Colorado Sportsbooks Set Revenue Records In January With $53.5 Million

Written By Hill Kerby on 04/05/2024
Colorado sports betting set records in January.

January was a record-setting month for Colorado sportsbooks.

Colorado sports betting revenue totaled a record-setting $53.5 million. Revenue grew by 32% month-over-month from a respectable $40.5 million in December and even more year-over-year – 50.8% – from $35.5 million in January 2023.

Sports betting handle was the third-best in state history, at $596.7 million. It was good for 9% year-over-year gains but was down by 16.7% from December’s record $716.4 million.

Tax revenue surpassed $4 million for the first time, reaching $4.1 million, according to the Colorado Department of Revenue’s monthly report.

Topping the revenue charts

January marked only the second time Colorado sports betting monthly revenue exceeded $50 million. The other was September 2022, which stood best for 15 months. 

Since September 2022, Colorado sportsbooks have broken $45 million in monthly revenue three times and $40 million twice more.

Months above $40 million in Colorado sports betting revenue:

  • January 2024: $53.5 million
  • September 2022: $51.3 million
  • October 2023: $46.9 million
  • March 2023: $45.9 million
  • September 2023: $45.3 million
  • December 2022: $40.9 million
  • December 2023: $40.5 million

January a historically strong month

January has made headlines every year since sports betting went live in Colorado in May 2020.

The 2021 calendar year started with a bang, as sportsbooks eclipsed a $300 million handle and $20 million in revenue for the first time in state history. Since then, sports betting handle has surged above $500 million every year, and revenue has grown YoY.

  • January 2021: $326.9 million handle (record at the time); $23.1 million revenue (record at the time)
  • January 2022: $573.7 million (record at the time; fourth all-time); $34.6 million revenue (second-best at the time)
  • January 2023: $547.2 million handle; $35.5 million revenue
  • January 2024: $596.7 million handle (third all-time); $53.5 million revenue (record)

January marks the first time a month has had three consecutive handles above $500 million. Furthermore, it accounts for two of the top five months of sports betting volume in state history:

  • December 2023: $716.4 million
  • November 2023: $608.5 million
  • January 2024: $596.7 million
  • January 2022: $573.7 million
  • October 2023: $554.9 million

Online wagers continued to dominate in Colorado in January. More than $592 million was wagered through sportsbook apps and websites, accounting for 99.2% of all betting volume. The remaining $4.5 million (0.8%) came from action at retail sportsbooks in Black Hawk, Central City and Cripple Creek.

Parlays make up 45% of Colorado sports betting volume

The state separates parlays into its own category since parlay wagers can span multiple sports. In February, Coloradans wagered more money via parlays than any individual sport.

Parlays accounted for $269.1 million (45.1%) of wagers in the state, roughly double their average share since September 2023.

Meanwhile, individual football wagers made up only $86.1 million (14.4%), less than professional basketball’s $135.3 million handle (22.7%).

These numbers suggest increased parlay action during the NFL playoffs, favoring long-shot wagers with higher payouts over conventional ones, like point spread wagers and over/under totals.

No other sport garnered 5% of the state’s betting handle. NCAA basketball ($24.6 million, 4.1%) and tennis ($21.2 million, 3.6%) came the closest.

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Hill Kerby

Hill Kerby is a proponent of safe, legal betting, and is grateful to be able to contribute to growing the industry. He has a background in poker, sports, and psychology, all of which he incorporates into his writing.

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