Colorado's Gambling Industry Sets a New Sports Betting Record

2020 forced many businesses and individuals to alter their ways of life. But despite the unprecedented challenges, the US gambling industry continued to grow leaps and bounds. One of the states where sports betting enjoyed massive success in 2020 is Colorado. According to the state's January financial report, sports bettors used more than $326.9 million to gamble in December alone, hitting brand-new sports betting record. Read on to know more about this success story.

The record-shattering numbers

The sports betting landscape in Colorado is performing exceptionally well at the moment. Local gamblers wagered heavily at the start of the New Year. The Centennial State saw bettors wager $326.9 million in sports betting alone in January. This easily eclipses the previous record of $284.6 million. It's vital to remember that the January record was the 9th consecutive increase.

But the success story doesn't end there, though, as sportsbooks brought home a mammoth $23.14 million in sports betting revenue. During the same month, the state collected more than $1.1 million in taxes, which is more than double the amount collected in December.

As expected, mobile and online betting dominated the gambling scene. According to the January financial report, 97% of all bets were placed via mobile sports betting apps. In short, $319.35 million were from online gambling, whereas $7.54 million came from retail sportsbooks.

Basketball is the industry leader

In the US gambling industry, football is the most lucrative market. However, that isn't the case in the fast-growing Colorado gambling space. That's because Pro basketball raked in over $88 million in wagers. NFL follows closely with over $75 million, while College basketball comes in third with over $38.9 million. It's worth noting that Table Tennis continues to grow in Colorado, with more than $11 million used in wagers.

Meanwhile, in-person sports betting is picking up quite nicely despite Covid-19 ravaging the state. The $7.5 million recorded was almost double the amount from December. Overall, it's evident that online casinos and sportsbooks have reaped big from the Covid-19 turbulence.

Preparation for higher betting limits

The booming sports betting industry in Colorado is expected to grow even further, thanks to Amendment 77. Voters in Cripple Creek, Black Hawk, and Central City passed this bill in November 2020 to allow operators to increase or remove the $100 betting cap on their games.

Also, as of May 1, 2021, Colorado's betting venues will offer players a Las Vegas-style experience. Players will now access a wider variety of games, including baccarat, keno, pai gow, poker and so on. All in all, more gaming options and a higher betting limit will only propel Colorado's betting industry to new heights.

Still playing catch up

Even though Colorado's sports betting industry has seen tremendous growth for nine consecutive months, the state is still lagging behind four of the biggest US gambling markets. New Jersey continues to outdo the other gambling states, bringing over $958 million in January alone. Although the number is a decrease from the data posted in December, the Garden State is still the US's leading sports betting state. Nevada comes in second, with Pennsylvania and Illinois rounding up the top four.

The future of the Colorado gambling industry

After posting some impressive numbers in recent months, it's evident that Colorado is set to become a dominant player in the US sports betting scene. This is even made better by voters passing the Amendment 77 bill, which proposes more gaming varieties and removing the $100 betting cap. Colorado is definitely ready for betting success!