Are you interested in participating in Colorado’s booming sports betting industry? It’s your lucky day! We are about to share everything worth knowing. Colorado allows adults (21 years and above) to wager on games and events through authorized sportsbooks and operators such as DraftKings, Pointbets, Unibet, and BetFred. This fast-growing industry is regulated by The Colorado Limited Gaming Control Commission and the Colorado Division of Gaming. Let’s find out more about the Colorado sports betting landscape and what you can do to benefit from it.
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Colorado legalized sports betting quite recently. It is, therefore, surprising that the state is slowly dominating US sports betting, rivaling states such as Nevada, which legalized the trade decades ago. In November 2019, Colorado voters laid the foundation for legalized, regulated sports betting by approving Proposition DD, which ushered in retail sportsbooks and online betting platforms. Less than six months later, in May 2020, sports betting became fully legal in Colorado. This legalization was well received by sports enthusiasts who had long wanted a legal, regulated means of wagering on their favorite sports or events. It also created jobs, new revenue streams, and significant tax contributions.
Colorado’s sports betting industry has grown to become a multi-billion dollar empire. This development can be attributed to several factors, mainly the renowned universities in Colorado and the presence of famous sports franchises such as the Colorado Rockies, Denver Nuggets, and Denver Broncos. The state has greatly benefited from the legalization of sports betting, even after its difficult start due to a lack of effective strategies to counter the possibility of harm.
Types of Bets in Colorado
Colorado bettors enjoy different betting options or wagering choices depending on their preferences and risk appetites. Here are some of the common offerings and how they work:
Moneyline Bet
A moneyline bet focuses on a game’s outcome. It is one of the most recommended bets for beginners owing to its straightforwardness (bettors only predict the team likely to win a game or contest). This bet type has positive and negative odds. A positive odd, such as +150, requires $100 to win $150, while -150 odds means you must spend $150 to win $100. Negative odds are generally given to teams expected to win, while positive odds are for teams more likely to lose.
Point Spread Betting
A point spread bet is slightly different from a moneyline bet. Instead of betting on a team to win or lose, it introduces a new exciting concept – the team must win or lose by a specific number of points or goals. It was first adopted by the National Football League (NFL) and the National Basketball Association (NBA), but it has also become common in other professional sports. Similar to money line odds, the point spreads are either positive (for the team expected to lose) or negative (for the team expected to win). A team with a point spread of -8 must defeat the opposing team by 8 points for the wager to succeed. A team with a point spread of +8 must win or close the gap to within 8 points for a successful bet.
Over/Under (Total) Bets
Several Colorado sportsbooks offer Over/Under bets. They are often called “total bets” as they require wagering on different teams’ combined goals, points, or runs, which must fall below or exceed a set amount. For example, if a game’s over/under is set at 52 points and the teams cumulatively score 53 goals, ‘over’ bets are paid out. On the other hand, if the teams cumulatively score less than 52 points, those who chose ‘under’ win. However, if the cumulative score matches the set quantity (52 in our case), it is considered a push, and all bets are refunded.
Parlay Bets
Most online and retail sportsbooks in Colorado allow betting enthusiasts to make more than one bet and combine them into a single wager in what is commonly referred to as parlay betting. Bettors only receive a payout if all the predictions are correct. Parlays are generally lucrative since the possible payout is proportional to the number of games in the collective wager. However, it is recommended for more experienced gamblers as it involves a higher risk level. If you hear people talking about “multi-bets” or “accumulators,” they are probably referring to parlay bets.
Prop Bets
If you want to bet on smaller in-game events instead of an outcome, prop bets are your go-to options. Common props to bet on include individual props (e.g. predicting the number of goals a player will score or the rebounds they will grab in a game) and team props (e.g. the total touchdowns scored). Prop bets are not allowed for Colorado collegiate events but are permitted for other professional sports events.
The Top Betting App in Colorado Partnering with NXTbets
Among our main goals at NXTBets is helping you find legal, regulated, and highly acclaimed sportsbooks in Colorado. We have, therefore, partnered with the following leading Colorado mobile betting platforms:
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DraftKings is one of Colorado’s most-known betting platforms for several reasons. It has amazing features and offerings that novice and expert bettors find useful. Let’s review them.
Features and Offerings
App Overview
DraftKings provides a well-designed and easy-to-use application available to Android and iOS users. Thanks to its smooth and user-friendly navigation system, users can easily and quickly find games to wager on.
Deposits and Withdrawals
DraftKings allows beginners to fund their account or cash out winnings through several methods, including Apple Pay, cage, wire transfers, checks, debit cards, online banking, PayPal, prepaid cards, Trustly, Venmo, and e-checks. To deposit funds, log into your account, click the three-line menu icon next to the DraftKings logo, and tap deposit. Next, select the amount you’d like to deposit, add your payment details, and complete the remaining steps.
To withdraw funds, log into your account, tap your profile photo, scroll down, click the ‘withdraw’ button, review the things you need to know before withdrawing, and then click ‘Got it.’ Once you are on the Withdraw Funds page, key in the amount and tap continue. Lastly, select your preferred withdrawal method and complete your withdrawal. Note that the withdrawal duration differs from one method to another. For fast withdrawals, the cash-at-cages option takes an hour at most.
Sign-up Bonus
New accounts are credited with a $200 bonus (8-$25 bet credits) if owners place a $5 wager on any available market. However, this bonus expires after seven days and is not usually included in potential winnings.
Live Betting
DraftKings allows users to wager on ongoing events. Odds update as the game continues, allowing them to maximize their bets.
