January Colorado Sports Betting Revenue Up Over December, Down From Jan. 2022

Written By Aleeyah Jadavji on 03/03/2023 - Last Updated on July 18, 2024
January 2023 mixed for CO sports betting

Sports betting revenue for Colorado in January 2023 has been released by the Colorado Division of Gaming and numbers are up compared to December 2022. 

The total handle was $547.2 million in January, up 5.62% over December, which was $518 million. Year-on-year (YOY), this is a 4.62% decrease compared to January 2022. In that month, Colorado sports betting operators handled $573.7 million. 

Majority of Colorado sports bets continue to be placed online

Of the $547.2 million in sports bets placed in Colorado in the month of January, $542.2 million, or 99%, were placed online. The remaining $4.9 million (1%) of bets placed were made in retail locations.

Tax revenue up huge YOY

Tax revenue collected in January 2023 totaled $2.6 million, which was a 78.6% increase year-on-year compared to January 2022. December 2022 collected a smidge less, for a 0.11% increase month-over-month.

Proceeds from tax revenue in Colorado go to the Colorado Water Plan. Around $22.5 million has gone to this fund during the current fiscal year.

Basketball remains the most popular sport to bet on in Colorado

For yet another month, basketball remained at the top spot with $178 million in total bets placed. Colorado’s NBA team, the Denver Nuggets, currently sits atop the Western Conference with a 44-19 record. Their home record is 28-4, and that’s likely a big reason why sports bettors fancy some basketball gambling.

Professional football followed with $122.2 million. Following those two sports were NCAA basketball ($50.2 million), tennis ($29 million) and ice hockey ($22.3 million). 

Super Bowl wagering down compared to 2022

In addition to January revenue, total wagers on the 2023 Super Bowl were released. This year’s big game brought in $37.9 million in bets, down 7.47% compared to last year at $41 million. Despite this, wagers still came in higher than the $31.3 million from 2021.

According to data from the 10 states that reported, the total Super Bowl handle was $549 million, up from $546 million reported across 13 states the previous year.

What’s next for Colorado sports betting?

Many bettors (and Nuggets fans) are already looking ahead to the NBA playoffs. Expect basketball to remain near or at the top of sports betting revenue lists in Colorado for the remainder of the season for that reason.

Additionally, March Madness is a coming attraction. Between college basketball brackets and bets, NCAA basketball is sure to move up the list soon.

Photo by Shutterstock
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Aleeyah Jadavji

Aleeyah hails from Toronto, Ontario in Canada and has been working predominantly in the poker industry since 2015. From writing articles to interviewing big winners and live reporting on poker's biggest stages, she's seen it all. Aleeyah loves to cook and create content to showcase her passion for food and travel. She now reports on all facets of the growing U.S. gambling industry.

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