With 13 Colorado sports books and counting, residents of the Centennial State have their pick of some of the top online sports betting apps. While some sportsbooks in Colorado have pulled out as recently as the summer of this year, this doesn't mean much for die-hard sports bettors in the state.
On the contrary, the Colorado sports betting market continues to be strong. New apps, updated to existing apps, and retail sports betting remain strong.
But how do you know which online sports betting app to choose? Are they all regulated, and do they all offer the same odds? Choosing the right Colorado sports betting app involves licensing, user experiences, and overall wins. Our experts have combed through the Centennial state's online sportsbooks and narrowed down some of the best options. Use these apps to win big when you bet on sports, have fun, and be rewarded!
Overview of Colorado Sports Betting
- Bet365 - Best sports betting app Colorado residents enjoy
- BetMGM - Best Colorado sportsbooks welcome offer
- Caesars - Best sportsbooks in Colorado for rewards
- FanDuel - Best sports betting sites Colorado offers
- Circa - Best Colorado sportsbook with high limits
- DraftKings - One of the Best sports betting apps Colorado offers for odds
- BetRivers - Best online sportsbook Colorado new users can enjoy
- Fanatics - Best Colorado sports betting app interface
- ESPNBet - Best Colorado betting sites for building parlays
- Sporttrade Best Colorado sportsbook apps for unique betting
- Bally's Black Hawk - Best CO sportsbooks for in-person betting
- Lady Luck Casino Black Hawk - Best sportsbook in Colorado for retail betting and nightlife
Proposition DD was approved in November 2019, opening the way for legal sports betting in Colorado and for the sports betting industry to grow strong. Mere months later, in May 2020, legal Colorado sports betting launched in the state, with sports betting apps FanDuel and DraftKings solidifying their dominance as some of the best Colorado sports betting sites.
Since legal sports betting overtook Colorado in May 2020, several mobile sports betting apps have come and gone. Most recently, Colorado sports bettors had to bid farewell to apps, including Betsafe, ClutchBet, and Betfred. These were some of the best betting apps Colorado offered, but they have since pulled out of the sports betting market. Still, there are other solid Colorado online sports betting apps.
Bettrade is one of the newest legal sports betting apps, launching in the state and changing the face of sports betting. Unlike some of the other best betting sites Colorado has, Bettrade acts like a sort of stock exchange for sports betting, creating an exciting twist. Retail sports betting also exists with some of the biggest names in the casino industry, including Bally's Black Hawk and Lady Luck casino, offering retail sportsbooks.
In short, a wide range of in-person and online sportsbook options make watching your favorite sports and place-winning bets fun and easy. Even if you can't visit a casino resort spa, you have the power to bet on sports with optimized online sportsbook apps. With live betting also a common feature, it's easy for sports bettors to update their bets.
Top Colorado Sportsbooks
- Bet365: Bet365 offers a competitive live betting market that makes cash out on wins easy. They also provide early withdrawals so players can maximize their sports betting revenue. An easy interface and app solidify them as one of the best Colorado sports betting sites.
- BetMGM: BetMGM Rewards, daily and constantly updated promotions, and live streaming are only some of the many perks of BetMGM. They have a dedicated online sports betting app that's secure and offers instant deposits, fast withdrawals, and competitive odds. Enjoy a welcome offer of a $1,500 safe initial bet, one of the most generous offers for sports bettors.
- Caesars Sportsbook: Caesars Sportsbook is one of the best Colorado sportsbooks for players looking for ultimate rewards. Every bet goes toward points for hotel stays, exclusive events, deals in Vegas, and more. Caesars Sportsbook offers other perks like pre-made and same-game parlays, making it easy for beginners and serious players to win big.
- FanDuel: is one of the best betting sites in Colorado for those looking for an established operator. Along with DraftKings, It was one of the first online sports betting sites to launch in Colorado. Today, it offers perks, including FanDuel points, boosted odds, and a welcome offer of $150 bonus bets.
- Circa: Circa is one of the newest online sportsbooks in the state, launching in July 2020 and being popular among high-rollers. Unlike other sportsbook operators that limit winners, you can continue to bet and win big with Circa. With 24-hour betting and high limits, this app is for serious players who want no frills.
- DraftKings: Being the number four sportsbook app on the Apple store is no easy feat, except for DraftKings. DraftKings launched in 2012 and came to Colorado in 2020. They are known for their thousands of ways to bet, from live and in-betting to squares, player props, and futures. Their app is simple and easy to navigate and offers tons of bonuses.
- BetRivers: BetRivers is as simple and rewarding as it gets for Colorado online sportsbooks. This platform is known for its low play-through requirements, only 1x for bonus bets. They also offer competitive promotions and a VIP program. They're a top pick for Colorado sportsbooks and continue to grow their fan base.
- Fanatics Sportsbook: Fanatics Sportsbook was once only known for its sports clothing. Today, it stands out among the competition with its 10% back rewards program, personalized user interface, and optimized mobile app for sports betting. They don't have a desktop site, but their app is simple and starts rewarding players immediately.
- ESPN Bet: Whether you want to place online wagers on motorsports, cricket, or major sports, ESPN Bet has you covered. ESPN Bet is ESPN's official sportsbook and has gained much traction since coming to Colorado. ESPN Bet offers a wide sports betting market with perks like exclusive promos and easy-to-build parlays.
