(The Center Square) - Sports betting in Colorado got off to a hot start in 2022 with a record-high $573 million wagered in January, according to the state's latest figures.
The total handle represents a 24.3 percent increase from the previous month and a more than 75 percent increase year-over-year, according to the Colorado Department of Revenue data.
The Centennial State also collected more than $1.4 million in taxes from sports betting in January, which represents an 87 percent climb from December 2021 and a greater-than 100 percent increase from a year ago.
"Colorado's emphasis on mobile betting continues to pay off with impressive results, month after month," Eric Ramsey, an analyst for the PlayUSA.com network, said in a statement. "Even with an onslaught of legalization over the last year, the state remains one of the most innovative and successful markets in the U.S."
Colorado's $573 million wagered also ranks as the fifth highest among all states for total handle, with only New York, New Jersey, Nevada, and Pennsylvania reporting higher volumes, according to the sports betting industry website.
According to the data, basketball unseated American football as the sport that collected the highest total wagers. January marked the first month since August 2021 that football was not the top-grossing sport.
Total wagers for basketball came in at more than $163 million last month compared to $144 million for football.
College basketball, hockey and tennis rounded out the top-five sports by total wagers in January, respectively. College basketball collected more than $64 million in wagers compared to $24.6 million for hockey and $19.9 million for tennis.
"The [National Football League's] decisions to add an extra week of regular-season games and expand the playoffs were a boon for sportsbooks, but the [National Basketball Association] continues to be the state's hottest bet," said Ian St. Clair, an analyst with PlayColorado.com, which is part of PlayUSA.com.
"With the Super Bowl in February and the NCAA Tournament in March, sportsbooks should continue to see heavy betting volume numbers before seasonally tapering off in spring," he added.