Best Sports Betting Sites in Colorado

Colorado stands at the forefront of the sports betting revolution, boasting numerous online sportsbooks eager to cater to avid bettors. This comprehensive guide will navigate the legal terrain, delve into betting options, spotlight local teams and events, explore bet types and odds, demystify deposit and withdrawal methods, outline prohibited bets, and provide a glimpse into Colorado’s online betting history. Whether you’re an experienced bettor or just embarking on this exciting journey, our guide is your compass to the finest sportsbooks in Colorado.

Top Sportsbooks in Colorado

• Strong Point: MyBookie offers a generous first deposit bonus of up to $1,000 and a $10 casino chip, making it an attractive option for bettors looking for bonuses.
• Unique Point for Colorado: MyBookie provides a wide range of betting options, including bets on Colorado-based teams and events, catering to local sports enthusiasts.

• Strong Point: BetUS stands out with its substantial welcome bonus of up to $2,500 for new players, making it a top choice for those seeking significant bonuses.
• Unique Point for Colorado: BetUS covers a broad spectrum of sports, making it suitable for Colorado bettors interested in both local and international events.

• Strong Point: BOVADA offers a competitive welcome bonus of up to $750 for new players and has established itself as a reliable and well-known sportsbook.
• Unique Point for Colorado: While not specific to Colorado, BOVADA is recognized for its user-friendly interface, making it accessible for all bettors, including those new to sports betting.

• Strong Point: SportsBetting.ag provides a 50% sports welcome bonus up to $1,000, appealing to bettors looking for a solid bonus offer.
• Unique Point for Colorado: This sportsbook offers a variety of payment methods, including cryptocurrencies, which can be advantageous for Colorado residents who prefer using digital currencies for betting.

• Strong Point: BUSR boasts a generous welcome bonus of up to $1,500, making it a compelling option for those who want to maximize their initial deposits.
• Unique Point for Colorado: BUSR covers a wide range of horse racing events, catering to Colorado bettors interested in this niche sport.

• Strong Point: GTBets offers a substantial 150% sign-up bonus up to $750, providing excellent value for new bettors.
• Unique Point for Colorado: GTBets focuses on American sports and offers a user-friendly mobile platform, perfect for Colorado residents who prefer betting on local teams via their smartphones.

• Strong Point: WagerWeb provides a flexible welcome bonus of 50% cash or 75% free play, allowing bettors to choose their preferred bonus type.
• Unique Point for Colorado: This sportsbook emphasizes customer service, making it an excellent choice for Colorado bettors who appreciate dedicated support.

• Strong Point: EveryGame offers a straightforward $20 sign-up free bet without requiring a deposit, making it an easy entry point for new bettors.
• Unique Point for Colorado: While not specific to Colorado, EveryGame focuses on simplicity and ease of use, attracting those who want a no-fuss betting experience.

• Strong Point: XBet provides a competitive first deposit bonus of up to $500, appealing to bettors looking for added value.
• Unique Point for Colorado: XBet covers a variety of sports, including niche markets, making it suitable for Colorado residents with diverse betting interests.

• Strong Point: BetOnline offers a 50% welcome bonus up to $1,000 and is known for its extensive betting options.
• Unique Point for Colorado: BetOnline provides live betting options, allowing Colorado bettors to engage in real-time wagering on their favorite sports events.

• Strong Point: JazzSports provides a welcome bonus of 50% up to $1,000 and stands out with its long-standing reputation in the industry.
• Unique Point for Colorado: JazzSports offers competitive odds, making it appealing to Colorado bettors seeking favorable betting lines.

Legal and Tax Issues

Colorado, a pioneer in embracing sports betting, provides a secure and regulated environment for both operators and bettors. Understanding the legal framework and potential tax implications is crucial for anyone participating in sports betting within the state.

Legality of Sports Betting in Colorado

In 2019, Colorado voters made a significant decision by approving a referendum that legalized sports betting. This momentous event marked the official beginning of legal sports betting operations in Colorado, which commenced on May 1, 2020. Since then, the state has seen a flourishing sports betting industry.

