Thanks to advancements in legislation, US punters across certain states can now access a myriad of online bookmakers. Our Colorado sports betting guide will list the best of these sites, explain the most popular type of bets, and give you a breakdown of how the state's current gambling laws came to be.
- Is Sports Betting Legal in Colorado?
- Sports Betting Revenue and Taxation in Colorado
- Best Sports Betting Apps in Colorado
- Colorado Sports Betting Promotions
- Popular Types of Bets
- Best Local Team Sports To Bet on
- Top Colorado Sports Events in 2023
- Colorado Sports Betting Timeline
- States Where It Is Legal To Bet on Sports
- ThePuntersPage Final Say
Where To Place Sports Bets in Colorado
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Full T&Cs apply. Gambling problem? Call 1-800-GAMBLER |
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Full T&Cs apply. Gambling problem? Call 1-800-GAMBLER |
Is Sports Betting Legal in Colorado?
Voters approved sports betting in Colorado in November 2019 when it passed Proposition DD by a small margin of just 43,000 votes. Online platforms as well as physical retail outlets were launched in May 2020.
The market in Colorado has matured to become one of the biggest and most diverse in the country. 26 sportsbooks now operate in the state, with each operator required to partner with a land-based casino to launch. Ultimately, this gives bettors a wide variety of choice.
These include established brands like BetMGM, Caesars, FanDuel, and DraftKings alongside new operators like SI Sportsbook, which first launched its platform in Colorado. Some brands have also put down deep roots in the state, like PointsBet, which opened its national headquarters in Denver.
Not only is sports betting legal in Colorado, but it is also one of the most bettor-friendly markets in the country. With a wide choice of sportsbooks, an operator-friendly regulatory agency (the Colorado Division of Gaming), and a low tax rate, Colorado has become one of the largest betting markets in the country. The state even topped a total of $9 billion in December 2022.
A Recent History of Sports Betting in Colorado
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March 21, 2023: Colorado Avalanche continues its good season with a 5-0 win over the Chicago Blackhawks to bring them into the wildcard hunt in the NHL
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March 10, 2023: Colorado's sports betting handle reached $547.1 million, its third highest in history. Revenue was down month-on-month from $40.9 million to $35.4 million.
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February 24, 2022: HB23-1041, the legislation aimed at changing the legality of greyhound gambling in Colorado, unanimously passes the House Finance Committee.
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February 17, 2023: Monarch Casino in Colorado agreed to pay a $400,000 fine for multiple Colorado sports law violations. An investigation found that employees had been placing proxy bets at in-person and mobile sportsbooks.
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January 27, 2023: Two of the state’s tribes, the Ute Mountain Ute and Southern Ute, told lawmakers they were left out of the sports betting discussions in 2019. These tribes claimed that they have lost out on millions due to not being allowed to offer online sports betting like other casinos in Colorado.
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December 5, 2022: Colorado’s total betting handle since launch tops $9 billion.
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November 1, 2022: The sports betting handle in Colorado for September is reported to be $450.2 million, up 10.3% from the previous year.
Sports Betting Revenue and Taxation in Colorado
Colorado has become one of the biggest betting markets in the US by handle, bringing in over $10 billion in total. The state charges operators a 10% tax on gross revenue, which has raised nearly $715 million. Since May 2020, almost $36 million has been collected.
In addition, the Federal Revenue Code indicates that 0.25% of all sportsbook handles must be taxed, with each sportsbook charged a $50 fee per employee involved in taking bets.
As in most states, you’ll have to pay income tax on gambling winnings in Colorado. Colorado’s state income tax is a flat rate of 4.63%, but you can offset your losses against the tax you pay on your winnings, so ensure you keep a record of your payouts to send to the Revenue Department.
You must declare all your gambling winnings to the IRS. You will also have to complete a W-2G form if you win over $600 in a year – your sportsbook will be able to help with this by providing information on your winnings. Sportsbooks can hold up to 25% of your winnings for tax purposes.
