The amount spent by players easily beat the previous record of $491.5m set in October of 2021 by 16.7%, while it was also 75.5% higher than in January last year and 24.3% up from $461.4m in December 2021.
Online wagers in January amounted to $567.1m, whereas in contrast, just $6.6m was bet at retail sportsbooks across the state, figures published by the Colorado Department of Revenue showed.
Gross gaming revenue from sports betting in the month reached $34.6m, which was 49.8% higher than $23.1m in January 2021 and 40.1% more than $24.7m in December 2021 but fell short of the record $36.8m set in October last year by 6.0%.
Online betting accounted for $34.2m in total revenue, while the remaining $437,090 came from retail wagering facilities.
Basketball was the most popular sports to wager on, attracting $163.6m in total bets during the month, ahead of football on $141.0m and college basketball with $62.0m. Some $90.2m was also spent on parlay betting.
Players in the state won a total of $539.1m from sports betting in January, while Colorado was able to generate $1.4m in tax from sports wagering.