Regulatory Oversight: The regulatory oversight of Colorado’s sports betting activities falls under the purview of two primary bodies:

1. Colorado Limited Gaming Control Commission (LGCC): This commission plays a pivotal role in setting regulations related to taxes and fees, responsible gaming guidelines, and the administration of statewide licensing processes. It operates with a commitment to ensuring the fairness and integrity of the state’s sports betting industry.
2. Colorado Division of Gaming: Working in tandem with the LGCC, this division enforces statutes pertaining to sports betting and monitors compliance within the industry. Its responsibilities include maintaining the integrity of wagering activities and ensuring that licensed sportsbooks adhere to the established regulations.

Taxation on Sports Betting Winnings

While sports betting offers the thrill of potential winnings, it’s essential to be aware of the tax implications that may accompany your earnings. Colorado imposes taxes on certain types of gambling winnings, including sports betting profits. Here are some key points to consider:

Tax Rates: Colorado applies a tax rate of 10% on the net proceeds of sports betting operations, ensuring that a portion of the revenue generated benefits the state.

Tax Reporting: To comply with tax regulations, individuals who earn sports betting winnings must report them accurately. The reporting process typically involves declaring your gambling income when filing your annual state tax return.

Loss Deductions: Colorado allows bettors to deduct gambling losses from their taxable income, provided they have kept thorough records of their betting activities. This practice helps mitigate the tax burden on bettors who may experience losses during their sports betting endeavors.

Understanding the legal and tax aspects of sports betting in Colorado ensures that both bettors and operators engage in activities that contribute to the state’s revenue while enjoying the entertainment and potential profits that sports betting offers.

Popular Local Teams and Events to Bet On

Colorado boasts a vibrant sports culture with a rich array of local teams and events that captivate both residents and sports enthusiasts alike. Betting on these local sports adds an extra layer of excitement to the games, and it’s no surprise that they are among the most popular choices for Colorado sports bettors.

Denver Broncos

The Denver Broncos, a three-time Super Bowl champion, hold a special place in the hearts of Coloradans. With a history that includes iconic figures like John Elway and Peyton Manning, the Broncos have a dedicated fan base. Betting on their NFL games, especially during the football season, is a common pastime in Colorado.

Denver Nuggets

The Denver Nuggets represent the state in the NBA, and they’ve been on an upward trajectory in recent years. Led by the exceptional talent of Nikola Jokic, who was crowned the league’s Most Valuable Player, the Nuggets consistently reach the Western Conference semifinals or finals. NBA games featuring the Nuggets are popular betting events, offering a chance to wager on one of Colorado’s most promising teams.

Colorado Rockies

Baseball enthusiasts have the Colorado Rockies to support in MLB. Though they have yet to secure a World Series win, the Rockies are a beloved team in the state. Coors Field, their home stadium, is a favorite spot for fans to gather and enjoy games. Betting on Rockies’ games adds an extra layer of excitement to the baseball season.

Colorado Avalanche

Hockey fans can rally behind the Colorado Avalanche, a team that has hoisted the Stanley Cup twice. Sharing the Ball Arena with the Denver Nuggets, the Avalanche consistently make it to the Stanley Cup playoffs. Betting on their games and following their progress in the postseason is a cherished tradition among Colorado’s sports bettors.

NCAA Teams

Colorado is also home to several prominent NCAA teams, including the University of Colorado and Colorado State University. These schools’ athletic programs provide ample opportunities for sports betting. Bettors can wager on college basketball, football, and other NCAA-sanctioned sports events involving these local institutions.

Other Popular Sports and Events for Betting

While Colorado’s local teams and events take center stage in the world of sports betting, there’s a wide range of other popular sports and events that captivate the state’s betting enthusiasts. From international competitions to niche sports, Colorado’s sports betting landscape offers something for everyone.

