Colorado Sports Betting

Any time you get a major bill passed in a state as large as Colorado, there are going to be plenty of questions, especially when it involves Colorado sports betting. When that bill has as large of an effect on the day-to-day lives of the people that live in that state as HB19-1327 has in Colorado, there are going to be a lot of questions. This bill has changed the sports betting industry across the state.

Here are answers to the most popular Colorado sports betting FAQ surrounding Colorado sports betting right now.

Is sports betting legal in Colorado?

Yes, sports betting is legal in Colorado. Voters passed Bill HB19-1327 in November of 2019 to legalize sports betting and sports betting offically became legal on May 1st, 2020 with several sportsbooks launching that morning. It is currently legal to bet on sports at both retail sports betting locations and online/mobile sportsbooks. So whether you’re looking to do some sports betting in Colorado casinos or online sports betting apps, you’ll have plenty of options.

Is online sports betting legal in Colorado?

Yes, people who live or are traveling in the state can bet online and in-App with any of the state’s licensed Colorado sportsbooks. Since the state took action to legalize sports betting, several Colorado sports betting options have popped up and more are on the way. This gives sports bettors several sports betting apps to choose from.

What types of bets can Colorado sports bettors make?

You can bet on all major US sports including football, basketball, baseball, hockey, golf, tennis, and more with any of the countless Colorado sportsbooks. You can also bet on international events like the Olympics. All types of legal sports betting types are allowed including moneylines, spreads, free bets, parlays, and more.

What is the legal sports betting age in Colorado?

The current Colorado sports betting legal age is 21. That means on your 21st birthday you can start getting into the action of legal sports betting.

Not old enough? Better wait to play as your age and identity will be manually verified through the Colorado sports betting apps before you can start betting in Colorado. Sure, you can try to get around it, but we don’t recommend it.

What is the tax rate on sports betting in Colorado?

The tax rate on sports betting in Colorado is 10%. That is a bit higher than some other states, but it is still competitive. The good news is that the tax revenue generated from sports betting will go towards funding schools and the state’s water plan.

Don’t forget about federal taxes when you bet on sports. There are various thresholds depending on how much you win from the sports bets, so you’ll want to look into federal taxes as well. The Colorado sportsbook apps will report your winnings to the IRS based on these thresholds, so don’t try to skirt around the law.

How many sportsbooks are currently operating in Colorado?

There are currently 11 sportsbooks operating in Colorado and most of them have sports betting apps. However, that number is expected to grow in the coming months as more casinos partner with sportsbooks and launch their own betting apps.

Since legal sports betting hit Colorado, the sports betting market has blossomed and sports bettors have many more options now.

Are there limits on the size of bets I can make?

The state is letting sportsbooks set their own bet limits. This will not only change between books but will vary based on bet-type and sport. Just remember, when you’re getting into Colorado sports betting, to always gamble responsibly.

What are the odds that my bet will be a winner?

This is a difficult question to answer as it depends on too many variables. The best thing you can do is research the teams, players, and matchups before placing your bet. We always recommend thoroughly researching any bet you are thinking of making when you’re into legal sports betting.

When will I get paid if I win my bet?

This also depends on the sportsbook you are using. Most Colorado sports betting apps will allow you to withdraw your winnings immediately, but some may require that you wait a certain amount of time before withdrawing. Be sure to check with your book before placing a bet. We’ll cover more about withdrawals later in this FAQ.

How do I open an account with a Colorado sportsbook?

Opening an account with a Colorado online sports betting app is similar to opening a DFS account with FanDuel or DraftKings. Each sportsbook has a system in place to verify every new user’s age and location. One you create your account you’ll be able to partake in live sports betting and bet online.

How do I make a deposit?

While each sportsbook will offer its own set of options for funding your account, the process will be straightforward and easy to follow for anyone. The important thing to remember here is that you can not fund your Colorado sports betting account with a credit card. This means you will need to use a bank or debit card, checking account, or deposit through PayPal using your checking account.

This may seem cumbersome to some, but it is important to remember that this is for your own protection. Betting in Colorado with a credit card can lead to some serious financial problems down the road. Remember, Colorado sportsbooks are in business to make money, not lose it.

How do withdrawals work?

Each sportsbook will have its own set of standards for making a withdrawal, but here are a few things you can expect to encounter on your first withdrawal:

• You will need to verify your identity and location before you can make a withdrawal. This process will vary based on the sportsbook.

• Your deposit bonus and free bet money is not available for immediate withdrawal. These funds will have a rollover requirement that has to be met before you can withdraw them.

• Most sportsbooks will allow you to withdraw your winnings in whatever manner you made your deposit.

 So when you bet on sports at any of the Colorado online sportsbooks and you’re ready to make a withdrawal, be sure to read the fine print on cashing out your funds.

How does a deposit bonus or free bet work?

With a deposit bonus and/or free bet, you will receive bonus funds that you can use to place a bet or bets.

Anything you win with this bonus money is yours to keep, while the bonus funds themselves will need to roll over a number of times before they can be withdrawn. The rollover requirement will vary from book to book.

What sports are available to bet on in Colorado?

For the most part, you can bet on every sport in Colorado. And, you’re not limited to only sports in Colorado, but nationwide.

While sports betting is legal for most sports in Colorado, exceptions include e-sports that the state doesn’t regulate, high school sports, and prop-bets and in game betting on college sports. However, game bets, whether with free bets or parley bets to name a few, with college sports are still legal. These policies are fairly standard for most states.

All the major sports leagues including the NFL, NBA, NHL, MLB, PGA, Nascar, UFC, and Tennis can be bet on in Colorado. So if you’re one of the many Denver Broncos fans looking to place a free bet on your team, go for it!

What types of bets can I make in Colorado?

Seasoned sports bettors will be happy to know that they can make every bet-type in Colorado. This includes straight bets, teasers, parlays, moneyline bets, totals (over/under), prop bets, free bets, and more. These various bet-types make the sports betting market in Colorado one of the best in the country.

Is live betting legal in Colorado?

Yes, as with the rest of Colorado online sports betting, live betting is legal in Colorado! This is the future of betting and online sports betting sites and sportsbook app users are going to love these features.

Think the Denver Broncos are going to come back from a deficit? Score on this drive? Gain 5+ yards on this play?

You can bet it all with live betting, and every sportsbook in Colorado offers it already. Just download your favorite sportsbook app such as the Sports Illustrated sportsbook (sometimes referred to as the SI sportsbook and it’s one of the best sports betting apps), and start making your live bets. This is one of the favorite styles of play for Colorado sports bettors. Don’t forget, though, live betting on college sports is not legal so you won’t find that with any of the mobile sports betting apps.