Colorado

Long known for its beautiful landscapes and perfect climate for winter sports fanatics, Colorado is also becoming one of the biggest states in the U.S. when it comes to sports betting. Over a dozen legal mobile betting apps are available, along with retail casinos.

Whether CO residents want to bet on Deion Sanders and the Colorado Buffaloes or the Avalanche, they can do so legally on close to 20 different mobile betting platforms or in retail casinos across the state.

Outside of football, hockey, and the countless other markets legally available to bet on, CO residents can wager on horse and greyhound racing. Daily fantasy sports are also an option for residents in the state who prefer to make money off fantasy football best ball drafts instead of betting point spreads.

DraftKings DFS and FanDuel DFS reign supreme in the state, but residents can also find a wide range of other options, including PrizePicks, Underdog, OwnersBox, ParlayPlay, and Boom Fantasy.

Online sports betting in The Centennial State

Back in 2019, House Majority Leader Alec Garnett produced a sports betting bill, HB 1327, which made it through both chambers of the state’s general assembly and was brought to a vote. The bill survived the vote by a narrow margin, and just like that, Colorado became yet another state to offer both online and retail sports betting.

If a Colorado bettor happens to not like a specific sports betting app, they are in luck because they have over 15 more that they can test out. Colorado has not been shy about handing out licenses to operate in the state, as there are currently 20 legal betting apps that are available for download right now in either the App Store or Google Play Store.

These sportsbooks range from prominent names like DraftKings, Caesars, BetMGM, and FanDuel to some lesser-known sportsbooks like ClutchBet, SuperBook, and BetMonarch. Only a few betting apps have been available since sports betting went legal in the state back in 2020, as sportsbooks launched in CO in 2021.

Most states only allow up to ten licenses to be out at one time, but that is not the case in Colorado. If a sportsbook is growing or just hitting the market, there is a good chance it will find its way into Colorado.

For example, in 2023 alone, both ESPN Bet and the Fanatics Sportsbook went live in CO immediately after being introduced to the market. State law allows up to ten more sportsbooks to join the market as well, so CO hasn’t even reached its limit on available apps.

All legal CO sports betting apps in 2024 (from newest to oldest):

Sports betting & gambling legislation in CO

Sports betting would officially launch in CO in May 2020; however, it wouldn’t be long before COVID-19 shut everything down. Despite the virus causing many issues for retail sportsbooks, over 15 mobile betting apps had launched in the state by the end of the year, setting CO up to hit the ground running once sports resumed.

Since then, Colorado has seen a few sportsbooks enter the market and shut down or be absorbed by bigger shops. As the movement continues within CO in terms of operating, we will likely see a lot more changes going forward.

Amid all the volume that customers have access to, they must also follow state guidelines in terms of betting laws, which include being 21 or older to create a mobile betting account or wager in person at a retail location. All of these bettors are subject to a 4.40% tax rate on winnings. These winnings are also subject to a federal gambling tax rate of 24%.

Whether a customer wants to use a sportsbook mobile app or web platform, they must be within the state's borders to legally place bets. The bright side is that bettors do have the option to remote registration, so they can create an account on these apps from their residence. The Colorado Division of Gaming enforces these and all other gambling rules.

Most recent updates from the CO sports betting scene

• May 14, 2024: With a 5-1 loss at home, the Colorado Avalanche are now down 3-1 in their series to the Dallas Stars. The Avalanche are now (+750) to win the series and (+1600) to win the conference.

• May 5, 2024: After eliminating the Winnipeg Jets in the first round of the Stanley Cup Playoffs, the Colorado Avalanche are set to play the Dallas Stars in the second round. Colorado is currently (+600) to win the Stanley Cup.

• April 29, 2024: Following the completion of the 2024 NFL Draft, University of Colorado quarterback Shaduer Sanders is currently the favorite to be the #1 pick in the 2025 draft at (+150).

• February 17, 2024: The Colorado Division of Gaming reported that the state received $46,354,977 worth of bets on the Super Bowl, which is 22% more than they received the year prior.

• December 4, 2023: Colorado's Limited Gaming Control Commission (LGCC) approves a two-year trial of fixed-odds horse wagering. This move makes Colorado the second state, alongside New Jersey, to offer this type of betting on horse races.

• December 6, 2023: Fanatics Sportsbook expands its presence in the US by launching in Colorado. This expansion follows the acquisition of PointsBet assets in the state.

• October 3, 2023: The Colorado Division of Gaming approves Novig's entry into the Colorado sports betting market. Novig, a sports betting exchange, will initially operate as a regular betting operator on iOS and Android platforms. However, the company intends to introduce exchange wagering options once it gains approval from the CLGC.

In-person sports betting sites and locations

Much like online sports betting, bettors in CO have an excellent variety of options when it comes to retail betting, as there are currently 33 casinos in the state. Since each casino has the option to partner with a different sportsbook operator, the quality of the sportsbook may vary depending on the casino.

Many of these casinos were open long before the state officially launched sports betting in 2020, so they were well-versed in the gambling world before offering sports betting on their property.

Sports betting in neighboring states

Sports bettors who live in Colorado are set when it comes to market variety, but if they happen to travel to the states near them, that changes fairly quickly. By clicking on the states down below, you can see how surrounding areas are fairing in the sports betting industry.

Sports betting revenue impact on Colorado's economy

With Colorado's huge market, it’s unsurprising that the state consistently earns nearly $300 million monthly in handle and $25 million or more in revenue. Due to the number of operators in the market, the state also sees a pretty penny in monthly tax revenue. The Colorado state gambling bill, HB 1327, allows sportsbooks that partner with an in-state casino to obtain a license. All sportsbooks in the state are taxed at 10%, which adds up quickly every month.

The state has three licenses, including a master license, sports betting operator license, and internet sports betting operator license. The state’s 33 casinos are the ones who apply for the master license, and to do so, they must pay a $10,000 fee up front and a two-year $125,000 licensing fee. Once the license is acquired, these casinos can partner with a land-based or strictly online sportsbook.

Colorado sports betting record months:

• Sports betting handle: December 2023 ($716,430,270)

• Revenue: January 2024 ($53,490,323)

• Tax Income: January 2024 ($4,128,369)

CO sports betting revenue in 2024