Soccer

Soccer enjoys a massive global following, and Colorado sports bettors have access to a variety of soccer leagues and tournaments. Major soccer events like the MLS (Major League Soccer), European Premier Leagues, and the prestigious UEFA Champions League provide ample opportunities for wagering. Whether it’s backing your favorite MLS team, predicting Premier League outcomes, or betting on European powerhouses in the Champions League, soccer offers a diverse and exciting betting experience.

Golf

Golf fans in Colorado can tee off their betting adventures with events like the PGA Tour, LPGA Tour, and European PGA Tour. Betting on golf often involves predicting tournament winners, top finishers, and various prop bets related to player performance. The sport’s unique dynamics, with players competing over several days on different courses, create a thrilling betting environment.

Tennis

Tennis enthusiasts have the chance to wager on some of the most prestigious tennis tournaments worldwide, including the ATP (Association of Tennis Professionals) and WTA (Women’s Tennis Association) tours. Betting options range from predicting match winners to placing bets on the total number of games or sets in a match. Grand Slam events like Wimbledon and the US Open draw significant betting interest.

Motorsports

Motor racing fans find their adrenaline fix in motorsports betting. NASCAR and Formula 1 are two of the most popular motorsport categories to bet on. Whether you’re predicting the winner of the Indianapolis 500 or the Formula 1 World Championship, motorsports betting adds an extra layer of excitement to the races.

Combat Sports

Fans of combat sports like boxing and mixed martial arts (MMA) can indulge in thrilling betting action. Betting on major boxing bouts or high-profile UFC events offers opportunities to wager on fight outcomes, round betting, and unique prop bets. These sports bring an added dose of intensity to the sports betting landscape.

Esports

Esports have surged in popularity, and Colorado’s sportsbooks have embraced this trend. Esports betting includes wagering on professional video game tournaments across various titles, such as League of Legends, Counter-Strike, and Dota 2. Betting on esports matches, including live betting during tournaments, has become a favorite among a younger generation of sports bettors.

Niche Sports

Colorado’s sports betting options extend to niche and unique sports. One standout example is table tennis, which gained unexpected popularity during the COVID-19 pandemic. Colorado sportsbooks witnessed substantial wagering on table tennis events, demonstrating the diversity of sports available for betting in the state.

Colorado’s sports betting landscape is not confined to traditional sports; it extends to esports, niche sports, and the thrill of in-game betting. With a wide array of betting options, sports enthusiasts in Colorado can find excitement in virtually every corner of the sports world.

Types of Bets and Betting Odds Available

Colorado’s sports betting sites offer a plethora of betting options, catering to both novice and experienced bettors. Understanding the various types of bets and the associated betting odds is crucial for making informed wagers.

Point spread betting is a popular choice, particularly for football and basketball games. In this type of wager, teams are either favored to win by a certain number of points or expected to lose by that margin. Bettors can choose to bet on the favorite or the underdog, each with its respective betting odds. The point spread aims to level the playing field by offering similar risk for both sides.

Moneyline betting is straightforward and commonly used in MLB and NHL betting. Here, bettors simply choose a team to win the game, without any point spread involved. Betting odds are assigned to each team, reflecting their perceived chances of winning. For example, if the Denver Nuggets are -150 favorites against the Phoenix Suns at +130, it means you need to wager $150 to win $100 on the Nuggets, while a $100 bet on the Suns can yield a $130 profit.

Also known as totals, Over/Unders involve wagering on the total number of points, goals, or runs scored in a game. Bettors can predict whether the final score will be over or under a specified line set by the sportsbook. This type of bet adds excitement to games without directly choosing a winner.

Parlay bets combine multiple individual bets into one wager, offering potentially higher payouts. To win a parlay, all selected bets must be correct. The more bets included in the parlay, the higher the odds and potential payout. Parlays are popular for NFL games and other major sporting events.

Futures bets are wagers placed on events or outcomes that will be determined in the future. Examples include betting on a team to win the Super Bowl before the NFL season or predicting a golfer to win the Masters golf tournament before it begins. Futures bets allow bettors to invest in long-term predictions.