- Sporttrade: Sporttrade is changing the Colorado sports betting rules, making it possible for bettors to treat their bets on sports in Colorado like stock trades. Sporttrade isn't a traditional sportsbook but keeps all the elements of excitement, rewards, and minimal delays during betting.
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Bet365 - Best sports betting app Colorado residents enjoy
Bet365 is often regarded as the best Colorado sports betting app and site today. Their website on desktop is super easy to navigate, with top live betting that never fails to stream. In addition to cashing out your winnings early, you can expect some of the best odds and fast withdrawals.
Sports betting fans in Colorado can access a welcome offer of $150 bonus bets with a $5 deposit. Regular promotions like Tip Off Tuesdays with bonus bets and parlay boosts also exist. You can also enjoy betting on a wide range of sports. From ebasketball to NHL, NFL, NBA, and more, Bet365 is home to a strong Colorado sports betting market.
Pros & Cons
- Excellent selection of online sports betting markets
- Bet and get a bonus offer
- Live betting
- Optimized desktop and mobile site
- Slow loading app at times
- Limited gaming at times
Features and Benefits
One of the best things about Bet365 is that it is regulated and licensed by the Colorado Division of Gaming. This incredibly safe and secure website is highly regarded for its high payouts and commitment to fast withdrawals. You can expect withdrawals to be processed within 24 hours and a wide range of payment methods.
Payment options for withdrawal include debit cards, e-wallets like PayPal and Skrill, and bank transfers. For those who need to limit their gaming, Bet365 is known for setting limits after wins. But this is also a good thing for users who need to slow down on their gambling. You can set deposit and time limits, too. Bet365 offers users a balanced experience, a friendly interface, and features like live betting and early payouts, making it one of the best Colorado sports betting sites today.
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BetMGM - Best Colorado sportsbooks welcome offer
BetMGM is perhaps best known for its stance as a domineering casino industry giant. It has since entered the online sports betting world and has continued to succeed. BetMGM is extremely rewarding to its players, offering one of the best welcome offers on the market.
Players can sign up today and enjoy a first bet offer of $1,500 paid back if their first bet doesn't win. This means you can be secure in sports betting and reap the benefits without risks!
BetMGM also has a stronghold in terms of regular promotions. Colorado sports bettors can enjoy state-specific promotions, including refer-a-friend bonuses, Lion's Boost bonuses, early payouts, and much more. BetMGM is one of Colorado players' best and most rewarding options, with an easy-to-navigate desktop site and highly rated app.
Pros & Cons
- Generous welcome offer
- Regular promotions
- Early payout offers
- Live streaming
- Some odds are better than others
- Only live chat is available
Features and Benefits
BetMGM's sportsbook fans can access unique features like live streaming on select games. You'll need to put down a deposit before accessing this feature. Live betting and early cashout are also available, so you can access your winnings while still up.
The app and desktop are also easy to navigate. Just choose your favorite sport, whether NHL, NCAA college sports, or international table tennis, and click or tap the odds you'd like to bet. That's it!
BetMGM's app offers more features like secure and easy deposits and withdrawals. We recommend using the app for Android or iPhone while on the go for easy and safe sports betting. Having an account also makes it easy to take advantage of BetMGM Rewards.
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Caesars Sportsbook - Best sportsbooks in Colorado for rewards
Caesars Sportsbook is one of Colorado's most well-known online sports betting apps and is now nationwide. Of all online sportsbooks in the state, Caesars Sportsbook is perhaps the most rewarding for players. That's because it's the only online sportsbook operator that lets players rack up Caesar's reward points whether your bet wins or loses.
Players can use points for destinations in Vegas and nationwide. These rewards also let you move up in tier and take advantage of their VIP rewards program.
Caesars rewards aren't the only benefits of this app. Colorado players have access to a generous welcome offer of $1,000 back in bonus bets if their first cash bet loses. Regular odds boost and live betting makes placing bets on your favorite sports teams and college basketball betting easier and more exciting.
Pros & Cons
- Competitive rewards
- Great welcome offer of $1,000 in bonus bets
- Daily odds and profit boosts
- Wide range of payment options
- Promotions are a bit limited
- Limited sports betting market
Features and Benefits
Caesars Sportsbook has several features that set it apart from the competition. It is mainly one of the easiest and most user-friendly apps and desktop sites today. Your favorite sports include football, soccer, auto racing, horse racing, and UFC and MMA.
Recent updates to the app include improved search functionality. Instead of getting lost among the dozens of ways to bet on each sport, you can easily navigate and place bets on the app and desktop.
Withdrawals are fast, with Venmo, Visa, and e-wallet options processed in as little as 24 hours! Processed withdrawals are, of course, safe and secure. With all these features, it's no wonder many consider Caesars Sportsbook the best sports betting app Colorado offers.
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FanDuel - Best sports betting sites Colorado offers
FanDuel has become a household name in sports betting and daily fantasy sports. It was one of the first to obtain a sports betting license in Colorado since the state legalized sportsbooks. Colorado bettors still trust it today, and it is consistently one of the most trusted sportsbooks alongside DraftKings.
