Colorado Sports Betting Guide

Joey Shadeck

Is Sports Betting Legal in Colorado?

Yes, online sports betting is legal in Colorado. Anyone who is 21 years of age is able to bet on sports via a phone, tablet, or computer. Residents of Colorado can simply download the app of whatever sportsbook they're interested in, create an account, and start betting.

Governor Jared Polis signed house bill 1327 on May 30th, 2019. Colorado residents voted to legalize sports betting on November 6th, 2020. Colorado officially started taking bets on May 1st, 2020.

Best Colorado Sports Betting Sites

Here are the best online sportsbooks in Colorado:

DraftKings Sportsbook – Best Overall, Best for Beginners

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DraftKings is the best sportsbook in Indiana because of its variety of bet types, fantastic live betting, and stellar education. DraftKings offers pools, daily odds boosts, party parlays, early cash-outs, and an annual sports betting national championship. Not to mention, you can integrate sports betting with your daily fantasy sports account.


BetRivers – Best Live Betting

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Live betting at BetRivers is a unique experience. Instant bets are available (ex. next pitch in baseball), live streaming is offered for some sports, and you can track the game live with a live match tracker.


FOX Bet – Best Banking Options

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FOX Bet currently offers Colorado residents nine different deposit methods, as well as six withdrawal methods. Also, FOX Bet offers fast deposits, a quick and convenient payment option that allows you to fund your Stars Account instantly without leaving your game (poker, etc.). Fast deposits are available via Instant eChecks, Visa/Mastercard, and NETELLER.


FanDuel – Best Mobile App

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FanDuel offers an excellent mobile app. Bettors can easily find the sport or game they're looking for, everything runs smoothly, and bets are easy to place.


BetMGM – Best Casino Games

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BetMGM is a solid option for people who enjoy betting on sports, online poker, and online casino games. For those who exclusively want to bet on sports, there are better options with better odds and more educational content.

Which Colorado Sportsbooks Offer the Best Odds?

I keep money with sportsbooks that offer better odds, and sportsbooks that provide the sports and bets I most enjoy. To determine which sportsbooks offer the best odds, I analyzed data from hundreds of games for spread, moneyline, and total bets. Most books have similar spreads for total bets, while moneyline and spread bets differed substantially, based on the sport.

Feature DraftKings Sportsbook FanDuel Sportsbook BetRivers Sportsbook FOX Bet BetMGM
NFL Moneyline 2nd 3rd 17th 5th 11th
NFL Spread Average spread odds are worse than -110 per side Average spread odds are -110 per side Average spread odds are worse than -110 per side Average spread odds are better than -110 per side Average spread odds are greater than -110
NBA Moneyline 5th 21st 12th 21st 9th
NBA Spread Average spread odds are worse than -110 per side Average spread odds are -110 per side Average spread odds are worse than -110 per side Average spread odds are worse than -110 per side Average spread odds are greater than -110
MLB Moneyline 8th 11th 9th 12th 1st
MLB Spread 8th 5th 3rd 6th 13th
NHL Moneyline 4th 21st 14th 5th 8th
NHL Spread 15th 7th 17th 14th 12th
Soccer Moneyline 6th 7th 2nd 14th 16th
NCAAF Moneyline 16th 13th 1st 2nd 12th
NCAAF Spread Average spread odds are worse than -110 per side Average spread odds are -110 per side Average spread odds are worse than -110 per side Average spread odds are better than -110 per side Average spread odds are greater than -110
Odds 3.5 4 3 4 2.5

What Colorado Sportsbooks Offer the Best Banking Options?

US regulated sportsbooks tend to offer a variety of banking options with low-to-no fees, as well as low minimum deposits and withdrawals. The pictures below compare banking options for some of the best Indiana sportsbooks.

Deposit Options

Feature DraftKings Sportsbook FanDuel Sportsbook BetRivers Sportsbook FOX Bet BetMGM
Total Deposit Methods 4 7 6 9 8
No Debit/Credit Card Deposit Fees Yes Yes Yes Yes Yes
Deposit Min/Max - Debit/Credit Card $5/$2,000 $10/Varies $10/Varies $10/Varies $0/Varies
PayPal Yes Yes No Yes No
Deposit Min/Max - PayPal $5/$2,000 $10/Varies N/A $10/Varies $10
Banking Options and Fees 4.5 4.5 4.5 5 4.5

Withdrawal Options

Feature DraftKings Sportsbook FanDuel Sportsbook BetRivers Sportsbook FOX Bet BetMGM
Total Withdrawal Methods 4 5 5 6 6
No Withdrawal Fees - Check Yes Yes Yes Yes Yes
Check Payout Speed is < 10 days Yes Yes Yes Yes Yes
Withdrawal Min/Max - Check $5/Varies $10/Varies $10/Varies $10/$8,300 $0/Varies
Withdrawal Min/Max - PayPal $5/Varies $10/Varies N/A $10/$8,300 $10
Banking Options and Fees 4.5 4.5 4.5 5 4.5

What Colorado Sportsbooks Offer the Best Live Betting

If you are looking for an immersive live betting experience, you can’t go wrong at BetRivers, FanDuel, or DraftKings. All three sportsbooks offer a live match tracker, instant betting, and all, but DraftKings provide live streaming.

