Colorado sports betting launched on May 1, 2020, and thus far, has seen tremendous success in the online market since its launch.
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Both retail and online sports betting is offered in Colorado, and there are several great options for each platform. Colorado online sports betting has been the most popular form of betting, but retail betting remains an option for those that prefer to bet in person.
Colorado has taken some progressive steps to help make the sports betting industry grow, and sportsbooks are given plenty of freedom. Even though Colorado has gotten off to a strong start, it has not even begun to scratch the surface of its potential.
In November 2020, Colorado posted a sports betting handle total of more than $230 million. That record-setting number did not last very long, being topped in December 2020 with a total handle north of $284 million.
The state continued to make a killing in 2021, posting monthly handles of at least $244 million in each month leading up to June. The lack of mainstream sports during the summer caused Colorado’s total handle to dip from then until August, but it would end up being the calm before a very powerful sports betting storm during the Fall.
Colorado shattered all previous records in September 2021, posting a total handle of approximately $408 million as the NFL made its much-anticipated return to action. The trend only continued throughout football season, as the state accepted over $491 million in wagers in October, $475 million in November, $461 million in December, and an absolutely mind-boggling $573 million in wagers during the month of January 2022. After clocking in at $440 million in February 2022, it was made more than clear that January’s handle was a state record and should remain the highest total ever until at least next September.
Throughout the course of Colorado’s legal sports betting journey, online wagers have accounted for more than 90 percent of all of the wagers placed in the state and we expect this number to grow over time, along with the rest Colorado’s ever-expanding iGaming community.
Colorado Sportsbooks
Sports bettors in the state of Colorado won’t have any trouble finding a sportsbook because the state is loaded with a number of options. Both retail and online sportsbooks are available, and the state is home to a number of very familiar and popular sportsbook brands.
The majority of the Colorado retail sports betting scene takes place in just three remote towns in the Rocky Mountains. These three towns house nearly all of the state’s legal casinos, and a legal casino is the only place where bettors will find a retail sportsbook in Colorado.
Black Hawk, Central City, and Cripple Creek are the names of the three towns, and you will find sportsbooks such as DraftKings, BetMGM, and FanDuel operating in these locations. These properties are the only ones available to obtain a master license, but they can partner with an online-only operator to provide even more options.
Colorado online sports betting has led the way since the industry has launched, and several more online sportsbooks are on the way. As of April 2022, there are more than 20 different online sports betting options available in Colorado, including some big names like:
- Bally Bet
- Barstool Sportsbook
- Betfred
- BetMGM
- BetRivers
- Betway
- Caesars Sportsbook
- Circa Sports
- DraftKings Sportsbook
- FanDuel Sportsbook
- FOX Bet
- MaximBet
- PlayUp Sportsbook
- SI Sportsbook
- Sky Ute
- SuperBook
There are many other online sportsbooks already live in the state and plenty more on the way.
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Remote registration is allowed in Colorado, which ultimately helped the industry get off to such a great start despite launching in the thick of the COVID-19 pandemic. This decision meant that bettors would never have to travel to or step foot in a retail casino or sportsbook if they want to place a wager.
To sign up for an online sports betting account in Colorado, you are actually not required to be physically located within the state. Anyone can register, browse odds, and sometimes even make deposits or withdrawals from any Colorado sportsbook app while outside the state. But in order to lock in any real money wagers, players will need to be within its geofenced borders. Location services must be enabled on your device, and your location has to be verified before you can place any wagers.
The registration process at most sportsbooks takes only a few minutes, and all of the information that you provide is safe and secure. All of the banking processes can be completed from your phone or mobile device as well, which is another bonus.
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Colorado Sports Betting Rules
Not only does the Colorado sports betting industry have plenty of sportsbook options, but there are some great betting markets available as well. Since Colorado has been able to attract both US and international sportsbook operators, such as the brand from Oceania, PlayUp, sporting events from around the world are featured.
Of course, the top professional sports in the United States are featured in Colorado, but popular international sports such as soccer and tennis are offered as well. Table tennis is also an extremely popular betting market in Colorado, further adding to the uniqueness of the state’s sports betting landscape.
Another available betting market is collegiate sporting events, including games featuring in-state teams. Denver is home to a number of popular professional sports teams, but in-state colleges and universities like Colorado and Colorado State attract plenty of action as well.
When sports betting first launched in Colorado, esports was another available betting market for sportsbooks to offer. There are only a handful of states that currently offer betting on esports, and Colorado is one of them.
Each operator gets to choose what betting markets they feature on their site, but they are all afforded plenty of terrific options. This is yet another reason why Colorado is quickly becoming one of the biggest sports betting markets in the US.
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Colorado Sports Betting Regulations
Legalizing sports betting in Colorado was a two-step process that required some time. Lawmakers made it clear that they were in favor of legalizing sports betting, but the final decision was ultimately left up to the voters.
The Colorado legislature approved HB19-1327 in early 2019, and that allowed for a referendum to be placed on the ballots that November. Most industry and political experts expected the measure to easily pass, but it was a very slim margin.
Proposition DD was ultimately voted for by the residents of the state, giving the lawmakers the ability to put the final touches on a bill. Both the Colorado Limited Gaming Control Commission and the Colorado Divison of Gaming have oversight on sports betting.
There are three different sets of sports betting licenses available in Colorado, but only the current gaming properties are eligible to apply for a “Master License.” Those who do not hold sole legal possession of a physical property in Black Hawk, Central City, or Cripple Creek will need to apply for an “Operator & Internet Operator License.” Lastly, any person who wishes to manage, maintain, oversee, or provide their services to any sort of legalized gambling operation in Colorado will need to apply and get approved for a “Vendor License.”
Sports betting revenue in Colorado is subject to a 10% tax, which is higher than what the tax rate is for casino gaming.
The legal age to bet on sports in Colorado is 21 years of age.
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Summary
Once voters in Colorado voted in favor of legalizing sports betting in November 2019, it did not take long for the industry to launch. Sportsbooks were ready to go by May 1, 2020, and it proved to be a highly successful launch.
Colorado has been able to attract some of the top online sportsbooks from the United States, but it also features some top international operators as well. With the growing trend continuing, the Colorado sports betting landscape will continue to flourish.
There are a number of great sports betting markets in the state, and operators have plenty of freedom as to what they can offer. Allowing mobile registration was another big win for both bettors and sportsbooks.
The Colorado sports betting industry took in over $300 million in total handle in six different months in 2021, and even bigger numbers are expected as the market continues to blossom through 2022 and beyond. Colorado has established itself as a force in the sports betting industry, and it will likely become a tourist destination for bettors everywhere before we know it.