FanDuel is easy to navigate both on mobile app and desktop. High rollers and serious players can even sign up to be a part of their VIP program. Other players can gain FanDuel points and perks like daily odds boosts. Colorado players also get a $150 welcome bonus with a $5 deposit.
Players also enjoy FanDuel's incredibly competitive odds compared to other online sportsbook apps. Choosing between parlays, props, spreads, same-game parlays, and more is easy. Golf, soccer, and even NASCAR are just some of the many sports available to bet on at FanDuel.
Pros & Cons
- Easy sign-up process
- Easily navigate mobile app
- Fast withdrawals and deposits
- Live betting and streaming
- Limited promotions
- No cryptocurrency methods
Features and Benefits
One of the things players love about FanDuel is the prominent bet slip on the right side of the desktop site. This allows you to see and adjust your bets easily. The app is also easy to navigate. Simply tap the sport you want to bet on, and you're off to the races!
FanDuel's key features also include lightning-fast withdrawals and deposits. You can use methods like debit and credit cards, Venmo, Paypal, and FanDuel Prepaid + card. You can then receive your earnings in as little as 2 hours.
FanDuel is committed to safety and security on its desktops and apps. It also lets players set limits and offers a minimum of $1. Easily accessible, fun, and always encouraging responsible gaming, it's no wonder FanDuel's sports betting revenue continues to increase year after year.
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Circa - Best Colorado sportsbook with high limits
This sportsbook in Colorado is as straightforward and rewarding as it gets. Circa Colorado is known for its minimal bets and no limits for winners. Many other sportsbooks begin to limit players' bets once they cash out high amounts. Not this app!
Circa also has a dedicated mobile app that makes it easy to see your parlays, straight bets, and teaser bets. Available on iPhone and Android, high-limit sports betting in Colorado is now easier than ever.
Pros & Cons
- High-limit betting
- Easy-to-navigate mobile app
- Competitive odds
- Streamlined betting
- No current promos
- Limited banking methods
Features and Benefits
Circa Sports Betting is an app for serious sports bettors. There are limited frills when navigating this app, which is available for iPhone and Android. Upon first logging in, you'll be met with an easy navigation screen that includes A-Z Sports, your bets, bet slip, and customer support.
Circa has distinguished itself from the competition thanks to its competitive sports odds. While they don't offer regular promotions or rewards, these odds and consistently high limits reward players. If you're looking for consistent profits, the best odds, and excellent customer support, use this app in the long run.
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DraftKings - One of the Best sports betting apps Colorado offers for Odds
DraftKings Sportsbook is one of the best-known apps worldwide and for Colorado bettors. Sports fans can take advantage of two welcome offers, including a bet, and get a $5 deposit with $200 in bonus bets or up to $1,000 in their DK Dollars.
DraftKings distinguishes itself thanks to its almost endless ways to bet. Colorado sports fans can pick from simple squares and bet on overall outcomes. They can also choose same-game parlays, game lines, NBA futures, live betting, and more.
Daily bonus boosts also make playing at DraftKings fun and rewarding. Follow along with live sports betting and easy withdrawals to access your winnings fast.
Pros & Cons
- Intuitive and simple app
- Tons of ways to bet on sports
- Live betting options
- Fast and easy withdrawal options
- Limited live streaming
- Promotions are limited for existing users
Features and Benefits
One of DraftKings's most exciting features is its updated mobile app. CO bettors can easily access their favorite sports, including the NFL, NBA, and MLB. Once on the app, choose the bet you want by tapping on spreads, money lines, or other types of bets like futures and parlays.
Once you're ready to cash out, purchase your bet and select the withdrawal option. Most withdrawals are processed in as little as 12 hours, with debit and online banking being the fastest. It doesn't get much easier than that.
DraftKings also prides itself on its app security. With secure technology, you can rest assured your deposits and withdrawals are safe and secure. Want to limit deposits and set time limits? You can also do this through DraftKings' safe gambling initiatives.
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BetRivers - Best online sportsbook Colorado new users can enjoy
BetRivers is deceptively simple, but upon further inspection, you'll notice how easy and rewarding it is to bet on your favorite sportsbooks here. CO bettors can participate in everything from tennis to basketball, football, and soccer.
Their app is available for iPhone and Android. It's easy to download and sign up for an account. You can then enjoy a $250 no-stress betting bonus to protect your bankroll. With their iRush rewards, you can also enjoy additional perks in their bonus store.
Pros & Cons
- Good rewards program
- Intuitive and streamlined app
- Tons of payment methods
- Fast withdrawals
- Limited sports betting market
- Limited seasonal promotions
Features and Benefits
BetRivers continues to be one of the top picks for Colorado sportsbook users. Its user-friendly interface stands out thanks to its "Prop Central" page, making navigating different players' props and placing bets easy.
They also stand out thanks to their plethora of payment options. Secure cash payment methods like PayNearMe also make betting and depositing here highly accessible for users. Their rush pay system also ensures that 80% of withdrawal requests are processed instantly.
This app also shows it cares about users with its iRush rewards program that automatically enrolls bettors. This is one of the best legal sportsbooks in Colorado for players who want to readily bet on their favorite sports without shelling out a big bankroll.
