Colorado sportsbooks top $20M in revenue for July

Colorado sportsbooks top $20M in revenue for July

Article brief provided by SportsHandle
  • Chris Altruda, SportsHandle
September 2, 2022 6:48 PM
  • Chris Altruda, SportsHandle

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.

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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.