Daily Fantasy (DFS)
DraftKings allows users to play fantasy games, enter contests, and make money. In fact, the platform gained popularity by building its brand around Daily Fantasy Sports.
Prop Betting
This platform has a unique and exclusive betting page for making prop bets on players in leagues such as the NFL, NBA, NHL, and MLB. Users enjoy competitive odds and lines, giving DraftKings the edge over competitors.
Benefits
It supports several betting markets.
It has engaging promos and free-to-play games.
It has a user-friendly design, making it easier to navigate.
It supports several payment methods, including Venmo and Apple Pay.
Mobile Sports Betting in Colorado
Bettors in Colorado can wager on their favorite teams or events from their smartphones, provided they have high-speed mobile internet. This is possible due to mobile betting applications, which are becoming increasingly popular.
Rise of Mobile Betting Apps
Mobile betting applications have greatly transformed the sports betting industry. They have improved bet placement by allowing people to wager on different sports and events in the comfort of their homes, saving them from traveling to physical betting offices. This convenience, coupled with factors such as their 24/7 availability, immersive experience, and access to wider markets, has increased their popularity. We must also appreciate the role of technological advancement in the rise of mobile betting apps. Different innovations have fostered the development of advanced and, to some extent, futuristic applications, guaranteeing users a user-friendly and seamless experience.
Features and Benefits of Online Betting
Online betting platforms support several payment options, including e-wallet services, wire transfers, debit and credit cards, and, in some instances, cryptocurrency. Users can deposit and withdraw funds easily.
It saves bettors time and energy as they can place bets comfortably at the convenience of their homes.
Online betting platforms offer several events and games that users can bet on depending on their interests and preferences.
Online sportsbooks are available round-the-clock, allowing bettors to place wagers whenever possible.
Most online betting platforms support in-play or live betting, allowing users to wager on games or events in progress.
Most online betting platforms offer bonuses, promotions, cashback offers, and loyalty programs to entice and retain new users.
Users can access a wealth of information, including odds, statistics, and expert analyses for informed decision-making.
Betting rules and odds are clearly displayed, making the betting process highly transparent.
Users can bet on several worldwide sports and events as online betting platforms enjoy an international reach.
Live In-Game Betting on Colorado Betting Apps
Most Colorado sports betting applications (such as the ones covered above) support live sports betting. Users get real-time odds, allowing them to place wagers as the game continues. These odds fluctuate depending on different events.
Advantages of Live Betting
Here are a few reasons to try live betting:
It is entertaining/ thrilling.
Users track different developments as the game progresses, allowing them to make the right decision at the right time.
It allows bettors to hedge on their pre-match bets. For example, if your team is behind, you can place a wager on the leading team to mitigate your losses.
It increases winning chances.
Most live bets attract better payouts.
How to Place Live Bets
Placing a live bet in Colorado is relatively easy. Let the following steps guide you:
Choose a good online betting platform, like the ones discussed above.
Sign up for an account or log in to your registered account.
Ensure that you have adequate funds to support your stake. Most platforms provide 3-4 funding options for flexibility.
Go to the live bet section, located on most applications’ homepages, for easy access.
Click on it to access several live events.
Click on your preferred live games to access different betting markets.
Choose a value selection.
Once you have chosen your bet, enter the stake amount and submit it.
After placing a live bet, you can either continue betting, cash out early (if a positive outcome is unlikely), or wait for the game to end and, upon winning, get your payout.
Strategies for In-Game Wagering
You can increase your chances of success in in-play wagering by adopting the following live betting tips:
Place a live moneyline bet to get better odds by leveraging the live moneyline’s sharp movement at the beginning of the event.
Develop your timing: Monitor the betting odds keenly, and don’t hesitate to take advantage of good swings.
Watch the game in person to avoid viewing delays, as some bookmakers may be slow in adjusting their live lines.
Bet on over 1.5 goals. This requires finding a game that will most likely have an “over 2.5” outcome and placing a wager once it starts. Note that the longer the teams refrain from scoring, the higher your odds soar.
If you are unlikely to win, reverse your incorrect pre-match bet by quickly wagering on the other team. Even though the payout won’t be huge, you will have reduced the loss margin.
Analyze updated statistics of sporting events for better future predictions.
How to Deposit and Cash Out in Colorado Betting
Most Colorado sports betting applications provide similar deposit and withdrawal methods, such as:
E-wallet services, e.g., PayPal and Skrill
Wire transfer
Visa
Mastercard
Banking options such as online banking
Note that the duration of funding your account or cashing out winnings often differs from one method to the other. For fast withdrawals, use e-wallet services such as Paypal. Some betting applications also offer a cash-at-cage option that supports instant withdrawals. To learn more about specific deposit and withdrawal methods, withdrawal processes and options, processing times, and transaction fees, refer to our review of Colorado’s best betting applications partnering with NXT Bets.
Most Popular Sports to Wager on in Colorado Betting
Colorado is home to several colleges, teams, leagues, and franchises, giving bettors several bet options. Here are some of the sports to wager on in Colorado:
Overview of Sports Favored by Colorado Bettors
Formula 1
F1, fully known as Formula One, is governed and regulated by the Federation Internationale de l’Automobile, or the FIA. It is an international auto racing competition that features single-seat, open-wheel, and open-cockpit automobiles driven at extremely high speeds, often exceeding 200 miles an hour. It has a predefined number of laps; the driver that crosses the finish line first after completing these laps wins. Each race in a season is called a “Grand Prix” or GP, a French term that means ‘great prize.’