Comparison of Top Sportsbooks
Since May 2020, bettors in Colorado have been spoilt for choice, with nearly 30 sportsbooks having launched in the state. This has resulted in a good mix of the biggest operators in the country, innovative newcomers, and local sportsbooks. Choosing between them can be tricky, so we’ve selected some of our favorite sites so you can find the perfect one!
DraftKings
DraftKings Sportsbook debuted in Colorado in May 2020, obtaining a license with the Colorado Division of Gaming through Bally’s Black Hawk North to operate in the state. It also hosts a retail sportsbook at the Bally’s site, featuring a full-service sportsbook cashier, cocktail bar, and betting kiosks. The sportsbook also partnered with the Colorado Avalanche and Colorado Rockies of the NHL and MLB, respectively.
The award-winning DraftKings Sportsbooks offers markets on various popular US sports, including competitive odds on major professional and collegiate sports. As esports are available for wagering in the Centennial State, DraftKings also gives Colorado bettors a great range of markets, such as CS:GO, Call of Duty, League of Legends, and Rocket League. Overall, the choice of markets and leagues is enough to satisfy most bettors in the state.
DraftKings also boasts an easy-to-use native app for iOS and Android alongside a mobile and desktop site. If you have a problem using the sportsbook, the betting brand offers customer service 24/7 through live chat and email. It also accepts all the most popular payment methods, with withdrawals taking 3-5 business days, which is slower than some competitors.
Pros
- 24/7 customer service via live chat and email
- Impressive range of esports markets
- Easy-to-use app
Cons
- Slower payment times
BetMGM
BetMGM launched on the opening day of sports betting in the Centennial State, becoming available to bettors in May 2020. It launched with a license obtained with the Colorado Division of Gaming through its land-based partner, JP McGill’s Hotel & Casino. It also partners with the NFL’s Denver Broncos, including opening a BetMGM Lounge at Mile High Stadium.
BetMGM has an excellent selection of sports, ranging from professional and collegiate, as well as in-depth lines on MMA, NASCAR Cup Series, and European soccer.
A significant plus here is the MGM Rewards program, where you can redeem points earned while betting on real-life prizes. These include hotel stays, meals, and drinks at MGM Resorts properties. Thanks to its partnership with the Broncos, BetMGM's sportsbook also provides tons of special promotions on Broncos games throughout the NFL season.
Pros
- Excellent selection of leagues for wagering
- Best-in-class rewards program
- Great selection of soccer markets
Cons
- Less responsive app than some competitors
FanDuel
A familiar name to any DFS players in Colorado, FanDuel launched its sports betting product in Colorado in May 2020. It obtained its license through a partnership with the land-based casino, Bally’s Black Hawk North Casino.
The sportsbook operates a “Cash at Counter” partnership with a retail location, the Celtic on Market, an Irish pub on Market Street. You can’t make bets at this location, but you can wager on the app while watching sports events at the bar. We’d love to see a full retail sportsbook added in the future, however.
FanDuel made history in June 2020, becoming the first sportsbook to partner with an NFL team when it partnered with the Denver Broncos.
The sportsbook offers a wide range of markets, with major league and college betting available alongside some more exotic markets, like cricket, rugby, and handball.
Another great plus of this site is its FanDuel-branded wallet. You can use your winnings to place bets at TVG, the pari-mutuel horse racing site operated by FanDuel itself, and enter contests on its daily fantasy product.
Pros
- Merged wallet for DFS, sports and horse racing
- Wide range of markets available
- Official betting partner of Denver Broncos
Cons
- No physical retail betting shop
Best Sports Betting Apps in Colorado
Placing bets on the go has become the most popular method of wagering in Colorado. Therefore, sportsbooks available in the state must offer a great mobile experience to stay ahead of the competition. We've listed the best of the bunch below.
DraftKings: DraftKings launched its app in Colorado in May 2020 when sports betting became available. Having made a name for itself as a top-class daily fantasy sports (DFS) provider, it quickly built a reputation for sports betting with an app rated 4.6 on the Google Play Store and 4.8 on the iOS App Store. It also offers exclusive livestreaming on many events.