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Fanatics - Best Colorado sports betting app interface
Fanatics Sportsbook used to be known only for its sports memorabilia, whether you wanted to buy your favorite Colorado Rockies or Colorado Avalanche jersey. Now, it's begun its quest to rise to the ranks of Colorado sports online betting sites. From college football to the big leagues, sports wagering has never been easier thanks to its intuitive and streamlined app.
Not only do they offer sports betting and memorabilia, but now they also offer FanCash, which combines the two. Every wager counts toward FanCash, which can then be used for purchases.
Daily rewards, prop boosts, and surges make Fanatics Sportsbook stand out. It's highly competitive and perfect for beginners and serious bettors alike.
Pros & Cons
- Streamlined app
- Unique and personalized home screen
- FanCash rewards for sports gear
- Withdrawal tracker
- No desktop site
- FanCash based on odds
Features and Benefits
Fanatics Sportsbook is also unique in creating a unique home screen for users. Known as the "Discover" section, this is the part of the app that has personalized sports wagering options based on teams and recent bets. Of all the Colorado sportsbooks, Fanatics Sportsbook is the only one with a highly personalized interface.
There's also their FanCash bonus store, where you can use 10% of your earned payback winnings to purchase everything from a Denver Broncos jersey to other memorabilia. When you're all done and want to withdraw, keeping track using the Fanatics Sportsbook withdrawal tracker is easy.
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ESPNBet - Best Colorado betting sites for building parlays
Building parlays and checking out unique promos are just among the many things players can easily accomplish with ESPN Bet. Profit boosts and refer-a-friend bonuses make ESPN Bet a favorite among Colorado bettors.
Colorado new customers can access a stellar welcome offer of $1,000 in deposit match money and $200 in bonus bets. Table tennis, rugby, and even badminton make betting with ESPN Bet fun and unique for players.
Pros & Cons
- Generous welcome offer
- Daily boosts
- Shows the latest in Colorado sports betting news
- Easy-to-generate single-game parlays
- Limited promotions
- Slower withdrawals
Features and Benefits
The biggest name in sports backs ESPN Bet - ESPN. Still, they continue to develop their app to be geared toward users instead of simply depending on their big name.
Thanks to its easy-to-select bets, the result is an app and desktop optimized for betting. From spreads to moneyline and teasers, you can rest assured your favorite team will allow you to earn significant using the ESPN Bet app.
Players love their exclusive promos and easy-to-build parlays on this mobile betting platform. All you have to do is add parlays to your bet slip, and that's it! Of all Colorado sports betting apps, this is the best for easily building single-game parlays.
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Sporttrade - Best Colorado sportsbook apps for unique betting
Sporttrade is a highly unique sports betting platform in Colorado. Instead of placing a sports wager, you can treat Sporttrade like a betting exchange. While other sports betting exchanges are now nationwide, Sporttrade was one of the first.
Sporttrade also allows users to access a welcome bonus in Colorado. You can get $300 cash back, allowing players to extend their bankroll.
Pros & Cons
- Unique sports betting exchange
- Cashback promotions
- Live exchanges with excellent odds
- Easy-to-navigate app
- Not traditional sports betting
- Limited promotions
Features and Benefits
This secure platform is best known for its top-tier odds. Different markets compete to give you the best odds so they can sell their share, putting the power in your hands.
In addition to being a bit different, some other perks include live betting optimized at your fingertips. This is one of the fastest sports betting apps in the state. Combined with the backing of Nasdaq and Comcast, this is also one of the most secure apps on the market today.
How to Choose the Best Sportsbook in Colorado
Choosing the best Colorado sportsbook is as easy as finding the one that best suits your needs and preferences. With a variety of options available, it's important to consider factors such as odds, promotions, ease of use, and security.
Look for a sportsbook with competitive odds that will give you the best chance at winning. The best Colorado betting sites are renowned for odds that favor the player and not the vig.
Check for ongoing or special promotions as well. Many sportsbooks offer welcome bonuses or ongoing promotions that can add value to your betting experience and extend your bankroll.
You'll also want to choose an app or website that is easy to navigate and place bets on. With betting legal in Colorado, different apps have different setups that are easier to navigate, allow parlays to be set up, compare odds, and more.
Lastly, ensure the sportsbook has proper licenses and encryption methods to protect you. While legal issues with online sports betting don't arise in Colorado, ensuring your app has a license is still important.
Understanding the Basics of Sports Betting in Colorado
What is a Sportsbook?
Sports betting sites, or sportsbooks, are online platforms where users can bet on various sporting events and even matches from the UFC and MMA. Sportsbooks offer a range of betting options, from traditional moneyline bets to more complex prop bets, futures, and sports exchanges.
Colorado sportsbook operators are also slightly different from daily fantasy sports (DFS) sites like DraftKings and FanDuel. DFS sites became popular because DFS was classed as a game of skill, while betting on sports games is still widely considered a form of gambling.
Types of Bets Available
There are tons of different types of bets available. These sports wagers offer Colorado sports bettors more ways to win and interact with apps. Here are a few different bet types you'll find with online sportsbooks.
- Moneyline: A moneyline is a bet on which team will win the game.
