Colorado Collects $99.9 Million in August Casino Revenue
Residents of Colorado have access many of our best sports betting sites, but there are no real-money online casinos in the state.
However, brick-and-mortar casinos remain a hit with residents. The latest figures from the Colorado Department of Revenue have revealed that the state’s casinos combined for almost $99.9 million in adjusted gross proceeds (AGP) in August 2024, a 6.0% increase from the $94.2 million generated last August. The total also marks a 3.6% month-on-month rise compared to July 2024, which saw $96.4 million collected.
Bettors wagered almost $1.1 billion on the 10,675 slot machines across the state, which had a hold rate of 7.93%. Slot machines accounted for 85.2% of total revenue, generating nearly $85.1 million. Meanwhile, table games like poker, craps, and baccarat brought in around $14.8 million from 282 tables statewide. Coloradans can also take advantage of sweepstakes casinos and social casinos.
Black Hawk leads the way
The report breaks down the results by the three towns in which Colorado permits casinos. Home to 15 casinos, 6,006 slot machines, and 210 tables, the municipality of Black Hawk led the way with $75.9 million in AGP, up 4.3% year-over-year.
Cripple Creek came in second with $17.1 million, marking a 14.7% jump compared to last August. There are 2,990 slot machines and 51 tables at the 12 casinos in Cripple Creek. Central City has 1,679 slots and 21 table games across its six casinos. This town took third place in August after combining for $6.8 million in revenue, a 4.4% year-on-year rise.
Tax contributions
August’s figures resulted in $12.6 million in gaming taxes paid to the state, with Black Hawk contributing $12.1 million to this total. As per the rules set by the Colorado Limited Gaming Control Commission, which became effective on July 1, 2012, casinos with higher adjusted gross proceeds are taxed at a higher rate. For instance, casinos are taxed at a rate of 0.25% on their first $2 million, 2% on their next $3 million, and so on. Any AGP above $13,000,001 is taxed at a rate of 20%.
Total taxes were up 114.7% from the $5.9 million collected in July, while this figure saw a 3.7% increase from the nearly $12.2 million generated in the same month last year.
The tax contributions support various statewide causes. Colorado’s community, junior, and district colleges receive 78% for financial aid and classroom instruction, 12% goes to Gilpin and Teller Counties to address the impacts of gaming, and the remaining 10% supports the effects of gaming at the three towns – Central City, Cripple Creek, and Black Hawk.
Is gambling legal in Colorado?
The Centennial State has been home to land-based casinos since Oct. 1, 1991, when the first venues opened in the three historic mining towns. Five casinos opened in Cripple Creek, four in Central City, and two in Black Hawk.
It wasn’t until May 2020 that Colorado sports betting first launched. The state is now home to 16 online sportsbooks and 12 retail sportsbooks, such as DraftKings, Caesars, and BetRivers.
