SPORTS BETTING IN COLORADO: A COMPREHENSIVE GUIDE TO THE STATE’S SPORTS BETTING LAWS, REGULATIONS, AND MARKET FOR 2024
Colorado residents can now join in on the excitement of sports betting with legal options available. On May 1st, 2020 legal and convenient mobile apps like DraftKings Sportsbook, FanDuel Sportsbook and BetRivers hit the Colorado markets – allowing fans of all teams & sports a simple way to place bets on their favorite events. Later that month FOX BET joined with its own launch giving Coloradans even more options.
Mobile sports betting is already dominating the gambling markets in many states across the US, with more than 80% of all bets placed being done via mobile devices. With this trend going strong across other states too, Colorado can expect to see many familiar online brands pushing for their own share of the market when it comes time for launch.
Before you dive into Colorado’s new world of legal sports betting, get all the information you need right here.
Is Sports Betting Legal In Colorado?
Colorado joined the sports betting revolution on May 1, 2020. Meaning that you can now legally place bets with a licensed operator within CO borders. However, if you’re looking to bet online or at casinos in Colorado you have to be over the age of 21. It’s also important to know that offshore sportsbooks are strictly off-limits.
On Nov. 5, voters gave the green light for Proposition DD in Colorado – a tight decision that will soon lead to new legislation allowing Coloradans to place bets on their favorite teams and events.
State legislature got approval for bill HB19-1327, allowing for legal betting if certain conditions are met.
In summary, the conditions cover:
- Sports betting is officially regulated by the Colorado state government through its department of revenue.
- A limited number of licenses will be issued. Persons or entities currently licensed to conduct limited gaming (i.e., the owners of casinos in Central City, Black Hawk, and Cripple Creek) are the only persons or entities eligible to hold a “master license” to conduct sports betting. A master license entitles the licensee to contract with a licensed “sports betting operator” or a licensed “internet sports betting operator”, or both, for the operation of sports betting.
- The state will collect a tax of 10% on the net proceeds of sports betting activity to fund implementation of the state water plan and other public purposes. Of the total amount of tax collected, after first repaying the general fund appropriation for start-up and initial operating costs, 6% is set aside annually to compensate the beneficiaries of revenues generated by limited gaming and other wagering activities for any losses attributable to competition from sports betting.
The law restricts sports betting to the casinos already licensed in Central City, Black Hawk, and Cripple Creek, but it allows them to offer mobile and online sports betting. Once this is implemented, sports betting will be possible anywhere within the state borders.
HB19-1327 looks to be in place to provide maximum consumer protection, while boosting state revenues and balancing support for the gaming industry.
It’s important to realize that the law is specific to sports betting and doesn’t allow for legal online poker or casino games as in places like New Jersey or West Virginia.
Online Sports Betting in Colorado
Why Can’t I Place A Bet Outside Of Colorado?
Colorado is a gambling-friendly state, where sports betting is strictly regulated. Players can engage in wagering activities at both land-based casinos and online partners licensed by the local authority. However, it’s important to note that once you step outside of Colorado boundaries, different laws may apply regarding sports betting legality.
Will I Get The Same Sports Betting Odds In Colorado As I Would In Las Vegas?
With the gaming industry rapidly expanding across several states, you might expect to see state-specific differences in sports betting odds. Interestingly though, operators have found that deviating from other markets’ standards of competitiveness can be a risky gamble for them; customers are much more likely to move onto sites offering better deals and rewards than settle with less advantageous ones.
In short: Colorado’s market has generally stayed consistent with Nevada’s when it comes to sporting bets as they use similar technologies backed by expert knowledge while determining their respective odds.
There can be exceptions to this such as when an operator may decide to reduce the price of bets on specific markets that are aimed at Colorado bettors. Things like big rivalries with teams in the state can be an eye-catching way to draw in new customers with some tasty looking odds.
What Sports Can I Bet On In Colorado?
Colorado’s sports betting law has opened up the door for wagers on a wide array of games and events, ranging from motorsports to most professional leagues. However, high school sports are not allowed under this legislation; nor are proposition bets on college games or e-sports that aren’t sanctioned by governing bodies. Colorado law doesn’t have a strict list in mandate banning specific types of activities, you can rest assured knowing there won’t be any unexpected upsets when it comes time to betting.
FAQS
FAQs about sports betting in Colorado
Yes, sports betting is legal in the state of Colorado. The Colorado Limited Gaming Control Commission regulates the activity and was established in 1991. Colorado launched a retail and online sportsbook market in May 2020 and online betting apps are available to anyone 21 years of age or older with a valid Social Security number and valid form of identification.
The legal gambling age in Colorado is 21 years old. However those aged 18 can participate in lottery and bingo.
Yes, you can bet online on your phone or device in Colorado with legal sportsbook apps like FanDuel and DraftKings making the process easy. All licensed betting apps are available to download and play on Android and iOS devices, offering a range of markets and sports. To get started you must be 21 years or over and have a valid Social Security number with a valid form of identification. Once verified, you will be able to place bets using funds from your account in just a few clicks.