Colorado sports betting reached $713 million in gross revenue since its May 2020 launch, securing its position among the top 10 sports betting states nationwide.
The state features 20+ licensed sportsbooks providing online and retail betting options for residents 21 and older. Total betting handle hit $5.56 billion in 2023, generating $391.8 million in revenue.
Sports fans can wager on NFL, NBA, MLB, NHL, UFC, and college sports through state-licensed platforms. The Colorado Division of Gaming and Limited Gaming Control Commission oversee the regulated market, maintaining strict standards for player protection.
This guide covers essential information for new bettors – from legal requirements and sportsbook selection to placing your first wager. Each section provides clear, actionable steps to help you start betting legally and responsibly in Colorado.
Colorado Sports Betting Laws
Proposition DD paved the way for legal sports betting in Colorado through voter approval in November 2019. The Colorado Limited Gaming Control Commission (CLGCC) and Division of Gaming now regulate the state’s sports betting market.
Age and Location Rules
Sports betting rules in Colorado stand firm on two key points. Bettors must be 21 years or older to place wagers. Every bet must happen within state lines. Sportsbooks use location tracking to make sure all bets come from Colorado.
Before taking any bets, sportsbooks check both age and location. These checks keep the betting market safe and stop underage gambling.
Licensed Sportsbooks
30 legal online sportsbooks call Colorado home. The Division of Gaming watches these operators closely. Each must pass strict checks and follow state rules to keep their license.
Legal Colorado sportsbooks take bets on:
- Pro and amateur sports
- Olympic events
- College sports
- Team and individual competitions where skill matters most
The Gaming Commission updates rules often to keep betting fair. Every sportsbook teams up with a Colorado casino. This setup helps track who does what in the betting world.
The state knows gaming well – they’ve managed casino gaming since 1991. The commission works with betting companies to keep standards high and rules clear.
Setting Up Your Betting Budget
Smart bankroll planning marks the first step toward responsible sports betting. Your betting budget should keep wagering fun while protecting your finances.
Picking Your Bankroll Size
Start by setting aside money just for betting – your bankroll. This money should come from what’s left after paying bills, saving, and meeting other financial goals. Pick an amount you could lose without hurting your daily life.
New bettors do well starting with USD 200.00 to USD 500.00. The right amount fits your money situation and how much risk you like to take.
Managing Your Bankroll
Your betting strategy needs clear rules once you have your bankroll. Smart bettors put 2-5% of their total funds on single bets. With USD 500.00, that means betting USD 10.00 to USD 25.00 per play.
Pick your betting style:
- Play it safe: Bet 1-2% each time
- Middle ground: Use 2-3% per bet
- Bold approach: Risk 3-5% per wager
Match these numbers to your goals and comfort level. Track every bet’s date, event, stake, and result to see how well your strategy works.
Using Loss Limits
Loss limits stop bad streaks from getting worse. Set clear stops for how much you’ll risk in different time periods. Most experts say to risk no more than 10-20% of your bankroll per week or month.
Smart limits include:
- Daily betting caps
- Time limits per session
- Weekly spending rules
These limits might feel strict but they stop a common mistake – chasing losses by betting bigger. Set your limits before you start and stick to them, no matter what tempting bets come along.
Picking Your Colorado Sportsbook
Colorado sports bettors have 13 licensed online sportsbooks to choose from. Each platform brings its own mix of features, odds, and betting options to the table.
Best Betting Apps
FanDuel, DraftKings, and BetMGM stand out in the App Store with 4.8-star ratings. FanDuel and DraftKings show similar strength on Android, scoring 4.7 and 4.6 stars.
These sportsbooks shine with:
- Live betting and instant odds updates
- Game streaming right in the app
- Same-game parlay builders
- Quick-tap bet placement
Welcome Bonus Options
Colorado sportsbooks fight hard for new players with strong sign-up offers. Current welcome deals include:
- BetMGM: First bet offers up to USD 1500.00
- Caesars: 10 profit boosts at 100% for new players
- bet365: Bet USD 5.00, get USD 150.00 in bonus bets
- FanDuel: USD 150.00 in bonus bets for USD 5.00 play
- Fanatics: No sweat bets up to USD 1000.00
Banking Methods
Colorado books take deposits and pay out winnings through several methods. Credit cards and debit cards work for quick deposits. PayPal handles both deposits and cashouts fast. Wire transfers move bigger amounts but take longer.
The competitive market keeps pushing innovation. Play+ cards now give players another way to move money when regular banking hits snags. These cards let you move USD 2000.00 per day, up to USD 10000.00 monthly.
