The Colorado Division of Gaming has finally released the reports for the state’s January sports betting earnings. The industry is booming and with over $326.9 million wagered last month, the state has hit a new record high via handle. Mobile and online wagers were the main form of betting and from that massive amount of bets, sportsbooks were able to retain just over $22 million in revenues.
The sports betting market in Colorado is doing quite well, with each month seeing an increase in betting handle. For January, the betting handle broke a record yet again, which led to the 9th consecutive month of increase.
Last month, a total of $326,903,462.06 was wagered on sports. This was an increase of 87.1% from December. For revenues, the amount came in at $23,144,535.05. from this amount, just over $1.1 million was paid in taxes. This was more than 50% of the amount paid back in December.
When reviewing the full handle, around 97% of bets came from mobile sports betting applications. Just over $319 million was placed in online and mobile bets. The remaining $7.5 million was placed via sportsbooks in a retail setting.
The NBA took in the most bets, with over $88 million wagered on games. Football came in second with almost $75 million wagers. College basketball finished second with $39.8 million wagers.
It is expected that February’s totals will be quite high due to Super Bowl wagers. Then, this month you have March Madness, which will also drive up handle numbers. For the next few months, we should see a solid increase in handle for the state. This summer, the 2021 Olympics will take place, which will also provide an outlet for bettors.
Higher Betting Limits and New Games
With sports betting booming, Colorado gaming operators are also preparing for higher betting limits and new games in casinos. In November 2020, Amendment 77 was passed which allows cities to decide if they want to remove the $100 wager cap set on games, plus add new gaming options. Black Hawk, Cripple Creek, and Central City have all voted to make the changes.
As of May 1, the gaming venues in these cities will be able to offer a Las Vegas-style experience. Games being considered by operators to include keno, baccarat, pai gow poker, and other releases. Unlimited single-bet wagers will be on offer, which will appeal to the higher limit players.
With higher betting limits, more gaming options, and a bustling sports betting industry, the state of Colorado is set up for gambling industry success!