How to Start Betting at Colorado Sportsbooks in 3 Easy StepsSaturday, 02nd May 2020
On May 1st Colorado joined New Jersey, Nevada, Delaware, Indiana West Virginia, and Pennsylvania making sports betting legal throughout the state. While sports betting strategy remains relatively consistent no matter what state you’re in, getting started or finding an online sportsbook varies state-to-state. Below we cover everything you need to know about how to start sports betting in Colorado.
1.) Find a Legal Online Sportsbook in Colorado
Right now, there are not too many options for sports bettors in Colorado. This will inevitably change over time, however, you’ll want to make sure you find the right sportsbook. Especially one that is 100% legal and not based offshore.
One of the top online sportsbooks in Colorado is DraftKings Sportsbook. DraftKings is offering new players in Colorado a hefty signup bonus of $25 Free (exclusive to us) + up to $1,000. The bonus is awarded as a risk free bet and a deposit match bonus.
Three other reputable sportsbooks available in Colorado are FanDuel, BetMGM, and BetRivers according to Colorado Sharp. Each of these books is also offering new players a bonus upon signing up.
At FanDuel and BetMGM, new players have the option to claim a $500 risk-free bet. While at BetRivers, Colorado players can receive up to $250 in the form of a deposit match bonus.
All four of these sportsbooks are viable options, however, if you are looking to capitalize on the bonuses each is offering we highly recommend creating accounts at each book so that you have more bonus money to use and wager with. Additionally, it enables you to survey the lines offered at each book and choose the best bets.
2.) Sign Up & Deposit
Creating an account is simple and easy and can be done online. Most sportsbooks are compatible with mobile devices and even have their own sports betting app.
After you create your account, you’ll want to deposit funds, which can also be done digitally. Sportsbooks in Colorado offer a wide variety of banking options, including credit card, bank transfer, PayPal, and more.
Once you choose your banking option and deposit your money the funds will appear in your account instantaneously. Withdrawing money is also easy, however, it may take anywhere between 24 and 72 hours to receive your funds – depending on your banking method.
3.) Start Betting
Sports betting in Colorado started during a strange time in sports. Given the ongoing pandemic, American sports in 2020 are on pause for the foreseeable future.
Nevertheless, sportsbooks in Colorado offer lines on international leagues and sports as well as futures. One of the more popular things to bet on in 2020 is futures for the NFL such as who will win rookie of the year, who will win the Super Bowl, or win coach of the year. Since the NFL draft just ended in April NFL futures are heating up.
To place your first bet, login and then find the sport you’re looking to bet – for example, NFL. Click the sport and you’ll be taken to the next page with all the available lines. From here, it’s simple just click the bet you’re looking to make and enter your wager amount. You’ll be asked to confirm and once you do your bet is recorded and funds are taken from your account.
Colorado Sports Betting FAQ
It’s very easy to sign up and start betting on sports in Colorado on sportsbooks such as DraftKings. Particularly, if you utilize their $1,000 sign up bonus as it takes you the account creation process in just one click. Nonetheless, below we answer some of the most frequently asked questions about sports betting in Colorado.
Do I Have to Live in Colorado to Bet on Sports?
Yes and no. In order to bet at sportsbooks in Colorado, you must be within the state’s borders. Whether you live there full-time or not – it does not matter. But if you are a resident of Colorado who is traveling outside the state you will not be able to place any sports bets until you return.
Is There Online Sports Betting in Colorado?
Yes. Currently, all betting is done online and no land-based casinos are offering sports betting. This may change in the future but below are the online sportsbooks available in Colorado.
Is There an Age Requirement?
Yes, you must be 21 years or older to bet.
What Apps or Online Sportsbooks Are Available?
To start, Colorado has approved Fanduel, DraftKings, BetMGM, and BetRivers to offer mobile and online sports betting. Colorado bettors can expect more to become available in the near future. Including FOX Bet, William Hill, Circa Sports, and Westgate.
Are Offshore Sportsbook Legal in Colorado?
No, offshore books are not legal. While you may be able to access them and play, you will be doing so at your own risk. To start, Colorado has approved BetMGM, BetRivers, Fanduel, and DraftKings as legal sportsbooks in the state.
If I Bet Online, Is My Personal Information Safe?
Licensed online sportsbooks are regulated and closely monitored. In Colorado, the Division of Gaming Enforcement oversees all of the Colorado sportsbooks Your personal information is as safe as it can be online – similar to creating accounts with online retailers. We recommend using a very strong password to safeguard your account.
What Sports Can I Bet On?
Sports bettors in Colorado have the option to bet on the majority of sports and leagues, including the NBA, NFL, MLB, NHL, UFC, golf, tennis, eSports, and more. However, you cannot bet on college football but it may become available in the future.
Are My Winnings Taxed?
If you win more than $600 you will be sent a W-2G form to report your winnings to the IRS. You do have the option to report your gambling losses to receive a tax deduction, but the losses cannot exceed the taxable winnings you report. For example, if you win $5,000 but lost $10,000, your deduction is limited to $5,000 and you cannot write off the difference.
How Does Depositing and Withdrawing Work?
In order to deposit money, you must first create an account. You can deposit funds via credit card, PayPal, and bank transfer, as well as a few other methods.
To get paid, you simply request a payout from the sportsbook and most will wire your funds directly to your bank account within 24 hours. If you live out of state but bet while in Colorado you still can receive your funds once you leave the state.
Do Sportsbooks Accept Credit Cards?
Yes, sportsbooks in Colorado accept credit cards.
Are There Bonuses or Free Bets Available?
Most online sportsbooks across the country offer new players the ability to claim a bonus upon creating an account. The same is true at sportsbooks in Colorado.
- DraftKings – $25 + $1,00 sign up bonus (awarded as a risk-free bet and a deposit match bonus).
- Fanduel – $500 risk-free bet.
- BetMGM – $500 risk-free bet.
- BetRivers – $250 deposit match bonus