Colorado sees record gaming handle of almost $1B in FY 2021-22, aided by raise of betting limits

The Colorado Department of Revenue announced this week the state’s results for the fiscal year 2021-22, which have been positively impacted by raised gambling limits for Colorado’s three casino towns. As the pandemic wanes, gamblers in Colorado have wagered record sums, totaling just short of $1 billion last year. 

Earlier this month, the Colorado Limited Gaming Control Commission approved the distribution of $148.6 million from the state’s original and extended gaming funds for fiscal year 2021-22, money which will be directed to traditional recipients for gambling revenues, including the state’s general fund. 

This figure is up 39% over the previous year, when casinos were shuttered or restricted during COVID spikes. Taxes increased by more than $41 million over the past fiscal year.

As reported by The Denver Gazette, Peggi O’Keefe, executive director of the Colorado Gaming Association, which represents the state’s casino owners, acknowledged the growth in visitation to entertainment destinations.

Cripple Creek, one of the state's three gambling towns

She also recognizes the numbers show a favorable response to a more wide-open gambling scene in the state following voters’ passage of Amendment 77 in 2021, which removed betting limits and introduced possibilities for new games. 

“Our goal in passing Amendment 77 was trying to keep customers that were going to other states," she pointed out, in reference to competitors that include not only just the Las Vegas Strip, but also small to medium casino destinations that did not have a betting limit. 

Gambling in the mountain towns of Black Hawk, Central City and Cripple Creek was first approved in 1990, and was originally limited to poker, slot machines and blackjack, with maximum bets of $5. In 2009, limits increased to $100, and craps and roulette joined the offerings. 

Table games in Monarch Casino in Black Hawk

Under the new amendment, the city jurisdictions can approve their own limits, and casino owners can reach for games like baccarat, Big Six and Pai Gow. “Almost all properties in the three towns are making improvements," O’Keefe added, according to the cited source. 

The less restrictive environments have obviously had an impact on revenues, according to Suzanne Karrer, spokesperson for the Colorado Department of Revenue’s Specialized Business Group. “People are excited to get back to normal. It’s lucky for citizens of Colorado,” she noted.

The state has recently introduced new legislation that seeks to crack down on illegal casinos. Under the new rules, the Colorado Division of Gaming will have a wider authority. Ultimately, the new legislation seeks to reduce the black market which in turn would help support local communities and enhance customer protection.

Colorado Governor Jared Polis passed the new regulations in July, which let the Division investigate gambling activities outside of the three Colorado towns -Blackhawk, Cripple Creek, and Central City- where voters decided to make gambling legal.