Teasers enable bettors to adjust the point spread or totals in their favor, but in exchange for reduced odds. This type of bet is often used in parlays. For instance, if the Denver Broncos are 7-point favorites, a 6-point teaser allows bettors to choose the Broncos -1 or the opposing team +13, but with adjusted odds.

Similar to parlay bets, a Round Robin bet combines multiple selections into multiple smaller parlays. Not all selections need to win for a Round Robin bet to yield a return, reducing risk compared to traditional parlays. This approach provides flexibility while maintaining potential for profit.

In-game (Live) betting, also known as live betting, allows bettors to place wagers as a game unfolds in real time. It offers a wide range of betting options, including prop bets on player performance, point spread changes, and various game-related events. Online Colorado sportsbooks use algorithms to set in-game odds, creating a dynamic and fast-paced betting experience.

Prop bets, short for proposition bets, are wagers on specific events or occurrences within a game that may not directly affect the final result. Colorado sports betting sites often offer player prop bets, such as predicting the number of points LeBron James will score in a basketball game, or team prop bets like which team will score first in a football match.

Betting Odds

Betting odds represent the probability of a particular outcome and determine potential payouts. Colorado sportsbooks display odds in different formats, including American odds (e.g., +150, -110), decimal odds (e.g., 2.50), and fractional odds (e.g., 5/2). Understanding odds is crucial for calculating potential winnings and making informed betting decisions.

Colorado’s diverse betting options, including point spread, moneyline, Over/Unders, parlays, futures, teasers, and prop bets, provide a comprehensive betting experience for sports enthusiasts. The availability of in-game betting adds an extra layer of excitement, allowing bettors to engage with games as they happen and adapt their strategies accordingly.

Deposit and Withdrawal Methods

Colorado sports betting sites offer a range of deposit and withdrawal methods to accommodate the preferences of different bettors. Understanding these options is essential for a seamless and secure betting experience.

Common Deposit Methods

1. Play+: Play+ is a virtual prepaid card designed for online casinos and sportsbooks. Users can fund their Play+ accounts online using credit cards or bank accounts, allowing for instant deposits at Colorado sportsbooks. It’s a convenient and widely accepted method.
2. Credit and Debit Cards: Nearly all Colorado online sportsbooks accept credit and debit cards for deposits. However, it’s worth noting that not all cards work for online gambling transactions, as some banks may flag these payments. When they do work, funds are transferred instantly, but some cards may charge additional fees.
3. E-Checks: Electronic checks, or e-checks, offer a secure way to deposit funds directly from your bank account to your sportsbook account. While this method is widely accepted, it may take 1-5 days or more for the transaction to process.
4. Prepaid Cards: Some sportsbooks in Colorado accept prepaid cards, which can be purchased and loaded with funds in advance. These cards provide an added layer of security, as they are not linked to personal bank accounts.
5. E-Wallets: E-wallets like PayPal and Neteller are popular deposit options. Users can link their e-wallet accounts to their sportsbook accounts and fund them using credit/debit cards or bank transfers. These e-wallets provide a secure and convenient way to manage online transactions.
6. PayNearMe: PayNearMe is a deposit method that doesn’t require a bank account. Players can fund their sportsbook accounts with cash at participating locations like 7-Elevens, CVS pharmacies, and Family Dollar stores.

Common Withdrawal Methods

1. Play+: Play+ not only facilitates deposits but also allows for immediate withdrawals. Users can withdraw their winnings from participating ATMs using their Play+ card.
2. PayPal: PayPal is a widely used e-wallet that enables users to transfer funds from their sportsbook account to their PayPal account. Setting up a PayPal account is simple, and it can be funded using credit/debit cards.
3. Mastercard: While many sportsbooks accept credit and debit cards for deposits, not all of them support withdrawals to these cards. Some cards may treat such transactions as cash advances.
4. Bank Transfer/ACH: Bank transfers or ACH (Automated Clearing House) transfers provide a direct connection between the sportsbook and a player’s checking account, facilitating immediate transactions. This method is commonly accepted and allows for easy account reloads.
5. E-Wallets: E-wallets like PayPal and Neteller also support withdrawals, making it convenient for users to access their winnings.
6. Cryptocurrencies: Some sportsbooks may accept cryptocurrencies like Bitcoin for both deposits and withdrawals. Cryptocurrencies offer enhanced security and can provide quicker transaction processing times.

