As the 19th state to authorize sports betting, Colorado has the best scenario of any newly legal state. Online sports betting is available in Colorado on both websites and mobile apps, and there is a low barrier to entry for operators, which encourages healthy competition for the benefit of consumers. Sports betting in Colorado: What you need to know.
Gambling in Colorado
To make online gambling a reality in Colorado, a number of events have to happen.
Since 1991, gambling in casinos has been legal in three former mining communities. Although sports betting appeared to be gaining traction in New Jersey in 2018, it was not until 2018. As a result of this, the Supreme Court issued its landmark decision, allowing states to enact their own sports betting regulations.
It was announced in the same year by Attorney General Cynthia Coffman that the state could implement new sports gaming regulations without amending its constitution. This removed yet another obstacle. This ruling made the task of developing a new bill much easier for lawmakers.
Early January 2019, lawmakers passed Proposition DD. Voters voted to support the measure in November. On May 1, 2020, Colorado legalized online sports betting.
The Basic Gambling Laws in Colorado
- To legally wager online in Colorado, bettors must be at least 21 years old.
- In Colorado, all online gaming must be done within the state’s borders.
- A master license is available to each of Colorado’s 33 retail casinos, allowing them to provide both a retail and online sports betting.
- Online sports wagering earnings are taxed at a rate of 10%. Water management plans in the state are funded in part by this fee, which is collected from operators.
- Colorado colleges and universities are eligible to accept sports bets.
- College sports proposition wagers are illegal.
- Sport wagering is not subject to the state’s $100 wager limit on any online casinos in Colorado.
Colorado Sports Betting
During the 19th century, horse racing was a popular activity in Colorado. It’s been 25 years already since Arapahoe Park in Aurora, Colorado opened and operated a racetrack. There was no other sports betting in the state.
Laws also alter as time goes on. In the mid-2010s, there were a few false starts and stops in expanding the authorized casino gaming business, which indirectly led to the growth of sports gambling.
The state of Colorado acted when the Supreme Court ruled in 2018 that the federal government should be removed from the sports betting process.
It was necessary to get public approval for the new sports betting law because it imposed a fee on the operators. A mere 2 percent of voters approved the measure, making both retail and internet sports betting legal.
Online Sportsbooks in Colorado
Sports betting licenses are available to a few retail casinos in Colorado. Although we anticipate up to 30 online sportsbooks like SuperBook to be accepting wagers in Colorado in the future, this will not be the case for now. According to the most recent data, over 20 companies are fully licensed sportsbooks in Colorado.
In the case that more than 30 sportsbooks will be operating in this area, it will be one of the most crowded in the country.
Colorado Sports Betting Types
To the contrary of several other states’ gambling rules, Colorado’s internet gambling laws allow bets on college-related sports events and games. You can also wager on all NCAA athletic events taking place in the state, such as a regional in the NCAA Tournament or the College World Series.
The annual Colorado-Colorado State Rocky Mountain Showdown is open to wagering, so go ahead.
However, high school sports and esports are not permitted.
Sportsbooks in Colorado offer a wide variety of wagers. A few examples are shown below.
It is also known as live betting or in-game wagering. Betting features include quarter and halftime bets, several buyout choices, and changing odds that are based on changes in both the score and game time remaining
To place a moneyline bet, you must predict the winner of the game with absolute certainty. Take the underdog and you’ll be rewarded with more money. Betting on the favorite will result in a smaller win than betting on the underdog.
These bets use a point spread to divide the favorite from the underdog instead of the moneyline odds. So, even if your team loses, you still win.
Under or over the stipulated line, this wager is placed on the total aggregate points achieved by both sides in a single event. Also known as an over/under wager. You can also wager on a team’s season-long win total by placing an over/under bet.
A parlay is made up of a succession of modest bets that are merged into a single huge wager. Two, three, or more bets can be placed in certain situations. If each individual bet wins, the parlay wins and pays out higher odds. A parlay is meaningless if just one bet loses.
A sequence of modest wagers is similar to a parlay in that you place them all at once. Every bet has its own odds and pays out if it wins, as opposed to a parlay. In horse racing, it is akin to boxing a trifecta.
During major occasions like the Super Bowl, proposition bets are extremely popular. A UFC bout may include event props, such as the total number of rounds. Teams and individuals may also have event or individual props, such as the quarterback who scores the highest number of touchdown passes in an NFL game.
Events that have not yet occurred, such as the World Series, NBA Finals, or The Masters, are considered futures.
Colorado Casino Gambling
Colorado allowed restricted casino gaming in 1991 to help revitalize the historic mining communities of Black Hawk, Central City, and Cripple Creek. Limited is exactly what we mean. At the time, the maximum wager was $5.
These three mining towns now have 33 casinos, with a state-imposed cap of $100. The southwest portion of the state also has two tribal casinos: Black Hawk and Central City are located near Denver, while Cripple Creek is located close to Colorado Springs.
Colorado has no legal online casino gambling at this time. With online sports betting going live in 2020, it’s expected that a concerted attempt will soon be made to bring casino games online as well.