If you would like to bet on F1 races, it’s important to understand the sport inside out. For example, you should know the teams/ drivers, their recent performance statistics, and the impact of different track types and weather conditions on race outcomes. It’s also important to stay updated on the latest F1 news and developments, including team dynamics and rules changes. NXT Bets has partnered with four reliable betting platforms, allowing you to wager on different F1 outcomes and events, such as podium finishes, race winners, and head-to-head matchups.
Formula Drift
Formula drift is a high-powered motorsport popular in North America that greatly relies on drifting precision, control, and style. It differs from traditional motorsports such as NASCAR or F1, as drivers must slide their cars sideways through a predetermined course at high speeds and with great control and precision. The slides must be executed with minimal corrections and close to obstacles. Judges consider the competitors’ speed, line, angle, and overall impression to declare a winner.
To successfully bet on formula drift, you need to understand the scoring system and how judges evaluate every run (they consider elements such as the drifting angle, fluidity and style, and overall proximity to obstacles and barriers. You should also research the drivers (their skills and previous performances), track conditions, weather, and the type of cars involved.
MotoGP
MotoGP, the oldest established motorsport world competition, stands for Grand Prix motorcycle racing. It is sanctioned by the Federation Internationale de Motocyclisme and has existed since the 20th century, with seasons starting in March and ending in November. A MotoGP sprint lasts 45 minutes and can range. from 100m to 13 kilometers. Points are awarded to the first 15 riders: the first rider gets 25 points, the second rider 20, third rider 15, and so on. The fifteenth rider gets a point. Riders are allowed to make pit stops for repairs or fueling. Popular MotoGP brands include Honda, Yamaha, and Red Bull.
For bettors interested in MotorGP, research the riders, their skill levels, teams, and recent performances. Weather conditions, track types, tire choices, and race strategies also greatly influence race outcomes. Lastly, and most importantly, learn MotoGP betting options such as podium finishes, race winners, and head-to-head matchups for informed bet placement.
Nitrocross
Formerly known as Nitro Rallycross, Nitrocross is an American rallycross racing series created by Nitro Circus production and driver Travis Pastrana. Nitrocross participants perform extreme stunts and tricks ranging from high-flying jumps and impossible flips to technical and daring tricks on quarter pipes, custom-built obstacles, and ramps using scooters, dirt bikes, monster trucks, and BMX bikes. Races can take place in uniquely designed arenas or outdoor venues filled with adrenaline lovers.
To make money wagering on Motocross races or events, you should first understand divisions such as BMX, monster truck events, and freestyle motocross (FMX), as they have different rules and judging criteria. You should also cultivate extensive knowledge of the racers, their track record, and experience. Additionally, staying updated on format changes, event locations, and developments such as athlete injuries will help you make informed decisions while betting on Nitrocross.
PBR
PBR, fully known as Professional Bull Riders, offers one of the most adrenaline-pumped games in the world: bull riding. During PBR events, professional bull riders try to stay on top of powerful bulls and maintain control and balance for eight seconds. Points are awarded based on the bull’s bucking intensity, the rider’s ability to stay on top, and their overall control. Riders with the highest cumulative scores are declared winners.
You must know the riders, their recent performances, and their track record to bet on PBR events successfully. It would be best also to cultivate an in-depth understanding of bull rankings and their effects on outcomes and track developments such as recent bull performance, injuries, and venue conditions. Common PBR wagers include rider performances and overall event outcomes.
Power Slap
Power Slap is a premier slap-fighting organization affiliated with the Ultimate Fighting Championship (UFC). It has men’s and women’s divisions and different weight classes. A coin is usually tossed, or seeding methods are used to determine who slaps or defends first. The number of rounds usually depends on the format, even though the minimum is three. Participants are only allowed a single strike on the opponent’s face during each round. They are also obligated to receive their opponent’s slap after their round.
Powerslap uses a “10-point system,” like boxing or MMA. A round winner scores ten points while their opponent is awarded 9 or less. Points are awarded based on the strikers’ effectiveness and the opponent’s reaction and recovery time. Events also have striker or defender fouls. Striker fouls include stepping, clubbing, game delays, and illegal wind-up, while defender fouls include blocking, flinching, and game delay. Both fouls attract consequences, including point deduction, warnings, disqualification, re-strike, and loss of strike. Common power slap betting options include an overall winner bet, a power slap matchup bet (predicting a specific matchup’s winner), and a power slap prop bet (wagering on different power slap aspects unrelated to the outcome).
Skateboarding
Skateboarding attracts several riders and enthusiasts. Professional skateboarding competitions involve different tricks, jumps, and maneuvers on ramps, skate parks, or streets. Different disciplines are involved, including park, street, vert, and freestyle, which bettors must understand as they involve unique skills and participants. To profit from professional skateboarding events, one must cultivate extensive knowledge of the athletes, their styles, and track records. It’s also important to stay updated with the latest developments, news, and event schedules for informed decision-making.
Common Colorado skateboarding betting options include overall event outcomes and individual rider performance. Bettors need to take time to understand competitive skateboarding’s scoring system, which can be difficult.
SuperMotocross
SuperMotocross is an adrenaline-pumped motorsport event that involves challenging rhythm sections, dramatic jumps, and tight corners. Races are held in tight, technical, customized dirt tracks within indoor arenas. It tests professional motorcycle riders’ skills and machine capabilities. Events comprise multiple races where points are awarded based on riders’ finishing positions. The rider who accumulates the highest overall total wins the competition.