BetMGM: BetMGM is available for Android and iOS users through its well-designed and straightforward app, perfect for novice bettors. The ability to collect MGM Rewards points while betting, which you can exchange for hotel stays and meals at MGM Resorts, is a massive plus.
FanDuel: FanDuel’s sports betting app is clean, uncluttered, and well-designed. Plus, with plenty of how-to guides on the platform, it’s an excellent app for first-time bettors. That’s probably why it’s got a 4.7 rating on the Google Play Store and 4.8 on the iOS App Store.
Colorado Sports Betting Promotions
Bookmakers strive to attract customers through lucrative welcome bonuses, which are usually granted upon or after you've created a new account. Additionally, through partnerships with sports teams, certain operators present exclusive offers on games involving Colorado's teams throughout the season. Below, you'll find a selection of the finest promotions currently accessible in the state.
DraftKings: This top bookmaker extends a great offer to new customers, providing $150 in bonus bets upon satisfying the specified wagering requirement. To qualify, simply place a $5 wager on any pre-game moneyline market. You'll then receive the bonus funds, which are granted in the form of six $25 bonus bets, valid for a period of seven days starting from the initial wager. Furthermore, as an official partner of the Colorado Rockies, DraftKings offers ongoing promotions on their games throughout the MLB season.
BetMGM: As a new customer, you can get up to $1,000 risk-free bets on your first wager. This means you’ll receive free bets up to the value of your first bet, up to a maximum value of $1,000. However, while you’ll receive any profits from these free bets, the value of the free bet itself will not be included.
FanDuel: After successfully signing up, you'll get a risk-free bet of up to $1,000. FanDuel is the official partner of the Denver Broncos, so you’ll find special promotions on its games during the NFL season too.
Popular Types of Bets
With 26 licensed sports betting operators, bettors in Colorado have plenty of bet types and markets to explore. We've listed the best of these below.
Moneyline
Moneyline betting simply involves you predicting who will win a game. For instance, you might choose to bet on Colorado Avalanche beating the Seattle Kraken in an NHL matchup, or the Denver Nuggets winning against the Sacramento Kings in an interconference NBA game. If your prediction proves correct and the team you selected wins, you'll not only receive your initial stake back, but also land an additional profit.
Point Spread
With points-spread betting, the favorite must overcome an imaginary points deficit called a handicap. Winning a bet on a points-spread favorite requires them to win by more than the handicap for your stake to pay out. When betting on the underdog, your wager will pay out if the team loses by less than the handicap.
For example, if the Denver Broncos are a 10.5-point favorite to beat the New England Patriots, and you bet on the Broncos, they’ll need to win by 11 points or more for your bet to pay out. If you bet on the Pats, New England can lose by 10 points or less, and your wager will still be successful.
Over/Under
For an over/under bet, your bookmaker will set a total for a statistic, and you will have to predict whether the final total is over or under this amount. Total points, individual player points, total passing yards, and rushing yards are examples of common over/under markets.
Passing yards, for instance, involves bettors wagering on the total number thrown over a particular game. Here, a bookmaker might offer over or under 300 passing yards on a Broncos game. Your bets will pay out if the QB successfully passes for 315 yards. If he only passes for 299 yards, you’ll lose your stake.
Parlays
A parlay bet combines several selections into one wager. Each stake added is referred to as a leg, and your odds will increase as more legs are added. If every choice is successful, your bet will pay out, but the whole wager is unsuccessful if one fails.
While risky, parlays offer higher odds than single selections as the odds are multiplied as more legs are added. You can place parlays over multiple events; some bookmaker will offer same-game parlays, which are placed on a single event.
Prop
Proposition bets, often called props, are made on individual players and events rather than the game’s score. Some examples of prop bets are whether the Denver Nuggets will throw a three-pointer in the opening two minutes, whether there will be a safety in a Broncos game, or whether a particular Rockies player will hit a home run. In Colorado, prop bets are banned on collegiate sports, but are allowed on professional action.
Teasers
Teaser betting combines parlays and points spreads and involves the bettor placing multiple point spread selections. Uniquely to teasers, you can adjust the spreads on offer to give yourself a better chance of success and have more control over the lines.