It’s important to note that some sportsbooks may require verification, such as providing a driver’s license, before processing withdrawals. Additionally, withdrawal processing times can vary depending on the chosen method. However, funds are secure when wagering on sites licensed by the state’s Colorado Division of Gaming, ensuring a safe and reliable betting experience.

Colorado Betting Restrictions

While Colorado offers a robust sports betting landscape, there are certain restrictions and regulations in place to ensure fair and responsible gambling. It’s essential for bettors to be aware of these limitations to have a safe and enjoyable betting experience.

1. Prohibited Live Bets on College Sports

One notable restriction in Colorado pertains to live or in-game betting on college sports. In Colorado, it is prohibited to place live bets on college sports events. This means that while you can bet on college games before they begin, you cannot engage in live betting for these events.

2. Bet on In-State College Teams

Colorado sports betting rules do allow wagering on games involving in-state college teams. This means that you can place bets on matchups featuring Colorado-based college teams like the University of Colorado, Colorado State University, and the United States Air Force Academy.

3. No Betting on High School Sports

To maintain the integrity of youth sports and protect young athletes, Colorado has a strict prohibition on betting on high school sports events. Betting on high school sports is not allowed in the state.

4. Other Betting Restrictions

While the state offers a wide range of betting options for professional and college sports, it’s essential to be aware of the specific rules and restrictions imposed by individual sportsbooks. These rules can vary from one sportsbook to another, impacting the types of bets you can place and the events available for betting. But what concerns bets on politics and award winning events, they are generally prohibited in Colorado.

5. Responsible Gambling

Colorado takes responsible gambling seriously. Sportsbooks in the state provide resources and tools to help bettors manage their gambling habits. Many sportsbooks allow users to set daily, weekly, or monthly limits on wagering amounts and deposits. This feature is designed to promote responsible gambling and prevent excessive betting.

6. Age Requirement

To participate in sports betting in Colorado, you must be at least 21 years old. Age verification is a standard practice among licensed sportsbooks to ensure compliance with state regulations.

7. Licensed and Regulated Operators

Bettors should only use licensed and regulated sports betting operators in Colorado. Betting on offshore or unlicensed platforms is illegal and can result in legal consequences. Licensed operators are subject to state oversight and must adhere to strict regulations to ensure fair play and the security of bettors’ funds.

Understanding these restrictions and regulations is crucial for a responsible and lawful betting experience in Colorado. Bettors should always engage with legal sportsbooks, be mindful of age requirements, and take advantage of responsible gambling tools offered by operators to ensure a safe and enjoyable betting environment.

Short History of Online Betting in Colorado

The history of online betting in Colorado is relatively recent, characterized by legal milestones and a growing interest in sports wagering among residents. In 1983, Colorado initiated its gambling journey with the introduction of the Colorado State Lottery, though it did not include sports betting at that time.

A significant development came in 1991 when Colorado expanded casino gambling to historic mountain communities. However, sports betting remained unaddressed in these changes. It wasn’t until 2019 that a pivotal moment arrived when voters approved Proposition DD, legalizing sports gambling in the state and opening the door for online sports betting. This led to the official launch of online sports betting in Colorado on May 1, 2020, with renowned operators entering the market. This shift has not only broadened entertainment choices for residents but has also contributed significantly to the state’s revenue through licensing fees and sports betting taxes.

Conclusion

Colorado’s sports betting landscape offers unparalleled opportunities and excitement. With a robust legal framework, a rich selection of local teams, a diverse array of sporting events, a wide range of betting options, and convenient banking methods, the Centennial State beckons both novice and seasoned bettors. As you embark on your sports betting journey, remember to bet responsibly and savor the thrilling world of Colorado sports betting.

FAQs about Best Sports Betting Sites in Colorado