To successfully bet on SuperMotorcross events, one should be familiar with the riders, their skills, recent performances, experience, and adaptability to different tracks or terrains. It’s also advisable to learn track types and specifics, which vary from one race to the next, and how they impact racing strategies. Other necessary information includes weather conditions, dirt bike types, and betting options (wagers on podium finishes, race winners, or head-to-head matchups).
Surfing
Surfing is an exhilarating water sport with millions of fans and enthusiasts worldwide. Surfers position themselves on their boards, paddle vigorously to catch waves, and time their takeoff during competitions. They then use their body weight and the board to perform different maneuvers across the wave’s face, such as cutbacks, carving, and aerial tricks. Points are awarded based on how smoothly they ride the wave, the difficulty of maneuvers performed, and the surfers’ style and control.
To successfully make informed bets on surfing events, bettors should cultivate in-depth knowledge of individual surfers, including their track records, strengths, and weaknesses. It’s also important to track and understand the surf forecast, which includes wind conditions and the shape and height of the wave. Understanding the scoring system used can also help bettors predict the outcomes of overall events or heats. Common surfing betting options include overall event winners, heat winners, and head-to-head matchups, which are less common.
World Long-Drive Landing
World-long drive championships are some of the most awaited events by golf enthusiasts worldwide. World Long Drive Landing is a special golfing competition where participants use special golf clubs and balls designed to cover long distances. The golf ball is launched within a grid-defined landing area to cover maximum distance. These competitions occur in specially defined golf courses or open fields where participants are awarded fixed attempts to hit the ball as far as possible.
Bettors interested in world-drive landing should understand the game’s essentials and participants in-depth. They should familiarize themselves with the long drivers (their stats and previous performances), factors such as ball speed, launch angle, and swing speed, and the specific equipment used. Knowing weather conditions is also important due to the effects of different conditions on ball flight and overall performance. Common world-long-drive landing betting options include wagers on overall outcomes and individual player performance.
Analysis of Major Leagues and Events
Colorado has several teams and franchises participating in major leagues: NHL Hockey, MLS Soccer, NLL Lacrosse, MLR Rugby, NFL Football, MLB Baseball, and NBA basketball. The state also offers collegiate leagues such as the National Collegiate Athletics Association and the National Collegiate Hockey Conference. You should also look out for the following main events:
National Hot Rod Association Drag Racing (Bandimere Speedway)
Sports Betting Strategies and Tips
Introduction to Sports Betting Strategies
Contrary to popular belief, building and sustaining a successful betting career takes more than luck. Establishing and applying effective strategies can increase your winning frequency, leading to a rewarding and thrilling experience. What exactly are sports betting strategies? Simply put, sports betting strategies are the techniques and approaches used in statistical analysis, odd assessment, and informed decision-making when placing a bet.
Be wary of and take advantage of the following Colorado sports betting preferences:
Use of big data and analytics to promote a better understanding of betting trends and identification of lucrative opportunities.
Early cash-outs – To mitigate losses or lock in profits, settle your bet before the game or event ends.
Virtual sports betting – You can enjoy 24/7 betting on computer-generated sporting events simulations, especially in areas without live sports.
Take advantage of the significant increase in mobile betting.
Try in-play or live betting and enjoy real-time wagering on games or events.
Bankroll Management and Responsible Gambling
Bankroll management involves setting and following a budget for sports betting-related activities. It requires determining what you can risk comfortably, the amount you wish to spend on each bet, and the possible stake adjustments you can make based on the bet outcomes. Proper bankroll management can lead to maximized profits, responsible spending, and better emotional management. Other strategies that support healthy and responsible gambling other than bankroll management include:
Making informed and mindful decisions regarding bets.
Setting strict limits on the time spent on betting activities.
Wagering only what you can afford to lose.
Recognizing and addressing unhealthy betting practices such as chasing losses, lying about gambling habits, borrowing money or sinking into debt to fund a betting habit, and neglecting other responsibilities.
Tips for Successful Sports Betting
Here are a few tips worth heeding for those looking for Colorado sports betting advice:
Stay disciplined – Every successful bettor knows that discipline, which encompasses several things (including moderation), is key. Have an actionable plan in mind and avoid impulsive or emotional bets. Additionally, do not let sports betting interfere with your daily life and activities. Attend to your job responsibilities when it’s time for work, and do not gamble with your employer’s or company’s money.
Do not bet on games or leagues you don’t understand. The idea that betting is all about luck can mislead some bettors to wager on teams, games, or leagues they don’t know anything about. Only bet on a game, league, or sport if you understand its rules, top players, and fundamental stats.
Do not let your emotions dictate your bet placement. The fastest way to lose money when gambling is to let your emotions dictate your wager. Just because you support or hate a team doesn’t mean they will win or lose. Analyze relevant statistics and make informed decisions, even if it means betting against your team.
Have a budget. Gambling is a win-or-lose situation; therefore, it’s important to determine what you can lose comfortably. Prepare a personalized budget based on your income ahead of the season and calculate how much you can afford to stake in a game. Remember not to spend more than you have, or you may soon be crippled with debts.
Find your favorite sport or bet type and stick to it. Betting on all games or leagues won’t give you a successful betting career. Choose a few sports/ bet types and specialize in them. It’s easier to acquire more knowledge and insight on one or two sports than to become an expert on 10 sports.
Maintain records. Successful betting calls for performance analysis, reflection, and learning from mistakes, which can only be possible with detailed records, such as your bet types, stakes, and outcomes.
Don’t beat yourself up or recklessly spend money to recover your bet. Remember that gambling is a 50/50 affair: you win and lose some. Move forward and learn from your mistakes; more money will be made.
