The Colorado Department of Revenue reported Thursday that sportsbooks claimed $20.8 million in gross revenue for July, recovering from the previous month’s Stanley Cup title run by the Avalanche that had helped skew the bottom line lower.
Operators had a win rate just shy of 8.1% in July, nearly six percentage points higher than in June. That helped offset the 17.5% decline in handle to $258.4 million, which is typically connected to the summertime downturn in sports activity.
The state was the beneficiary of the upswing in revenue, as it was eligible to levy taxes on $14.2 million in adjusted revenue. That was the third-highest amount in 27 months of wagering in the Centennial State and marked the first time the percentage of adjusted revenue to gross revenue exceeded two-thirds.
Nearly $6.6 million in promotional credits and deductions were taken by sports betting operators, but that was the lowest monthly amount since just over $6 million was claimed in July of last year. That helped the state levy taxes on 68.4% of the adjusted revenue, beating the previous high of 61.3% in July 2021.