Colorado Sports Betting – Best CO Online Sportsbooks in 2020

Colorado Sports Betting

Colorado sportsbooks are open for business! With multiple retail windows and about a dozen apps live, Colorado’s sportsbook market is growing by leaps and bounds. Whether you’re a seasoned expert or a rookie bettor, this page will provide tips and tricks to help you get the most out of your experience.

How to Get Started Online

The sportsbooks may each look a little different, but most of them have the same signup process. Here’s how bettors can get started with online sportsbooks.

Creating An Account

Wherever bettors choose to wager, they’ll have similar signup forms to fill out. Sportsbooks ask for basic information like names, home addresses, and email addresses. However, they also ask for personal information, including bettors’ social security numbers. This is part of an identity confirmation process that allow sportsbooks to comply with anti-money laundering regulations.

Fun stuff.

Whether it’s from their phones or from their desktops, bettors can create accounts like they would on any other site.

Depositing And Withdrawing Funds

Putting money into and taking money out of sportsbooks is easy. The breadth of deposit options can vary, but there are a few key deposit options that are nearly universal:

  • Bank Transfers
  • Credit and Debit Cards
  • PayPal

Prolific bettors will find other deposit options like Skrill or other platforms similar to PayPal. There’s also an in-person cash deposit option at participating 7-Elevens and a few other partners. However, bettors can rely on the three options above to fund their accounts.

If bettors want to withdraw money, there will also be a ‘withdraw’ option. Some withdrawal methods are the same as the deposit methods. Others differ. Bettors will have to explore their sportsbook of choice to find out.

But once everything is set up, deposits and withdrawals are seamless.

Sportsbook Bonuses

When bettors are signed up, they’ll be offered welcome bonuses. These bonuses often sound too good to be true at face value. That’s because they come with specific terms that new bettors may overlook. Here are the two most common types of welcome bonuses.

Deposit Bonuses

When bettors deposit funds into their accounts, some sportsbooks will match their deposits in site credits. For example, DraftKings Sportsbook offers a $500 deposit match to new users. However, bettors have to read the fine print to get the full value of that deal. DraftKings will match bettors’ deposits at a 20% rate. That means for every $5 bettors deposit, DraftKings will add $1 in site credits. Once DraftKings has awarded $500 in site credits, the welcome bonus will end.

Deposit bonuses are the stronger of the two common welcome bonuses. They allow bettors to deposit funds at their own pace and reap the full value of the bonus over time.

Risk-Free Bets

Risk-free bets are like insurance. If a bettor places a bet and wins, then they collect their winnings. But if they lose, then their stake is returned to them. Again, bettors need to read the fine print to learn how to leverage a risk-free bet.

FanDuel Sportsbook offers a risk-free bet of up to $500. Pay attention to the ‘up to $500’ part. If a bettor wagers $50 and the bet loses, they’ll get their $50 stake back. That’s a full refund, so that sounds good. But if they wager $500 and lose, they’ll get $500 back. If they wager any more than $500, they’ll still get $500 refunded in site credits.

Risk-free bets are only good for one bet. That means bettors have to bet big up front to get the full value of the free bet. And they only have one chance to do it. It’s a big ask to make a first-time bettor wager $500 on their first bet. A win would be amazing, but bettors may make the mistake of wagering small when they have the chance to go big. It’s a double-edged sword that’s wasted far too often.

Start Betting

Once bettors have their accounts set up, they can start placing bets. Most of the time, bettors just have to click on the odds they want to bet on. Then, they input how much they want to wager, and place the bet. If they win, the money will be credited to their accounts for later withdrawal.

Sportsbooks may look daunting at a glance, but navigating the numbers isn’t has hard as it seems. The positive numbers are odds against a team. The negative numbers are in favor of a team. The farther from +100 positive odds are, the less likely a bet is to win. The farther from -100 negative odds are, the more likely a bet is to win.

For example, a team with +200 odds has a 33% chance of winning. A team with -200 odds has a 66% chance of winning. A $100 bet on the underdog would win $200. A $200 bet on the favorite to win would be $100. The reward on an underdog winning is bigger because it’s less likely. Conversely, the prize on a favorite winning are smaller, because it’s more likely. The sportsbook is a just risk-and-reward tradeoff reduced to numbers.

Bettors don’t have to worry about cash conversions on their own, though. Sportsbooks tell bettors how much they’ll win based on how much they’ve wagered. Since sportsbooks do the math for you, all you have to do is place your wager and hope your intuition is right.

