Colorado Underscoregs Enjoy Record Revenues In January 2024

The Colorado sports betting market is booming in 2024, providing a strong start for our top sports betting sites.

Even though there was a slight decrease in sports wagering activity from the previous month, Colorado sports betting providers still managed to achieve a record revenue in January. On a yearly basis, both the handle and monthly revenues for state providers increased.

Colorado is one of the many states that have seen a strong beginning to 2024 in terms of sports wagering activity, with both sports betting apps and retail outlets showing positive performance.

First, a look at the overall January handle

In January, sports betting providers in Colorado accepted $596.7 million in wagers, marking a 16.7% decrease from the record handle of $716.4 million in December. However, this figure represents a 9% increase from the nearly $547.2 million wagered in January 2023, according to the Colorado Department of Revenue.

Residents of Colorado took full advantage of various promotions from Colorado sportsbooks, contributing $592.2 million to the total January handle of $596.7 million in the state.

Revenues impress

Although there was a small decrease in sports betting handle from the previous month and an average sportsbook hold rate of 9%, Colorado sports betting sites experienced their highest monthly revenues to date.

In January, Colorado sportsbooks generated $53.5 million in gross gaming revenue, marking only the second time in history that the state has surpassed $50 million in profits.

The $53.5 million in gross revenues represents a strong 32.1% increase from December’s $40.5 million, even with a $120 million decrease in sports betting month-over-month. This also marks a 50.8% improvement from the $38.5 million reported in January 2023.

In January, Colorado sports betting sites generated $53.3 million in profits for the sportsbook industry, while retail locations only brought in $190,400 due to a low 4.2% win rate.

The Colorado legal sports betting industry generated a record $38.5 million in taxable, adjusted gross revenue, resulting in over $4 million in tax contributions for state and local coffers. This marked the first time that monthly tax contributions from sports betting in Colorado exceeded $4 million.

Colorado’s top sports betting sites have paid a total of $65.9 million in taxes over their lifetime.

Basketball leads the way, but the NFL contributes, too

In January, despite the NFL dominating the sports conversation, basketball took the lead in sports betting activity in the state, with a total of $135.3 million wagered on basketball in Colorado.

In January, the NBA generated $7.1 million in revenue.

In January, football betting was lively and contributed a significant portion of the sportsbook revenues. $86.1 million in NFL bets were reported in Colorado during the month, representing a nearly 40% increase compared to the previous year.

In January, Colorado sportsbooks generated $10.2 million in revenue from NFL betting, with an 11.9% hold.

College football resulted in the public outperforming state sportsbooks, with a total win of $1.4 million.