Setting Up Your Sportsbook Account
Colorado sportsbooks need proper ID checks before you can place bets. State rules demand thorough verification for all new accounts.
Document Requirements
Your first step needs a government photo ID – driver’s license works best since it proves both identity and address.
No driver’s license? You’ll need ID plus one of these for your address:
- Recent utility bill
- Phone or internet bill
- Bank statement
- Insurance paperwork
- Government mail
- Lease agreement
Watch those dates – documents must be under six months old. Make sure your name and address show up clearly on everything you submit.
Getting Verified
Sportsbooks check your info two ways. Quick e-checks match your details against public records. You’ll need to enter:
- Legal name
- Home address
- Birth date
- Social Security Number
Sometimes manual checks take over if e-checks hit a snag. You’ll upload clear photos of your ID. Keep that machine-readable strip visible in ID photos.
Colorado books take security seriously. Any funny business gets accounts frozen fast. These checks serve clear purposes:
- Making sure you’re 21+
- Stopping identity theft
- Following banking rules
- Catching fraud
E-checks usually wrap up in five minutes. Manual checks might need more time, especially if photos need retaking. Books send email updates throughout the process.
Hit a verification snag? The sportsbook must tell you why and give updates every ten business days. This keeps everything open and secure.
Making Your First Deposit
Colorado sportsbooks pack plenty of secure ways to fund your betting account. Each method meets strict security rules while giving you easy access to your funds.
Ways to Deposit
Money moves into sportsbooks through several trusted channels:
- Visa and Mastercard payments
- PayPal and Venmo transfers
- Bank transfers
- Play+ cards
- Wire transfers
- PayNearMe at local stores
- Cash at casino cages
- Gift cards
Bank transfers stand out as the top choice, linking straight to major banks like Bank of America, Wells Fargo, Chase, and TD Bank. PayPal and Venmo users enjoy quick deposits too, with funds landing instantly in betting accounts [49, 50].
Deposit Minimums
DraftKings leads with the lowest buy-in at USD 5.00. Most other books ask for USD 10.00 to USD 20.00 to start.
Wire transfers need more cash upfront – usually USD 100.00 minimum. Daily cash limits stop at USD 500.00, while monthly caps hit USD 10,000.00.
Bonus Codes
Smart bettors grab extra value using promo codes with their first deposit. Current top offers include:
BetMGM code BETCOCOM needs USD 10.00 minimum. Caesars takes code BETCO with USD 10.00 to start. ESPN BET matches with code BETCO and USD 10.00 minimum.
Your chosen payment method sets the pace. Cards and e-wallets move money instantly. Bank transfers take 3-5 business days. Books remember your card info but still need that CVV code each time.
Basic Bet Types
Sports betting offers several fundamental wager types. Each brings its own way to play the odds and test your sports knowledge.
Moneyline Wagers
Moneyline bets keep things simple – pick who wins. No points to track, no complicated math. Just choose your winner and watch the game.
The odds tell you who’s favored and what you might win. Negative numbers (-150) mark favorites, while positive numbers (+200) show underdogs. Put USD 150.00 on a -150 favorite to win USD 100.00. Back a +200 underdog with USD 100.00 to win USD 200.00.
Point Spread Action
Point spreads level the field between mismatched teams. Oddsmakers set a number showing how many points separate the teams.
Favorites give points (-5.5) while underdogs get points (+5.5). Take the Broncos at -5.5, they need to win by 6 or more for your ticket to cash. Back the underdog, and they can lose by 5 or less – you still win.
Totals (Over/Under)
Totals betting zeros in on the combined score. Sportsbooks post a number, you decide if the actual total lands higher or lower.
Books set these numbers carefully across all sports. They want equal action on both sides. Smart bettors watch:
- How teams score and defend
- Weather reports for outdoor games
- Past scoring trends
- Recent team stats
Today’s books offer totals on more than final scores. Player stats, team totals, and quarter-by-quarter numbers all take action. This variety draws both new players and sharp bettors alike.
These three bet types open the door to sports betting. Each fits different games and strategies, letting you match your picks to your sports knowledge and betting style.
Making Your First Bet
Colorado sports betting opens up action across dozens of sports and events. Your first bet needs just a few simple steps to get started.
Finding Your Games
Colorado books take action on:
- Pro sports (NFL, NBA, MLB, NHL)
- College games
- Olympic sports
- Global competitions
- Racing events
- Esports
Remember – you must be inside Colorado state lines to bet. Sportsbooks check your location through special tracking software before taking your money.