All three of these sportsbooks also offer a few pre-game matchup preview statistics, as well as some real-time statistics such as points, shots, assists, etc.

Live Streaming: BetRivers and FanDuel are some of the few sportsbooks that allow users to stream games live from their phones. Tennis and soccer are the only sports that currently offer this feature, although I'm sure more sports will be added in the future.

Instant Bets: Instant bets include drive-by-drive betting on NFL games and pitch-by-pitch betting on MLB games. If you think Tom Brady is poised to lead the Patriots to a touchdown next drive, bet on it. If you think Miguel Cabrera is going to hit a single on a 2-2 pitch count, bet on it.

Live Match Tracker: A live match tracker is a display that has a live clock, displays the score by quarter, and even shows which team is attacking in real-time. For NFL games, the match tracker even lists the last play, the total plays, and yards on the drive, and the down and distance.

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A note on bonuses

At BettingBuck we do not give a rating for bonuses because they are not the core product at hand. While they can be nice to have, they are not a core function of the sportsbook. We do include bonuses that were available at the time each review was conducted. Remember, before agreeing to receive a bonus, it is important you understand the rollover requirements, as well as any other terms and conditions the sportsbook might impose.

Best Colorado Sportsbooks Summary

Below is a summary of the best online sportsbooks currently available in Colorado.

Feature DraftKings Sportsbook FanDuel Sportsbook BetRivers Sportsbook FOX Bet BetMGM
Overall 5 5 5 4 3.5
Sports Offered 4 3.5 4.5 3.5 3.5
Bets Offered 5 4.5 4.5 4 3.5
Odds 3.5 4 3 4 2.5
Banking Options and Fees 4.5 4.5 4.5 5 4.5
Live Betting 5 5 5 4.5 4.5
Mobile Betting 4.5 4.5 4.5 4.5 4.5
Customer Service 3.5 3.5 4 1.5 3.5
Education and Research 5 3.5 3.5 3 0.5
Reputation 4 4.5 4 4 5

Colorado Sports Betting Launch Date

Colorado sports betting is slated to take off on May 1st, 2020. Retail and online sportsbooks will be able to accept bets on or after May 1st, as long as they've gotten a license and approval from the state. To offer sports betting, all land-based casinos must obtain a master license. This master license will allow each casino to set up a sportsbook inside the casino, as well as partner with one online operator.

With over 30 casinos in the Rocky Mountain State, residents of Colorado will have dozens of sportsbooks to choose from.

Colorado

What sports can you bet on in Colorado?

Unlike other states, Colorado does not have any restrictions on what sports you can bet on. Residents will be able to bet on domestic and international baseball, basketball, soccer, football, tennis, golf, cricket, rugby, and dart matches, to name a few. The only sport residents will not be able to bet on is esports.

What casinos in Colorado will have sportsbooks?

Colorado sports betting laws allow sports betting at casinos in Black Hawk, Central City, and Cripple Creek. Tribal casinos in the Southern part of the state will also be able to offer sports betting, as long as they apply for a license.

Colorado Casino

Are online poker or casino games legal in Colorado?

No, house bill 1327 did not legalize online poker or online casino games. Hopefully these two items will be revisited in 2020 or 2021 legislation.

Are daily fantasy sports legal in Colorado?

Yes, Daily Fantasy Sports, such as FanDuel and DraftKings are legal in Colorado.

Daily Fantasy Sports, or DFS, is a cross between fantasy football and legalized gambling. On a broad level, DFS contests are a subsection of fantasy sports. Players compete against their friends, or more often strangers to build a team of professional athletes under a given salary cap, and try and to outscore their opponents. Daily fantasy sports differ from traditional fantasy sports by having contests that last for an evening or the weekend, as opposed to having the same team for months.

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Are offshore sportsbooks legal in Colorado?

No, offshore sportsbooks such as Bovada are not legal in Colorado, although they do accept residents of Colorado as clients. Because offshore sportsbooks are not regulated, you are betting at your own risk. Betting with regulated sportsbooks ensures your safety as a bettor, which is why you should wait for Colorado to fully legalize sports wagering.

Does Colorado have an online lottery?

No, the Colorado Lottery does not offer online games.

How will tax money from sports betting be used?

The Colorado Division of Gaming will be in charge of regulating Colorado sports betting. Sports betting will be taxed at a rate of 10% on net sports betting proceeds. Most of this tax revenue will be deposited into the newly created Sports Betting Fund, which will help pay off debts in the State General Fund. A small percentage of income will go towards treating gambling harm, as well as the Colorado Water Plan Implementation Cash Fund. For further information on the tax breakdown click here.

Methodology

For the BettingBuck.com annual best online sportsbooks review published in 2020, a total of 2,300 data points were collected over six months and used to score sportsbooks. Additionally, odds data was collected for each sportsbook on over 1,400 bets to give each sportsbook a comparative odds ranking.



Learn more about how we test.

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Joey Shadeck

About the author: Joey Shadeck is a research analyst for BettingBuck.com. He has been a sports fan all his life, football and basketball being his two favorites to watch. Joey remembers betting his mom that the Green Bay Packers would beat the Detroit Lions as early as elementary school. He has 5 years of online betting experience with hundreds of bets placed during that time.




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