More Colorado residents are betting on sports and state officials say tax revenue is soaring.

According to state data, total gross gaming revenue (gross wagers minus payments to players) in January 2024 came out to $53,490,322.54, far above the number recorded in January 2023 of $35,482,561.83.

Those at the Colorado Division of Gaming said they like what they see when it comes to the tax revenue generated.

“We continue to see strong numbers month over month and year over year,” director Christopher Schroder said. “In January, we saw our first time we ever hit $4 million in tax revenue since sports betting launched in May 2020.”