Reading the Odds
American odds rule Colorado books, showing prices with plus (+) and minus (-) signs.
A minus price (-150) tells you how much to bet for USD 100.00 profit. Bet USD 150.00 to win USD 100.00. Plus odds (+200) show your profit on a USD 100.00 play – bet USD 100.00 to win USD 200.00.
Books also show odds these ways:
- Decimal: Total return = stake × odds
- Fractions: Popular in horse racing
- Percentages: Shows win chance
Locking In Your Bet
Smart bettors follow these steps:
- Pick your game and bet type
- Type in your stake
- Check the potential payout
- Let the app check your location
- Hit submit
Books track every bet carefully [85, 86]. They also let you set betting limits:
- Daily caps
- Time limits
- Weekly spending rules
Sharp players keep accounts at multiple books to find the best prices. Watch those betting limits though – they change by sport and bet type.
Managing Your Winnings
Smart bankroll management matters just as much as picking winners. Colorado sportsbooks offer several ways to collect your winnings while keeping everything secure and legal.
Getting Your Money Out
PayPal leads the pack for quick cashouts, sending money to your account as soon as the book processes it. Play+ cards work well too – grab your cash from any ATM right after approval.
Bank transfers handle bigger withdrawals through ACH or e-check. Need to move serious money? Wire transfers can push up to USD 50000.00 at once.
Paper checks still work for those who prefer traditional banking. Some books let you pick up cash straight from their partner casinos.
How Long It Takes
Different cashout methods move at different speeds:
| Method | Time to Process |
|---|---|
| PayPal | 24 hours or less |
| Play+ | Right away |
| Bank Transfer | 2-3 business days |
| Wire | 24-48 hours |
| Paper Check | 14-21 days |
| Casino Pickup | Instant after okay |
Most methods need at least USD 10.00 to cash out. Keep this in mind when planning your withdrawals.
Taxes on Your Wins
Uncle Sam and Colorado both want their cut of your winnings. The IRS tracks all gambling wins. Colorado takes 4.40% flat tax.
Books send W-2G forms when you win:
- USD 600.00+ at 300x odds or higher
- USD 5000.00+ in poker events
- USD 1200.00+ on slots or bingo
You can write off losses against wins at tax time. Just remember – deductions can’t top your total winnings and need Schedule A itemizing.
Keep good records of your betting:
- When you bet and how much
- What games you played
- Statements from sportsbooks
- W-2G forms and withdrawal slips
Colorado watches betting income closely. Skip reporting and face penalties or audits. Books might hold back 24% for taxes on big wins.
Your sportsbook sends yearly win/loss reports to help with taxes. These show all your bets, withdrawals and tax forms. Tax pros can help sort out tricky situations with multiple cashouts or big wins.
Final Words
Colorado sports betting welcomes new players with solid rules and plenty of betting choices. Smart bettors win by knowing the rules, watching their money, and picking good sportsbooks.
Your success starts with the basics – managing your bankroll, picking the right bets, and tracking everything for taxes. Learn how deposits and withdrawals work at your sportsbook. Watch those processing times and fees too.
The betting scene keeps growing here in Colorado. New books open their doors while established names add fresh features. Players who check IDs properly, learn basic bets, and handle money well tend to enjoy betting more.
Remember – bet smart, know the rules, and stay on top of taxes. That’s how you build a solid betting foundation. Take your time learning, start with small bets, and grow your game naturally.
FAQs
Q1. What are the age and location requirements for sports betting in Colorado? To participate in sports betting in Colorado, you must be 21 years or older and physically located within state boundaries. Sportsbooks use geolocation technology to verify your location before accepting wagers.
Q2. How much money should I start with for sports betting in Colorado? For beginners, a starting bankroll between $200 to $500 is generally recommended. However, the exact amount should be based on your personal financial situation and comfort level with risk.
Q3. What are the most popular deposit methods for Colorado sportsbooks? Common deposit methods include credit/debit cards, e-wallets like PayPal, online banking transfers, and Play+ prepaid cards. Most platforms have a minimum deposit requirement between $10 to $20.
Q4. What are the basic types of bets I can place in Colorado? The three most common bet types are moneyline bets (picking the outright winner), point spreads (betting on the margin of victory), and over/under bets (wagering on the total combined score of a game).
Q5. How are sports betting winnings taxed in Colorado? Sports betting winnings in Colorado are subject to both federal and state taxes. The state applies a flat income tax rate of 4.40% on all gambling winnings. It’s important to keep detailed records of your bets and winnings for tax purposes.