- Spread betting: A spread bet means that your chosen team must win by a certain amount or lose by less than a certain amount.
- Over/under: With this bet, you predict whether the total points scored by both teams will be over or under a certain number.
- Parlays: Parlays are a combination of two or more bets, and you can increase your profits if all the bets in the parlay (such as single or multi-game parlays) are correct.
- Futures betting: This type of bet involves predicting the outcome of a future event, such as which team will win the Super Bowl or which player will win MVP.
- Prop bets: Speaking of players, prop bets allow you to bet on whether or not your favorite player will score a certain number of points, make certain plays, and other odds related to players.
- Live betting: Live betting means placing bets after a game starts and changing them as the game progresses.
Games and Sports Covered
Different sportsbook apps offer different sports betting markets. From Colorado college sports teams like the Colorado Buffaloes to major league sports in Colorado, here are some of the many sports betting options you'll find:
- NFL
- NBA
- NCAA College sports
- MLB
- NHL
- Soccer
- Golf
- Tennis
- Esports
- MMA and UFC
- Boxing
- Badminton
- Horse Racing
- Other regional or international sports options
How to Bet on Sports in Colorado
Once you choose a sports betting app that works for you, it's easy to start online betting. Here are some steps to follow.
- Research mobile sports betting apps and choose one with valuable welcome offers, promotions, and a good user experience.
- Create an account and verify your identity. You can use your ID, social security number, or driver's license.
- Depending on the app, make a deposit using multiple options, such as debit/credit cards, PayPal, online bank transfer, and more.
- Explore different sports betting markets and compare odds to find the best ones for you.
- Place your bets by selecting the desired games and entering your wager amount.
- Use your bet slip to track your bets and monitor any changes in odds or potential outcomes through live updates on the app. Now is the perfect time to take advantage of live betting and early cashouts.
- If you win, withdraw your winnings using secure methods available on the app.
Safety and Privacy Considerations in Colorado Sports Betting
Colorado sportsbooks are regulated and licensed by the Colorado Department of Revenue's Division of Gaming. They offer a safety net to ensure that any issues, such as withheld payouts, customer complaints, and fair betting odds, are resolved.
Part of responsible gaming is ensuring you only use secure online sportsbooks licensed by the state when playing. Unfortunately, offshore and illegal sports betting sites may try to lure you with attractive bonuses, but they can put your personal and financial information at risk.
Before making your first deposit, it's essential to read reviews and research the app or website's license and security information. Legitimate sportsbooks will have clear terms and conditions, responsible gaming policies, and customer support for any inquiries or concerns. They'll also use secure encryption or SSL, which keeps your data safe when depositing, withdrawing, and placing bets.
In addition to online security, it's crucial to gamble responsibly and not let betting consume your life. Set limits on how much you're willing to spend and stick to a budget. Most sportsbooks offer resources such as self-exclusion options or deposit limits if you need help.
Maximizing Returns on Online Sports Betting Apps
While betting strategies ultimately rely primarily on chance, they still require some skill to get the most bang for your buck. Bankroll management is vital, so set a budget and determine how much you're willing to spend (and lose) when depositing funds.
Take advantage of bonus bets and promotional offers for existing and new players. In addition, don't forget to shop around for high-limit platforms with the best odds. While the vig (or vigorish) varies by sportsbook, it's essentially the cut they take for facilitating your bets. The lower the vig, the more money you'll keep from a successful bet.
Another way to maximize returns is to research and understand different types of bets, such as spread betting or prop bets. These can provide higher payouts if you're willing to take more risk. Keep track of trends and statistics in the sports world to inform your betting decisions and use them for more skilled bets like sports trading.
Colorado Online Sports Betting Legal Considerations
Proposition DD passed in 2019, paving the way for Colorado bettors to legally bet on sports and for sports betting revenue to be taxed within the state. Legal sports betting revenue is now used to fund water projects for the Centennial State.
While Proposition DD passed in 2019, legalized sports betting apps did not enter the state until May 2020. FanDuel and DraftKings were two of the first to comply with Colorado betting laws, earning licenses from the Colorado Division of Gaming.
While legal sports betting laws allow mobile and retail bets, certain regulations remain. For instance, you must be 21 or older to place a bet online or in person. Betting on single college players is also not allowed. Besides this, all earnings continue to be taxed at the state level at 4.40% and federally.
How Colorado Sports Betting Impacts the Local Economy
The Colorado Water Plan is heavily funded by sports betting revenue. From May 2020 to April 2023, the Department of Revenue reported an astounding $42.8 million in total taxes from sports betting alone. Basketball and football lead sports betting revenue by far.
Sports betting, both online and in person, contributes millions to the State's economy. Only time will tell if the success of sports betting legalization in Colorado will inspire other surrounding states to follow suit.
Understanding Odds in Sports Betting
Odds in sports betting are vastly different than in regular casino gaming. Whereas odds in gambling are primarily reliant on luck, odds in sports betting are determined by players, teams, and other factors. Odds in sports betting mainly reward players based on the underdog team.
The less likely your chosen team will win, and they do win, the more money you make. Let's take a look at how these odds apply in sports betting.