The Legal Landscape of Colorado Sports Betting
Through its Gaming Control Commission and Division of Gaming, Colorado regulates its sports betting industry to promote fair and unbiased gambling. Let’s help you understand this state’s gambling laws and the games you can legally bet on.
Overview of Colorado Betting Laws
According to Colorado’s betting laws, only persons aged 21 and above who conform to the relevant betting laws and regulations can place wagers. It’s also illegal to make an unauthorized wager or to provide online or electronic betting activities without complying with the relevant laws and regulations. Additionally, Colorado’s constitution and laws allow only a few types of gambling, i.e., Colorado lottery, live and off-track bets on horse racing events, bingo, raffles, charitable games, online sports betting, daily fantasy sports bets, and social gambling (for people with a bona fide social relationship and where all wagered amounts go out in prizes). Placing a bet with an unlicensed sports betting operator is illegal and attracts a penalty.
What You Can Legally Bet on in Colorado
Colorado only permits bettors to wager on the following:
Individuals, team sports, or athletic events where the outcome is not solely dependent on chance, whether amateur or professional. These include international sports, the Olympics, athletic events, and collegiate sports events.
Authorized sanctioned motorsports.
A portion of an authorized sport or athletic event, such as individual athlete performances.
Sports events or combinations authorized by the Gaming Control Commission by rule.
However, the state bans college-level proposition bets. Bettors can place all other wagers during the College Football Playoff National Championship and NCAA football’s off-season.
Benefits of Legal Betting in Colorado
Legalized betting is one of Colorado’s biggest revenue sources. The taxes paid by sportsbooks and the revenues charged on licensing fees are often used to fund the state’s public services.
By regulating its betting market, Colorado ensures fair and unbiased gambling, protecting bettors from being unscrupulous betting service providers.
Colorado’s legal betting prevents underage gambling and fosters assistance for gambling-related issues.
Legalized gambling attracts tourists to Colorado, leading to an increase in revenue.
Legalized betting has contributed to Colorado’s economic growth by creating jobs in gambling establishments/ platforms and sectors such as retail and hospitality.
Sports Betting and Taxation in Colorado
The state government of Colorado is entitled to a certain percentage of all Colorado sports betting proceeds and payouts (save for free bets). To understand just how much Colorado makes from sports betting, the Office of State Planning and Budgeting predicted a $24.1 million in revenue from Colorado sports betting taxation in the 2022-2023 fiscal year alone.
Taxation Structure, Reporting, and Compliance Requirements for Sports Betting in Colorado
Colorado collects a 10% tax on the net proceeds of all betting activities. This tax rate applies to both retail and mobile sportsbooks. Colorado bettors must report every win, big or small, in their 1040 form for tax purposes. Losses can only be offset against reported gambling wins; they can’t be used to reduce a bettor’s overall tax bill if they didn’t have any wins.
Bet operators must issue bettors with W2-G forms for reporting wins over a predetermined threshold to the Internal Revenue Service, popularly IRS. While issuing the form, they must collect the bettor’s personal information, including their SSN. These forms are usually compared with the wins a bettor declares on their tax when the tax year ends.
Most of the taxes collected are directed to the following initiatives and organizations:
Gaming cities
Colorado counties
The State’s Historical Fund
Travel and Tourism Promotion Fund
Local Government Limited Gaming Impact Fund
Advanced Industries Acceleration Cash Fund
Sports Betting and Tourism in Colorado
Tourism and sports betting are intertwined. Colorado is home to several major franchises and teams, which, coupled with its legalized betting, makes it a rich tourist destination. People from all over the US and different regions of the world travel to Colorado to watch major sports events such as the Rodeo All-Star Weekend, PGA tournaments, and NASCAR races. A surge in tourism means higher demands for accommodation, entertainment, and dining, benefitting local economies.
Future and Trends in Colorado Sports Betting
Colorado sports betting has come a long way; a journey that won’t end soon. We will likely see more developments thanks to increasing technological advancement, innovations, markets, and opportunities. Online betting is becoming more popular in Colorado; therefore, there’s likely to be a surge in online sportsbooks and casino apps in the next few years, fueled by rapid technological advancements and innovations. Virtual sports betting and innovative wagering formats are also likely to expand, giving bettors more opportunities to explore.
Conclusion
Colorado is a haven for those wishing to benefit from the thrilling world of sports betting. The state’s betting industry is well-regulated by two commissions for fair and unbiased gambling. Bettors enjoy several leagues and markets, as Colorado has various franchises and sports teams. With proper betting strategies, anyone can win big in Colorado. However, remember to bet responsibly and practice bankroll management, as discussed in this article.
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Set a budget for your betting-related activities and stick to it. Do not wager money you don’t have or can’t afford to lose. Keep track of your betting-related spending and history. Take regular breaks. Take advantage of the responsible gambling tools provided by betting platforms. Seek help if gambling becomes an issue.
Navigating Colorado’s Sports Betting Landscape
Table of Contents
Are you interested in participating in Colorado’s booming sports betting industry? It’s your lucky day! We are about to share everything worth knowing. Colorado allows adults (21 years and above) to wager on games and events through authorized sportsbooks and operators such as DraftKings, Pointbets, Unibet, and BetFred. This fast-growing industry is regulated by The Colorado Limited Gaming Control Commission and the Colorado Division of Gaming. Let’s find out more about the Colorado sports betting landscape and what you can do to benefit from it.
