Colorado in August became the seventh state in the post-PASPA era to surpass $8 billion in sports wagering handle, as the state’s Division of Gaming on Wednesday reported more than $290.1 million in wagers were accepted during the month.
The Centennial State joined New Jersey, Nevada, Pennsylvania, Illinois, New York, and Indiana in that select group by edging to nearly $8.2 billion in handle since launching operations in May 2020. Colorado also became one of seven states to surpass $3 billion handle for the calendar year, though that group will grow notably in September.
Colorado operators had their best month outside the first two months of activity in terms of win rate, posting an 8.9% hold to claim $25.9 million in gross revenue. That contributed to an all-time monthly high of $22 million in adjusted revenue, marking the first time adjusted revenue was at least 75% of the gross revenue claimed and the second consecutive month it topped 70%.
That helped the state collect more than $1.8 million in taxes for August, the second-highest haul behind only the nearly $2 million that filled the coffers last November. One contributing factor to the higher adjusted revenue to gross revenue percentage may be tighter oversight. The Division of Gaming was dinged for notable tax discrepancies by an audit that spanned the first year of wagering in the state.