Top Colorado Online Sportsbooks

Some sportsbooks are better than others. They may offer better bonuses, have better odds, or have better interfaces that are easier to navigate. Here are Colorado’s top five sportsbooks and why they’re serious choices for bettors.

DraftKings Colorado

Welcome Bonus: $500 Risk-Free Bet & $500 Deposit Bonus at 20% Match Rate

DraftKings is known for fantasy sports, but it has a strong sportsbook, too. Bettors will find a wide range of sports to choose from with many types of bets. The app is seamlessly easy to use, and it has one of the best welcome bonuses in Colorado. DraftKings tends to have strong odds on the favorite to win, making them an important choice for bettors who play it safe. Whatever bettors are looking for, they’ll be able to find it at DraftKings.

FanDuel Colorado

Welcome Bonus: $500 Risk-Free Bet

FanDuel is also an early Colorado entrant. It has a bright classy look that bettors will be able to browse for hours. It’s welcome bonus isn’t as strong as DraftKings or Fox Bet. However, FanDuel has a great selection of bets and competitive odds that make it a must-check for prolific bettors. Especially for bettors who like to root for the underdog.

BetRivers Colorado

Welcome Bonus: $250 Deposit Bonus at 100% Match Rate

BetRivers’ online sportsbook has one of the best rewards program in Colorado. It has eleven reward tiers, some of which are accessible to casual bettors. However, bettors will have to spend quite a bit each month to access BetRivers’ highest reward tiers. Bettors interested in a unique rewards program should keep BetRivers in mind when choosing a sportsbook.

BetMGM Colorado

Welcome Bonus: $500 Risk-Free Bet

Betting at BetMGM began counting toward M Life rewards during the summer of 2020. That’s good news for anyone who wants to get comps and discounts at MGM Grand Resorts. It’s also a unique draw for bettors looking for a post-pandemic getaway. If personalized discounts are important to anyone out there, they should put BetMGM on their phone.

Fox Bet

Welcome Bonus: $500 Risk-Free Bet and $500 Deposit Bonus at 50% Match Rate

If you’re a fan of bet boosts, there’s no better sportsbook than Fox Bet. It opens with popular boosts for confident bettors seeking longer odds. Fox Bet also offers custom bets. Bettors can tweet at the Fox Bet twitter account to try to have their bets added to Fox Bet. No Colorado sportsbook is more engaged on social media than Fox Bet. Twitter-savvy bettors will likely enjoy the interaction they’ll find at Fox Bet.

Colorado’s Online Sportsbooks

Colorado Retail Sportsbooks

Besides its many online sportsbooks, Colorado also features retail sportsbooks where bettors can place bets in person at a Colorado casino. Here are the retail sportsbooks currently operating in Colorado.

Saratoga Casino

Saratoga Casino in Black Hawk has a retail sportsbook run by Betfred. The retail sportsbook is 1,400 square feet of TV walls, betting windows, and a luxury betting lounge. It’s a great place for social bettors to meet up and grab drinks while they wait and see whether their bets play out in their favor.

Monarch Casino Resort & Spa

Monarch Casino does all its sportsbook work in-house. It developed its own app, and it runs its retail sportsbook, too. Monarch’s current sportsbook is still being built, but there’s a temporary location open until the final one is finished. Until construction is completed, bettors will find the temporary betting kiosks on the second floor of the casino.

Mardi Gras Casino

DraftKings has a brick and mortar location in the Mardi Gras Casino in Black Hawk. All of the sports available on DraftKings are also available at its retail location. The retail sportsbook is DraftKings green and open for business. As long as bettors take proper health precautions, they’ll have a great retail sportsbook to wager at.

Wildwood Casino

The first Cripple Creek casino to open a retail sportsbook, Wildwood Casino is ready to jump into the sports betting industry. Its retail sportsbook is run in-house inside Woody’s Bar and Grill. With bar food and drinks available, Wildwood Casino has prepared a strong sports betting environment for bettors to congregate in.

Ameristar Casino Resort & Spa

Like Monarch Casino, Ameristar opened a temporary sportsbook until it completes its permanent sportsbook space. On Ameristar’s second floor, bettors will find enough sportsbook kiosks and HDTV’s to see how their bets play out. Ameristar also runs its retail sportsbook in-house, so they have complete control over their bettors’ experiences.

Colorado’s Retail Sportsbook Partnerships

Casino Retail Sports Operator
Saratoga Casino Betfred
Monarch Casino Black Hawk Monarch Casino Black Hawk
Golden Mardi Gras Casino DraftKings
Wildwood Casino Wildwood Casino
Ameristar Casino Black Hawk Ameristar Casino Black Hawk

What Can Bettors Wager On?

