Colorado sports betting went live in May 2020. The Centennial State immediately emerged as one of the most important sports wagering hubs in the western U.S. after the launch.
With more than 25 platforms available, Colorado offers one of the most diverse selections of online sportsbooks in the nation. Read on in this review for everything you need to know about Colorado sportsbooks.
Colorado Sports Betting: Key Facts
- Legal Online Gambling Verticals – Online Sports Betting, Daily Fantasy Sports
- Online Gambling Revenue Tax Rates – The state sports betting tax rate is 10% for online and retail sports betting.
- Available Online Sports Betting Licenses – All 33 casinos in Colorado are eligible to offer sports betting or partner with an online operator.
- College Sports Wagering Policy – Betting on college sporting events is legal in Colorado, including in-state college teams.
- Sports Betting Legalization and Launch Dates – Sports betting was legalized in November 2019. Sports betting apps launched on May 1, 2020.
The Colorado Division of Gaming oversees and regulates sports betting in the state, turning it into a massive market. With the potential for 33 online sportsbooks, more growth is coming to legal sports betting in the state.
Online sports betting got off to a relatively slow start in Colorado. This is because these sportsbooks first launched during the COVID-19 pandemic. However, the 10% tax rate on gross gaming revenue is highly fair for operators, and most of the biggest names in the industry are available here.
Colorado Legal Sportsbooks
After lawmakers in Colorado got a measure on the ballots back in 2019, voters in the state were able to pass that measure to create an amendment to the state constitution. This occurred in November, and by May 2020, the first legal online sportsbooks were up and running.
There are three specific licenses available in Colorado, and those include:
- Master License
- Internet sports betting operator
- Sports betting operator
After voters in the state gave the green light to legal sports betting, lawmakers once again had to work to create sports betting rules. The state chose the Colorado Division of Gaming to oversee and regulate the industry. All license applications had to be turned in to that group.
The new sports betting rules technically didn’t go into effect until May 1, 2020. This is when the state launched the first sportsbooks. At the time, Colorado was one of the fastest states to launch sports betting after getting sports betting rules in place.
All sportsbook operators must agree to pay a 10% tax on the gross sports betting revenue before they are eligible to receive a license and go live. One unique feature of legal sports betting in Colorado is that table tennis has been a popular betting market ever since sportsbooks went live.
The legal sports betting age in Colorado is 21 years of age. Betting is also available to both residents and visitors of the state. In addition, the state allows mobile wagering, but retail sports betting has to be in just three remote towns.
Colorado Online Sports Betting
There are over 20 online sportsbooks available in Colorado, including the biggest names in the U.S. sports betting industry. A handful of sportsbooks were ready to launch on May 1, and more have been added on a rolling basis.
Once an operator receives an online sports betting license from the Colorado Division of Gaming, they are also eligible to offer a mobile app. In addition, remote registration is available in Colorado, meaning bettors do not have to visit a casino before creating a sports betting account.
DraftKings, FanDuel, and BetMGM are three of the most popular online sports betting options in Colorado. However, there is plenty of competition. The SuperBook also received a license and launched in this state, and it is a sportsbook with big-brand recognition.
Most states launch retail sports betting before having online sportsbooks go live, but that was not the case in Colorado. So instead, this state focused on online sportsbooks first, which continues to be where most of the action takes place.
Colorado Retail Sportsbooks
All of the retail sportsbooks in Colorado are in the casinos in the state. There are 10 retail sportsbooks. About half of the original ones closed as online betting is over 90 percent of the action in the state.
One issue for bettors looking to place a wager in person is that all of the casinos are located in remote towns in the Rocky Mountains. The casinos are in Black Hawk, Central City, and Cripple Creek.
The DraftKings Sportsbook at Bally’s Black Hawk is one of the top retail sportsbooks in Colorado. The one major thing unique about retail sports betting in Colorado is minimal action at the casinos. Few states in the United States have as many retail sportsbooks available, but those casinos don’t attract much betting action due to their locations.
How Do I Know That Online Sports Betting Sites In Colorado Are Fair?
If you genuinely want to know if sportsbooks in Colorado are fair, you need to sign up for an account. You will quickly see that all odds and betting lines are fair as these sites want to continue having customers come back and place wagers.
There will be some differences in the betting odds and lines that you see, and it is always an excellent plan to use the sportsbook that will give you the most significant return for a wager.
Who Regulates Legal Online Sportsbooks In Colorado?
The Colorado Division of Gaming oversees and regulates online sports betting in the state. This group is the one that takes all of the license applications that come from casinos and online operators and determines if and when the sites can launch.
After a site is up and running, the Colorado Division of Gaming will check to ensure that all sports betting laws are being followed.
Why Should I Trust Legal Online Sportsbooks?
The biggest reason to trust legal online sportsbooks is that they are all regulated by the Colorado Division of Gaming. Colorado has attracted some of the biggest names in the sports betting industry, and those sites come with an excellent reputation.
How Do I Get Paid If I Win?
Each online sportsbook in Colorado will offer unique banking options even though there will be some similarities between the sites. For example, when you win money at a legal online sportsbook, you will choose the withdrawal option that works best for you and then submit a request to receive your winnings.
All online sportsbooks will have a different process for making a withdrawal request and receiving money.
Colorado Sports Betting FAQ
How old do you have to be to bet online in Colorado?
The legal age to bet on sports online in the state of Colorado is set at 21 years of age. This is a pretty standard requirement throughout the U.S. sports betting industry, but there are some states that have lowered that age to 18 years of age.
Who can get a license to run an online gambling app in Colorado?
There are 33 casinos in the state of Colorado and all of them are eligible to apply for a license to offer online sports betting. Instead of offering an online sportsbook of their own, these casinos have partnered with online sportsbooks to take care of that license.
Can I bet using BetMGM in Colorado?
Yes, BetMGM was in the first wave of online sportsbooks that launched in the state of Colorado. BetMGM has partnered with the Midnight Rose Casino to offer retail betting on-site, and that also allowed it to offer its online sportsbook and mobile app.
Can I bet anonymously at Colorado legal betting sites?
No, if you were betting anonymously then the site would have no idea how old you were or who was actually doing the betting. One of the first steps when signing up at a legal betting site is to create an account, and you will have to be logged in each time before you place a wager.