Types of Odds Formats
Several different odd formats denote which team is the favorite and which is the underdog. American odds are shown using a "+" or "-" symbol. A "+" signifies the underdog team, while a "-" represents the favorite. For instance, a -110 team is the favorite, while a +125 team is the underdog.
These odd American symbols make determining the favorite and exact payouts easy. But decimals and fractions are also used. Fractions can easily be converted into decimals to determine the final payout. For instance, if an odd is 9/4, divide 9 into 4, and you'll get your decimal odds of 2.25 or +225. For decimal odds, the underdog is always shown as a number greater than 2, while favorites stay under 2.
How Odds Reflect Probability
Odds aren't just made-up numbers. On the contrary, these odds also reflect the probability of a team winning an event. For underdog teams, the formula for calculating odds is 100 / (Odds + 100), while for the favorite teams, the calculation is Odds / (Odds + 100) x 100. Let's say a favorite team has a -210 odds. You'll use 210/(210+100) x 100 and get 64.77, or 64.77% likely that they'll win.
These odds reflect the likelihood of a bet paying out. A favorite team will have higher odds and a lower payout if they win. On the other hand, an underdog team will have lower odds but a higher payout should they win. This information makes it easy to see why some sports bettors choose a high payout vs. a safe bet.
Calculating Potential Winnings
Winnings are easy to calculate using American odds. For instance, +200 means a team is an underdog, and you'll win $200 for every $100 wagered. But -151, for example, shows a team is a favorite, and you'll need to wager $150 to win $100.
Don't worry; you don't need to spend $100 per bet. This is just a placeholder, and you can still place minimum bets as low as $1. Just divide your potential winnings accordingly by your stake.
How to Read a Bet Slip
Bet slips are a flash to the past and a staple in sports betting. When betting online, you'll usually see your bet slip displayed on the right-hand side of your desktop or as a separate tab on your mobile app.
Components of a Bet Slip
There are several components to a bet slip that you should know about before placing your bets:
- Selection: This is where you'll see the team, player, and outcome you're betting on. You can usually select multiple options and place them in a parlay (a single-game parlay).
- Stake/Amount: You'll see how much you wagered on your bet.
- Odds: The odds for each selection will be displayed here. Colorado sportsbooks usually use American formats.
- Potential Payout: This section will show your potential payout if your selections win. It's calculated by multiplying your stake by the odds for each selection.
Understanding Potential Payout
Potential payouts are easily calculated using a bet slip. The bet slip calculates these winnings by multiplying your stake with the odds for each selection. For example, if you place a $100 bet on a -240 odds team, your potential payout will be $100 if your chosen team wins, meaning your total profit will be $100+$100. Check your bet slip for continued updates and the latest calculated winnings.
Cash-Out Options on a Bet Slip
Early payout options are precious for players who don't want to lose their winnings if their team blows the lead. Sportsbooks that offer early payout options allow you to access some of your wins before the game ends and update your wins in real time. This is also known as live betting and will be updated on your bet slip.
Common Terms in Sports Betting
Before you place your first bet, it's important to familiarize yourself with several different sports betting terms. Here are just a few.
Key Betting Terms
- Spread: Represented by a negative and positive number, this is the number of points a team is expected to win over another.
- Moneyline: This is a bet on which team will win the game outright, regardless of the point spread.
- Over/Under: Total betting is a wager on whether or not the total number of points scored in a game will be over or under a specified amount set by the sportsbook.
- Parlay: A parlay bet combines multiple selections into one bet. All selections must win for the parlay to payout.
- Props: Short for proposition, these are bets on specific events or outcomes within a game, such as which player will score the first touchdown.
- Futures: Future bets are placed on events that will occur, such as a player being drafted or a team winning a championship.
Advanced Betting Terms
More advanced bettors or high rollers with bigger bankrolls can also play tactfully in sports betting. Here are some key terms to know.
- High limits refer to the maximum amount wagered on a specific event.
- Hedging: To minimize losses, a bettor may place additional bets on the opposite outcome of their original bet.
- Juice: Also known as vigorish or vig, this is the commission sportsbooks charge for accepting bets (think of it like the house edge).
- Arbitrage involves placing bets on all possible game outcomes at different sportsbooks to guarantee a profit.
- Implied probability: This is the probability of a certain outcome according to the odds given by the sportsbook.
How Geolocation Works in Colorado Sports Betting
Only certain states allow legal sports betting, and each has its own regulations. Colorado legalized sports betting in 2019 and launched its first legal sportsbooks in May 2020. One of the key aspects of online sports betting is geolocation technology, which verifies a user's location before allowing them to place bets.
Geolocation and Betting Legality
Geolocation must be used to determine if a player is located within Colorado while placing their bets. Setting up an account and pretending you're in Colorado is simple enough. However, current residents and tourists must physically be within state lines to be able actually to place a bet, hence the use of geolocation.
How to Set Up Geolocation on Devices
You can set up geolocation on both your mobile app and desktop site. To do so, log in to your Sportsbook account. When prompted to give permission to your device's location, click yes. Once confirmed, the sportsbook will use GPS technology to verify your location.
You can do this manually by navigating to your "Settings" and selecting "Location." Depending on your system, you must manually tog the sportsbook to give it full location access.
