Colorado sports gambling takes off with record $326.9 million worth of bets in January – Fox Business

Sportsgrid President Lou Maione on the business of legalized sports gambling.

Colorado saw$326.9 million wagered on sports in January as gambling takes off around the United States.

More than $1.5 billion in wagers has been placed in Colorado since the state legalized sports gambling last May.

Professional basketball and professional football make up about half of all bets, though millions are placed on table tennis, ice hockey, MMA, soccer, and other sports as well.

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Since the Supreme Court ruled in 2017 that states can decide for themselves whether to have legal sports gambling, 25 states plus Washington, D.C. have established legal markets.

The momentum has picked up amid the coronavirus pandemic as many states face unprecedented budget shortfalls.

Colorado, for instance,collected$1,195,774 in taxes off January'swagers, the state'sDepartment of Revenue said Friday.

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New York Gov. Andrew Cuomo embraced sports gambling in an about-face last month, saying that the state will run operations to maximize revenue amid a budget shortfall.

At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets, Cuomosaid in January.

New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting, we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis.

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With more states establishing legal markets, the burgeoning industry will continue to expand. Consulting firmVIXIO estimated in a report last month that the sports gambling industry couldbringin as much as$10 billion in total revenue by 2025.

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Colorado sports gambling takes off with record $326.9 million worth of bets in January - Fox Business