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History of Sports Betting in Colorado
Colorado legalized sports betting quite recently. It is, therefore, surprising that the state is slowly dominating US sports betting, rivaling states such as Nevada, which legalized the trade decades ago. In November 2019, Colorado voters laid the foundation for legalized, regulated sports betting by approving Proposition DD, which ushered in retail sportsbooks and online betting platforms. Less than six months later, in May 2020, sports betting became fully legal in Colorado. This legalization was well received by sports enthusiasts who had long wanted a legal, regulated means of wagering on their favorite sports or events. It also created jobs, new revenue streams, and significant tax contributions.
Colorado’s sports betting industry has grown to become a multi-billion dollar empire. This development can be attributed to several factors, mainly the renowned universities in Colorado and the presence of famous sports franchises such as the Colorado Rockies, Denver Nuggets, and Denver Broncos. The state has greatly benefited from the legalization of sports betting, even after its difficult start due to a lack of effective strategies to counter the possibility of harm.
Types of Bets in Colorado
Colorado bettors enjoy different betting options or wagering choices depending on their preferences and risk appetites. Here are some of the common offerings and how they work:
Moneyline Bet
A moneyline bet focuses on a game’s outcome. It is one of the most recommended bets for beginners owing to its straightforwardness (bettors only predict the team likely to win a game or contest). This bet type has positive and negative odds. A positive odd, such as +150, requires $100 to win $150, while -150 odds means you must spend $150 to win $100. Negative odds are generally given to teams expected to win, while positive odds are for teams more likely to lose.
Point Spread Betting
A point spread bet is slightly different from a moneyline bet. Instead of betting on a team to win or lose, it introduces a new exciting concept – the team must win or lose by a specific number of points or goals. It was first adopted by the National Football League (NFL) and the National Basketball Association (NBA), but it has also become common in other professional sports. Similar to money line odds, the point spreads are either positive (for the team expected to lose) or negative (for the team expected to win). A team with a point spread of -8 must defeat the opposing team by 8 points for the wager to succeed. A team with a point spread of +8 must win or close the gap to within 8 points for a successful bet.
Over/Under (Total) Bets
Several Colorado sportsbooks offer Over/Under bets. They are often called “total bets” as they require wagering on different teams’ combined goals, points, or runs, which must fall below or exceed a set amount. For example, if a game’s over/under is set at 52 points and the teams cumulatively score 53 goals, ‘over’ bets are paid out. On the other hand, if the teams cumulatively score less than 52 points, those who chose ‘under’ win. However, if the cumulative score matches the set quantity (52 in our case), it is considered a push, and all bets are refunded.
Parlay Bets
Most online and retail sportsbooks in Colorado allow betting enthusiasts to make more than one bet and combine them into a single wager in what is commonly referred to as parlay betting. Bettors only receive a payout if all the predictions are correct. Parlays are generally lucrative since the possible payout is proportional to the number of games in the collective wager. However, it is recommended for more experienced gamblers as it involves a higher risk level. If you hear people talking about “multi-bets” or “accumulators,” they are probably referring to parlay bets.
Prop Bets
If you want to bet on smaller in-game events instead of an outcome, prop bets are your go-to options. Common props to bet on include individual props (e.g. predicting the number of goals a player will score or the rebounds they will grab in a game) and team props (e.g. the total touchdowns scored). Prop bets are not allowed for Colorado collegiate events but are permitted for other professional sports events.
The Top Betting App in Colorado Partnering with NXTbets
Among our main goals at NXTBets is helping you find legal, regulated, and highly acclaimed sportsbooks in Colorado. We have, therefore, partnered with the following leading Colorado mobile betting platforms:
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DraftKings Sportsbook
DraftKings is one of Colorado’s most-known betting platforms for several reasons. It has amazing features and offerings that novice and expert bettors find useful. Let’s review them.
Features and Offerings
App Overview
DraftKings provides a well-designed and easy-to-use application available to Android and iOS users. Thanks to its smooth and user-friendly navigation system, users can easily and quickly find games to wager on.
Deposits and Withdrawals
DraftKings allows beginners to fund their account or cash out winnings through several methods, including Apple Pay, cage, wire transfers, checks, debit cards, online banking, PayPal, prepaid cards, Trustly, Venmo, and e-checks. To deposit funds, log into your account, click the three-line menu icon next to the DraftKings logo, and tap deposit. Next, select the amount you’d like to deposit, add your payment details, and complete the remaining steps.
To withdraw funds, log into your account, tap your profile photo, scroll down, click the ‘withdraw’ button, review the things you need to know before withdrawing, and then click ‘Got it.’ Once you are on the Withdraw Funds page, key in the amount and tap continue. Lastly, select your preferred withdrawal method and complete your withdrawal. Note that the withdrawal duration differs from one method to another. For fast withdrawals, the cash-at-cages option takes an hour at most.
Sign-up Bonus
New accounts are credited with a $200 bonus (8-$25 bet credits) if owners place a $5 wager on any available market. However, this bonus expires after seven days and is not usually included in potential winnings.
Live Betting
DraftKings allows users to wager on ongoing events. Odds update as the game continues, allowing them to maximize their bets.
Daily Fantasy (DFS)
DraftKings allows users to play fantasy games, enter contests, and make money. In fact, the platform gained popularity by building its brand around Daily Fantasy Sports.
Prop Betting
This platform has a unique and exclusive betting page for making prop bets on players in leagues such as the NFL, NBA, NHL, and MLB. Users enjoy competitive odds and lines, giving DraftKings the edge over competitors.
Benefits
Mobile Sports Betting in Colorado
Bettors in Colorado can wager on their favorite teams or events from their smartphones, provided they have high-speed mobile internet. This is possible due to mobile betting applications, which are becoming increasingly popular.