Privacy and Security in Geolocation
Fortunately, privacy and security are paramount for sportsbooks. Many reputable sportsbooks like DraftKings set themselves apart by ensuring private information stays safe. To review privacy policies, navigate to the "Terms and Conditions" section of the sportsbook site. Here, you'll find more information on how the sportsbook handles your data and ensures transparency and security.
Taxation on Sports Betting Winnings in Colorado
All sports betting winnings in Colorado are subject to state and federal taxes. This includes any bets placed online or in person at a casino or retail sportsbook. Taxes will be withheld from your winnings by the sportsbook, but bettors need to keep track of their winnings and report them on their tax returns.
When to Report Winnings
You must constantly report sports betting winnings on your tax return for the year they were earned. If you placed a winning bet in December but didn't receive your payout until January of the following year, you still have to report it on that year's tax return.
In addition, you can also report losses to offset your winnings. Reporting losses means your tax burden is lower at the end of the year.
Calculating Taxes on Winnings
Federal taxes will vary by income level, but state taxes in Colorado are capped at a standard rate of 4.4%. However, sportsbooks usually withhold 24% of your winnings for tax purposes, which you can then be refunded with your tax return.
The 24% is held for amounts usually over $5,000. Amounts won over $600 are reported in your Form W2-G that the sportsbook gives you. Check the form for any withheld taxes.
Documentation for Tax Filing
Most reputable sportsbooks will give you a form W2-G for winnings over $600 or odds of 300:1. When filing your taxes, use the information in this form, including the total number of winnings and withheld taxes. You can also use your app's records of deposits and withdrawals as supporting documentation.
If you do not receive a W2-G form, keep track of your betting activity with your records. Make an estimated payment based on your federal and state income tax rate to minimize the tax burden at the end of the year.
Key Regulatory Bodies Governing Colorado Sports Betting
Regulation is key to ensuring fairness in gambling and sports betting. Here are some key players to watch in Colorado sports betting.
Colorado Division of Gaming
The Colorado Department of Revenue's Division of Gaming oversees sports betting licenses and regulations. They approve applications for permits for both in-person and online sports betting retailers.
They also track earnings and ensure they are properly funneled to the state. Any issues with possible illegal gambling in the state should be reported to the Division of Gaming for further investigation.
Federal Oversight in Sports Betting
Federal bodies like the Financial Crimes Enforcement Network (FinCEN) ensure sports betting and gambling outlets aren't used to launder money. Government bodies like FinCEN also monitor gambling platforms for signs of illegal activities and ensure betting operators report these activities immediately.
The Internal Revenue Service (IRS) requires that all gambling winnings be reported and the proper tax paid. While the IRS has no direct power over sports betting platforms like FinCEN does, it can audit players and sports operators directly, ensuring proper taxes are paid.
Consumer Protection Programs
Consumer protection programs like the Better Business Bureau (BBB) monitor sports betting sites for illegal or fraudulent activities. They also handle consumer complaints and concerns, ensuring operators treat players fairly.
The Colorado Division of Gaming is also an important resource for customer complaints. They have the ultimate power to revoke licenses for operators with gross complaints of unfairness, rigged outcomes, or other illegal activity.
Types of Bonuses and Promotions Offered by Sportsbooks
One of the best things to look out for with sportsbooks is the types of bonuses and promotions offered. Let's look at common bonuses you can expect to find at most sports betting platforms.
Welcome Bonuses for New Bettors
New users can enjoy many welcome bonuses to attract them to different platforms. Some bonuses offer safe bets where the sportsbook will refund your first bet in case you lose. Others provide a percentage match on your initial deposit, known as a deposit match, doubling or even tripling your betting funds.
Bonus bets are often paid out over time and come with wagering requirements. But they're a great way to take advantage of free bets and maximize your initial deposit.
No-Deposit and Risk-Free Bets
No-deposit bonuses allow you to enjoy bonus bets without putting a large deposit down. They are usually given to new players. Risk-free bets are also common. If your first bet loses, these bets give you a bonus, with sites like BetMGM offering a whopping $1,500 risk-free bonus bet.
Loyalty and VIP Programs
Some sportsbooks continue to reward customers for using their specific platform via VIP points and loyalty programs. Caesars Sportsbooks is one of the most popular, with players earning VIP points for wagering that can be used at in-person destinations. Fanatics Sportsbooks is another example, which offers FanCash for sports gear for every wager placed.
Banking Options for Colorado Sportsbooks
Depositing and withdrawing your funds is an important part of the online sports betting. Luckily, most Colorado sportsbooks offer a wide range of banking options, making it easy for bettors to deposit and withdraw money from their accounts.
Deposit Methods
Most deposit methods are available instantly for players. Some of the most common include:
- Debit/credit cards: Minimum usually $5, instant processing, no fees
- PayPal: Minimum usually $5, instant processing, no fees
- Prepaid cards: Minimum usually $5, instant processing, no fees
- ACH/e-check: The minimum is usually $10, and it can take 3-5 days to process and clear from your bank account. No fees
Withdrawal Methods
Withdrawing funds is just as important as depositing them. Some of the most common withdrawal methods include:
- Debit/credit cards: The minimum is usually $10, and it can take 1-2 business days to process and clear in your bank account. There are no fees.