For example, a teaser bet could involve the Denver Broncos, a 3.5-point favorite, the Los Angeles Chargers, a 1.5-point favorite, and the Minnesota Vikings, a 10.5-point favorite. You could adjust these lines and place a three-team, six-point teaser bet with the Broncos at +9, Chargers at -1.5, and Vikings at -1.5. All three teams would need to cover for your wager to be successful.
Futures
A future bet is wagered on significant events in the distant future, like the winners of major competitions or prestigious awards. Some examples would be betting on a Rockies player to win the Cy Young Award or the Avalanche to win the Stanley Cup. Have an inkling that you know who’s going to win? The earlier you place your wager, the better your odds will be.
Live Betting
While most bets are placed before an event starts, many bettors enjoy placing wagers on the action as it happens. Many top bookmakers will offer this form of betting on several events. With in-play betting, the odds are more volatile, and prices change from second to second as the game unfolds. With such volatility, a well-timed bet could pocket you some excellent odds.
Best Local Team Sports To Bet on
Colorado has a franchise in each of the big four major leagues, alongside a soccer team in MLS and three prominent NCAA Division 1 programs. Its position in the Mountain Time Zone makes teams in Colorado popular across the region.
The oldest teams in the state are its collegiate athletics programs, with the University of Colorado-Boulder (Colorado) inaugurating the Buffaloes in 1890, followed by Colorado State University Rams (Colorado State) three years later. The United States Air Force Academy Falcons (Air Force) began to play in 1955. Today, Colorado competes in one of the “Power 5” leagues in college football, the Pacific-12 Conference (Pac-12), while Colorado State and Air Force play in the Mountain West Conference (MWC), joining the conference as charter members.
In 1959, the Denver Broncos were granted a charter franchise in the American Football League (AFL), which merged with the NFL in 1970 to form the National Football League (NFL) as we know it today. Eight years later, the upstart American Basketball Association (ABA) introduced Denver Nuggets as an inaugural team before the ABA was merged into the NBA. The Nuggets joined the NBA in 1976.
In the first half of the 1990s, three professional sides were established in Colorado, MLB’s Colorado Rockies (1993), the NHL’s Colorado Avalanche, and Major League Soccer (MLS)’s Colorado Rapids (both 1995) all began to play.
You’ll find online betting markets across bookmakers in Colorado for both professional and collegiate sports, though prop bets on college games are prohibited in the Centennial State. Despite this, all our recommended Colorado sports betting sites will consistently provide wagers on all available markets throughout the year, including match betting in-season and futures bets in the off-season.
| Team | League | Established |
|---|---|---|
| Denver Broncos | NFL | 1959 |
| Denver Nuggets | NBA | 1967 |
| Colorado Rockies | MLB | 1993 |
| Colorado Avalanche | NHL | 1995 |
| Colorado Rapids | MLS | 1995 |
| University of Colorado Boulder Buffaloes | Pac-12 | 1890 |
| Colorado State University Rams | MWC | 1893 |
| United States Air Force Academy Falcons | MWC | 1955 |
Top Colorado Sports Events in 2023
Top sporting events take place in Colorado every year, with 2023 set to be no exception. In March, the Mountain West Conference hosted the NCAA Division I Men’s Basketball Tournament First and Second Rounds at the Ball Arena, Denver.
Later that month, runners from all over Denver celebrated the end of the cold winter with the Central Park 5k, a flat race in the Stapelton neighborhood, Central Park. The same day, the Ball Arena hosted WWW: Road to WrestleMania, with Bobby Lashley & Bianca Belair among the stars to travel to the Centennial State.