Now that sports are back, bettors have plenty of betting options. However, the four most popular professional leagues are at the center of everyone’s attention. Here’s what the main professional leagues have to offer during their return-to-play season.

NFL Bets

Everyone is waiting for the next NFL season to see the Broncos’ new offensive line in action. Bettors can wager on the first two weeks of NFL games and–if they’re especially confident–place futures on who’ll win the NFL championship. There are also point spreads and point totals available for betting, so the full gamut of sports betting is available to bettors.

MLB Bets

The Rockies are always fun to watch–especially when Charlie Blackmon casually hits a grand slam in the ninth inning. Colorado’s sportsbooks are prepared for the pent-up desire to play ball after months without MLB games. Moneylines and point spreads are all set and ready for action. However, Colorado’s sportsbooks also have live pitch by pitch odds. If a bet as specific as Batter seven keeping the ball in play during the first pitch of the fourth inning is appealing, then MLB bets may be for you.

NHL Bets

The NHL will have the earliest championship game out of the four main leagues. That means anyone who wants to bet on the NHL should do it soon. Otherwise, bettors will have to wait until December (tentatively) to start betting on the next NHL season. Bettors will find game lines and futures on the rest of the 2020 NHL season. However, there are game props available, too. For example, bettors can wager on whether the Avalanche will win without conceding a goal. They’re long odds, but they’re fun bets that may appeal to new bettors. Whatever bettors are into, they’ll find their tastes catered to in NHL lines.

NBA Bets

The NBA Finals are at the end of September, so bettors have a good chance of seeing the NBA play all the way through. Bettors will find game lines, prop bets, and team futures like the other leagues. However, bettors also have player futures available. If you think you know who this season’s Rookie of the Year is, then you can make some good money guessing the right one. The NBA Championship is early, so if you like futures bets, the NBA is a good place to place them.

Sports Betting FAQ

There are a few questions that new bettors always have when they wade into sports betting for the first time. Here’s what newbies need to know before they get started.

How Old Do Bettors Have To Be To Bet In Colorado?

Bettors need to be 21 to participate in sports betting. It often gets confused with the age limit to participate in fantasy sports. Fantasy sports users only have to be 18. Young bettors may get frustrated, but everyone who’s at least 21 has the entire sports betting world at their fingertips.

Do Colorado Sportsbooks Have Betting Limits?

For all practical purposes, no.

Technically, the limit depends on the sportsbook and the type of bet you place. For example, DraftKings imposes a $500,000 limit on most soccer payouts. However, FanDuel has a $1,000,000 limit for basic moneylines, point spreads, and point totals in soccer.

Most bettors won’t come remotely close to betting enough money to earn these payouts, so they’re free to wager all they want.

Can I Deposit And Withdraw Funds At Colorado’s Retail Sportsbooks?

Yes. Often, bettors will have account management options at the ticket counter. However, the self-serve kiosks may be better options. Bettors can make cash deposits and scan winning tickets at those kiosks without waiting for a ticket counter to open up. Bettors can make withdrawals in-person, too. But the best way to figure all this out is to visit your local retail sportsbook and give retail sports betting a shot.

Does Colorado have Online Casinos?

No, the best option for players in Colorado to play online casino games for cash prizes is at sweepstakes online casinos & online poker sites. Sites like Chumba Casino and Global Poker are available in Colorado.

Are Colorado Sportsbooks Safe?

Yes. Each licensed sportsbook has been thoroughly examined by the Colorado Division of Gaming. This examination includes:

  • Background checks on the owners.
  • Security audits on the sportsbook servers.
  • Standard house rules that each sportsbook must have in place.

Coloradans are protected by the Division of Gaming’s licensing process and its enforcement powers. If a Colorado sportsbook is licensed by the state or overseen by the National Indian Gaming Commission, then bettors can feel secure betting at their chosen sportsbook.

Colorado Sports Betting At A Glance

Whether you’re picky about sports or the type of bets you place on them, Colorado’s thriving sportsbook market has something for you. Getting started online only requires a simple account registration that can be completed in minutes. However, Colorado also has retail sportsbooks where bettors can wager in person. That may not be practical during the pandemic, but it’s a social option for social bettors. Since, major sports are finally returning, there’s plenty of exciting action to bet on.

If you still have money after the pandemic, Colorado’s sportsbooks are open for business and readily accepting new bettors.


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