Rise of Mobile Betting Apps
Mobile betting applications have greatly transformed the sports betting industry. They have improved bet placement by allowing people to wager on different sports and events in the comfort of their homes, saving them from traveling to physical betting offices. This convenience, coupled with factors such as their 24/7 availability, immersive experience, and access to wider markets, has increased their popularity. We must also appreciate the role of technological advancement in the rise of mobile betting apps. Different innovations have fostered the development of advanced and, to some extent, futuristic applications, guaranteeing users a user-friendly and seamless experience.
Features and Benefits of Online Betting
Live In-Game Betting on Colorado Betting Apps
Most Colorado sports betting applications (such as the ones covered above) support live sports betting. Users get real-time odds, allowing them to place wagers as the game continues. These odds fluctuate depending on different events.
Advantages of Live Betting
Here are a few reasons to try live betting:
How to Place Live Bets
Placing a live bet in Colorado is relatively easy. Let the following steps guide you:
After placing a live bet, you can either continue betting, cash out early (if a positive outcome is unlikely), or wait for the game to end and, upon winning, get your payout.
Strategies for In-Game Wagering
You can increase your chances of success in in-play wagering by adopting the following live betting tips:
How to Deposit and Cash Out in Colorado Betting
Most Colorado sports betting applications provide similar deposit and withdrawal methods, such as:
Note that the duration of funding your account or cashing out winnings often differs from one method to the other. For fast withdrawals, use e-wallet services such as Paypal. Some betting applications also offer a cash-at-cage option that supports instant withdrawals. To learn more about specific deposit and withdrawal methods, withdrawal processes and options, processing times, and transaction fees, refer to our review of Colorado’s best betting applications partnering with NXT Bets.
Most Popular Sports to Wager on in Colorado Betting
Colorado is home to several colleges, teams, leagues, and franchises, giving bettors several bet options. Here are some of the sports to wager on in Colorado:
Overview of Sports Favored by Colorado Bettors
Formula 1
F1, fully known as Formula One, is governed and regulated by the Federation Internationale de l’Automobile, or the FIA. It is an international auto racing competition that features single-seat, open-wheel, and open-cockpit automobiles driven at extremely high speeds, often exceeding 200 miles an hour. It has a predefined number of laps; the driver that crosses the finish line first after completing these laps wins. Each race in a season is called a “Grand Prix” or GP, a French term that means ‘great prize.’
If you would like to bet on F1 races, it’s important to understand the sport inside out. For example, you should know the teams/ drivers, their recent performance statistics, and the impact of different track types and weather conditions on race outcomes. It’s also important to stay updated on the latest F1 news and developments, including team dynamics and rules changes. NXT Bets has partnered with four reliable betting platforms, allowing you to wager on different F1 outcomes and events, such as podium finishes, race winners, and head-to-head matchups.
Formula Drift
Formula drift is a high-powered motorsport popular in North America that greatly relies on drifting precision, control, and style. It differs from traditional motorsports such as NASCAR or F1, as drivers must slide their cars sideways through a predetermined course at high speeds and with great control and precision. The slides must be executed with minimal corrections and close to obstacles. Judges consider the competitors’ speed, line, angle, and overall impression to declare a winner.
To successfully bet on formula drift, you need to understand the scoring system and how judges evaluate every run (they consider elements such as the drifting angle, fluidity and style, and overall proximity to obstacles and barriers. You should also research the drivers (their skills and previous performances), track conditions, weather, and the type of cars involved.
MotoGP
MotoGP, the oldest established motorsport world competition, stands for Grand Prix motorcycle racing. It is sanctioned by the Federation Internationale de Motocyclisme and has existed since the 20th century, with seasons starting in March and ending in November. A MotoGP sprint lasts 45 minutes and can range. from 100m to 13 kilometers. Points are awarded to the first 15 riders: the first rider gets 25 points, the second rider 20, third rider 15, and so on. The fifteenth rider gets a point. Riders are allowed to make pit stops for repairs or fueling. Popular MotoGP brands include Honda, Yamaha, and Red Bull.
For bettors interested in MotorGP, research the riders, their skill levels, teams, and recent performances. Weather conditions, track types, tire choices, and race strategies also greatly influence race outcomes. Lastly, and most importantly, learn MotoGP betting options such as podium finishes, race winners, and head-to-head matchups for informed bet placement.
Nitrocross
Formerly known as Nitro Rallycross, Nitrocross is an American rallycross racing series created by Nitro Circus production and driver Travis Pastrana. Nitrocross participants perform extreme stunts and tricks ranging from high-flying jumps and impossible flips to technical and daring tricks on quarter pipes, custom-built obstacles, and ramps using scooters, dirt bikes, monster trucks, and BMX bikes. Races can take place in uniquely designed arenas or outdoor venues filled with adrenaline lovers.
To make money wagering on Motocross races or events, you should first understand divisions such as BMX, monster truck events, and freestyle motocross (FMX), as they have different rules and judging criteria. You should also cultivate extensive knowledge of the racers, their track record, and experience. Additionally, staying updated on format changes, event locations, and developments such as athlete injuries will help you make informed decisions while betting on Nitrocross.
PBR
PBR, fully known as Professional Bull Riders, offers one of the most adrenaline-pumped games in the world: bull riding. During PBR events, professional bull riders try to stay on top of powerful bulls and maintain control and balance for eight seconds. Points are awarded based on the bull’s bucking intensity, the rider’s ability to stay on top, and their overall control. Riders with the highest cumulative scores are declared winners.