In August, the 2023 National Cycling League will host its Denver International across the city before the beginning of college athletics season. The intercollegiate season will see two significant events: the Rocky Mountain Showdown between Colorado Buffaloes and Colorado State Rams on September 16, 2023, and the Commander-in-Chief’s Trophy fixture between Air Force and Army on November 4, 2023.
| Sport | Event | Date |
|---|---|---|
| Basketball | NCAA Division I Men’s Basketball Tournament First and Second Rounds | March 17 & 19, 2023 |
| Running | Central Park 5k | March 26, 2023 |
| Wrestling | WWE: Road to Wrestlemania | March 26, 2023 |
| Cycling | 2023 National Cycling League Denver International | August 13, 2023 |
| Football | Rocky Mountain Showdown | September 16, 2023 |
| Football | Air Force vs. Army Football | November 4, 2023 |
Due to prop betting on collegiate sports events being banned, you won't be able to place prop bets on the Rocky Mountain Showdown or the Air Force vs. Army Commander-in-Chief Trophy fixture. Don’t worry, though – you can still place bets on moneyline and point-spread markets.
Colorado Sports Betting Timeline
- May 6, 2016: Governor John Hickenlooper signs HB1404 into law, which legalizes Daily Fantasy Sports (DFS) contests in Colorado.
- May 14, 2018: US Supreme Court overturns the Professional and Amateur Sports Protection Act 1992 (PASPA), allowing states to legalize sports betting.
- April 18, 2019: Representative Alex Garnett, the House majority leader, introduces HB1327, decriminalizing sports betting in the state. It passes both houses of the Colorado Legislature.
- May 29, 2019: Governor Jared Polis signed HB1327 into law, but thanks to the Taxpayers Bill of Rights (TABOR), the issue must be put to a referendum, Proposition DD.
- November 7, 2019: Proposition DD is approved by a small margin of 43,000 votes, legalizing sports betting in Colorado.
- May 1, 2020: Retail and online sportsbooks launch in the state, with FanDuel, BetMGM, BetRivers, and DraftKings accepting wagers.
States Where It Is Legal To Bet on Sports
The decision by the US Supreme Court to strike down PASPA in May 2018 returned the power to legalize gambling back to states, with each state legislature able to pass laws to regulate and launch betting as they saw fit. Sports betting laws, therefore, differ from state to state.
Colorado launched legal sports betting on May 1, 2020, having legalized online and retail sports betting in November 2019. Voters passed Proposition DD by a margin of just 43,000. At the time of writing, the following states can also offer sports betting via retail, online, or both.
- Arizona – Online and retail sports betting available.
- Arkansas – Online and retail sports betting available
- Colorado – Online and retail sports betting available
- Connecticut – Online and retail sports betting available
- Delaware – Online and retail sportsbooks legal, only retail available.
- Illinois – Online and retail sports betting available
- Indiana – Online and retail sports betting available
- Iowa – Online and retail sports betting available
- Kansas – Online and retail sports betting available
- Louisiana – Online and retail sports betting available
- Maine – Legal, not launched
- Maryland – Online and retail sports betting available
- Massachusetts – Online and retail sports betting available
- Michigan – Online and retail sports betting available
- Mississippi – Online and retail sports betting available
- Montana – Sports betting is available through State Lottery
- Nebraska – Retail sports betting available
- Nevada – Online and retail sports betting available
- New Hampshire – Online and retail sports betting available
- New Jersey – Online and retail sports betting available
- New Mexico – Only retail sports betting available
- New York – Online and retail sports betting available
- North Carolina – Only retail sports betting available
- Ohio – Online and retail sports betting available
- Oregon – Online and retail sports betting available
- Pennsylvania – Online and retail sports betting available
- Rhode Island – Online and retail sports betting available
- South Dakota – Only retail sports betting available
- Tennessee – Only online sports betting available
- Virginia – Online and retail sports betting available
- Washington – Only retail sports betting available
- West Virginia – Online and retail sports betting available
- Wisconsin – Only retail sports betting available
- Wyoming – Online and retail sports betting available
Although betting is legal in each state listed above, various rules and regulations will vary from one to the other. This can affect the operators you have access to, as well as the types of bets you can place and whether mobile betting is possible.
ThePuntersPage Final Say
Colorado boasts one of the most developed betting markets in the USA, having come a long way since legalization in May 2020. With 26 bookmakers legally offering their services, the competition remains fierce with more and more newcomers emerging. As such, Colorado is one of the biggest states by handle for sports betting, and it’s not hard to see why.