According to the Colorado Division of Gaming’s latest report, Colorado sports betting revenue in January 2023 is on the rise compared to last year. The state’s total taxable revenue doubled in January 2023 coming to $22.49 million from $11.69 million generated during the same month last year.
In the meantime, Colorado’s total Gross Gaming Revenue (GGR) saw a 2.6% YOY increase in January this year.
The most popular sports Colorado players bet on in January 2023 was basketball, with 32.5% of total bets.
Colorado casino revenue for Jan. 2023 totaled $83.3 million. The figure was up 8% YOY in comparison to January 2022’s $76.7 million.
Colorado sports betting revenue increased slightly in January
Colorado’s total GGR in January 2023 was $35.48 million, in comparison to last year’s $34.65 million. Although the figure is a 2.6% YOY increase, it is still behind the $40.9 million reported in December 2022.
Almost all revenue, $35.4 million, came from online gambling. Colorado retail sportsbooks collected just $106,592 in revenue.
The state’s total taxable revenue in January 2023 came to $22.49 million. The figure nearly doubled $11.69 million generated at the same time last year. This year, over $22.4 million came from online bets, while $94,181 came from retail locations.
Colorado’s January 2023 handle saw a year-over-year decrease
The total handle for January 2023 was $547.2 million, a 5.62% increase from the total handle of the prior month. In December 2022, the figure reached a little over $518 million. As for the year-to-year comparison, the report shows a 4.62% decrease from 2022’s total handle in January of $573,7 million.
Taxes collected by the state in January 2023 were a 78.63% increase over taxes collected last year same period, January 2022. In January 2023, taxes from sports betting totaled $2,586,456.93, representing a 0.11% increase over the prior month, December 2022, of $2,583,711.40.
Colorado players mostly bet on basketball
Basketball remained the most popular sport to bet on in Colorado during the month. To be more specific, these were the top five gambled on sports in Colorado in January 2023:
- Basketball was the top spot for the month, with $178 million in total bets
- American Professional Football had over $122 million in bets
- Wagers on NCAA Basketball totaled over $50 million
- More than $29 million came from tennis
- Ice Hockey was the fifth most popular, with $22,3 million in total bets.
In percentages, basketball took 32.5% of the total bets, while American professional football got 22.3%. NCAA basketball followed with 9.2%, tennis at 5.3%, and ice hockey had 4.1%.
Sports betting on Super Bowl decreases by 7.47% in Colorado
The Colorado Division of Gaming also revealed the Super Bowl betting totals. Total bets on this year’s Super Bowl came in at $37,961,228.00.
That’s a 7.47% decrease over the $41,026,794.83 million gambled on the 2022 Super Bowl.