- PayPal: The minimum is usually $10, typically instant processing, with no fees.
- Check by mail: The minimum is usually higher, but it takes 5-10 business days to receive a check and cash. There are no fees unless expedited.
- Bank transfer: The minimum is usually higher, but it can take 3-5 business days to process and clear in your bank account. There are no fees.
Recommended Payment Options
Most players will find that sportsbook operators' fees are minimal. But there are still solid payment options to consider. The most common and reliable sportsbook withdrawal and deposit payment method is a debit card. Debit cards offer a secure, convenient, and fast way to access funds or fund your account.
For those who value privacy, consider an e-wallet like PayPal or Skrill or a prepaid card like Play+. These can be funded separately and then used to deposit and withdraw. Play+ and other prepaid cards might charge a small fee of $10, but it's worth it to ensure your privacy.
The Impact of Responsible Gambling Programs
Sports betting is supposed to be a fun way to enjoy your favorite sports and possibly make some extra money. However, it's important to remember that gambling can also become addictive and cause financial and personal problems.
That's why many sports betting operators have implemented responsible gambling programs to help their customers stay in control of their betting. These programs offer deposit limits, self-exclusion options, and the ability to set time limits on betting sessions. These are valuable tools for limiting gambling issues and potentially saving players thousands of dollars in lost funds and bets.
Self-Exclusion Options
Self-exclusion is perhaps the most extremely responsible gambling measure. It is an effective way for players to take a step back and take a break from betting irresponsibly. Players can voluntarily self-exclude for days, weeks, months, or even years. During this period, they won't be able to log in or place bets with their sportsbook.
Deposit and Time Limits
Session time limits and deposit limits encourage players to limit the amount of betting they spend and the time they spend on their sports betting app. These time and deposit limits can easily be set in a user's preferences. Deposit limits can be set daily, weekly, or per transaction.
Resources for Problem Gambling
Colorado bettors have access to national problem gambling resources, such as the 1-800-GAMBLER hotline, available 24 hours a day, 7 days a week. The Colorado Division of Gaming also provides online local and national resources for players and the chance to self-exclude through the Department of Revenue. More resources can be found here.
Colorado Sports Betting FAQ
What sportsbooks are legal in Colorado?
Currently, 13 online sportsbooks operate legally in Colorado, including big names like DraftKings, FanDuel, and BetMGM.
Does Denver have sportsbooks?
Denver is within Colorado, meaning you can use Colorado sportsbooks like Caesars and BetRivers within the city and state.
Is bet365 legal in Colorado?
Yes, Bet365 is one of the current legal betting sites Colorado offers. Check with the Colorado Division of Gaming for changes in licensing.
Is it more challenging to play sports in Colorado?
No, different sports betting apps have different odds. However, this doesn't mean it's harder to win in Colorado than in other states.
How old do you need to be to bet on sports?
Players must be 21 or older and physically located within the state borders to place bets on a sports betting app.
Are winnings from sports betting taxed in Colorado?
Yes, Colorado currently has an income tax statewide with a cap of 4.40% tax rate. You also need to pay federal income tax on your winnings.
What are the best sportsbooks for beginners?
FanDuel, DraftKings, and ESPN Bet are high-quality apps with accessible interfaces perfect for beginning Colorado bettors.
Can I place bets on college sports?
You can bet on NCAA college football, college basketball spreads, and money lines. However, you cannot bet on props for specific college players in Colorado.
Is live betting available on Colorado sportsbooks?
Yes, several current legal sportsbooks in Colorado offer live betting options, allowing bettors to place bets on games currently being played.
Which sportsbooks have the best promos?
Caesars, BetMGM, and Bet365 constantly offer promotions for new and existing players. Check for welcome offers and VIP rewards for even more promotions.
How do I withdraw my winnings?
Most sportsbooks offer multiple withdrawal options, such as online banking, PayPal, ACH transfers, or debit cards. Select your withdrawal method, wait for it to process between 12 and 24 hours, and then wait for it to appear in your account.
Are offshore sportsbooks safe?
Unfortunately, US laws do not regulate offshore sportsbooks, and they often operate illegally. This makes it difficult to ensure the safety of your personal information and funds. It is always safest to bet with legal, regulated sportsbooks in Colorado.
How do I contact customer support?
Every sportsbook has a customer support team to assist with issues or questions: most offer live chat, email, and phone support options. Contact information is typically found in the app or the website's "Help" section.
Conclusion: Selecting the Best Colorado Sportsbooks
Colorado sportsbook options continue to grow, with 13 online and 11 retail locations and counting. The best sportsbooks, like DraftKings and Bet365, combine transparency, fast withdrawals, and competitive odds with fun perks like VIP rewards points.
When betting on Colorado sports, it's crucial also to gamble responsibly. Fortunately, licensed platforms enforced by the Colorado Division of Gaming ensure that deposits and withdrawals stay secure and private.
You can also set deposit and time limits, as well as self-exclude. All in all, sites like Circa, Sporttrade, FanDuel, and DraftKings all feature some of the best bonuses and welcome offers combined with unique perks. Explore these apps and the others we've mentioned to get the most out of your Colorado sports betting experience!
