenue.
Eric Ramsey, an analyst for the PlayUSA.com network, which includes PlayColorado.com, commented: “Colorado’s emphasis on mobile betting continues to pay off with impressive results, month after month.
“Even with an onslaught of legalisation over the last year, the state remains one of the most innovative and successful markets in the US.”