You must know the riders, their recent performances, and their track record to bet on PBR events successfully. It would be best also to cultivate an in-depth understanding of bull rankings and their effects on outcomes and track developments such as recent bull performance, injuries, and venue conditions. Common PBR wagers include rider performances and overall event outcomes.
Power Slap
Power Slap is a premier slap-fighting organization affiliated with the Ultimate Fighting Championship (UFC). It has men’s and women’s divisions and different weight classes. A coin is usually tossed, or seeding methods are used to determine who slaps or defends first. The number of rounds usually depends on the format, even though the minimum is three. Participants are only allowed a single strike on the opponent’s face during each round. They are also obligated to receive their opponent’s slap after their round.
Powerslap uses a “10-point system,” like boxing or MMA. A round winner scores ten points while their opponent is awarded 9 or less. Points are awarded based on the strikers’ effectiveness and the opponent’s reaction and recovery time. Events also have striker or defender fouls. Striker fouls include stepping, clubbing, game delays, and illegal wind-up, while defender fouls include blocking, flinching, and game delay. Both fouls attract consequences, including point deduction, warnings, disqualification, re-strike, and loss of strike. Common power slap betting options include an overall winner bet, a power slap matchup bet (predicting a specific matchup’s winner), and a power slap prop bet (wagering on different power slap aspects unrelated to the outcome).
Skateboarding
Skateboarding attracts several riders and enthusiasts. Professional skateboarding competitions involve different tricks, jumps, and maneuvers on ramps, skate parks, or streets. Different disciplines are involved, including park, street, vert, and freestyle, which bettors must understand as they involve unique skills and participants. To profit from professional skateboarding events, one must cultivate extensive knowledge of the athletes, their styles, and track records. It’s also important to stay updated with the latest developments, news, and event schedules for informed decision-making.
Common Colorado skateboarding betting options include overall event outcomes and individual rider performance. Bettors need to take time to understand competitive skateboarding’s scoring system, which can be difficult.
SuperMotocross
SuperMotocross is an adrenaline-pumped motorsport event that involves challenging rhythm sections, dramatic jumps, and tight corners. Races are held in tight, technical, customized dirt tracks within indoor arenas. It tests professional motorcycle riders’ skills and machine capabilities. Events comprise multiple races where points are awarded based on riders’ finishing positions. The rider who accumulates the highest overall total wins the competition.
To successfully bet on SuperMotorcross events, one should be familiar with the riders, their skills, recent performances, experience, and adaptability to different tracks or terrains. It’s also advisable to learn track types and specifics, which vary from one race to the next, and how they impact racing strategies. Other necessary information includes weather conditions, dirt bike types, and betting options (wagers on podium finishes, race winners, or head-to-head matchups).
Surfing
Surfing is an exhilarating water sport with millions of fans and enthusiasts worldwide. Surfers position themselves on their boards, paddle vigorously to catch waves, and time their takeoff during competitions. They then use their body weight and the board to perform different maneuvers across the wave’s face, such as cutbacks, carving, and aerial tricks. Points are awarded based on how smoothly they ride the wave, the difficulty of maneuvers performed, and the surfers’ style and control.
To successfully make informed bets on surfing events, bettors should cultivate in-depth knowledge of individual surfers, including their track records, strengths, and weaknesses. It’s also important to track and understand the surf forecast, which includes wind conditions and the shape and height of the wave. Understanding the scoring system used can also help bettors predict the outcomes of overall events or heats. Common surfing betting options include overall event winners, heat winners, and head-to-head matchups, which are less common.
World Long-Drive Landing
World-long drive championships are some of the most awaited events by golf enthusiasts worldwide. World Long Drive Landing is a special golfing competition where participants use special golf clubs and balls designed to cover long distances. The golf ball is launched within a grid-defined landing area to cover maximum distance. These competitions occur in specially defined golf courses or open fields where participants are awarded fixed attempts to hit the ball as far as possible.
Bettors interested in world-drive landing should understand the game’s essentials and participants in-depth. They should familiarize themselves with the long drivers (their stats and previous performances), factors such as ball speed, launch angle, and swing speed, and the specific equipment used. Knowing weather conditions is also important due to the effects of different conditions on ball flight and overall performance. Common world-long-drive landing betting options include wagers on overall outcomes and individual player performance.
Analysis of Major Leagues and Events
Colorado has several teams and franchises participating in major leagues: NHL Hockey, MLS Soccer, NLL Lacrosse, MLR Rugby, NFL Football, MLB Baseball, and NBA basketball. The state also offers collegiate leagues such as the National Collegiate Athletics Association and the National Collegiate Hockey Conference. You should also look out for the following main events:
Sports Betting Strategies and Tips
Introduction to Sports Betting Strategies
Contrary to popular belief, building and sustaining a successful betting career takes more than luck. Establishing and applying effective strategies can increase your winning frequency, leading to a rewarding and thrilling experience. What exactly are sports betting strategies? Simply put, sports betting strategies are the techniques and approaches used in statistical analysis, odd assessment, and informed decision-making when placing a bet.
Be wary of and take advantage of the following Colorado sports betting preferences:
Bankroll Management and Responsible Gambling
Bankroll management involves setting and following a budget for sports betting-related activities. It requires determining what you can risk comfortably, the amount you wish to spend on each bet, and the possible stake adjustments you can make based on the bet outcomes. Proper bankroll management can lead to maximized profits, responsible spending, and better emotional management. Other strategies that support healthy and responsible gambling other than bankroll management include:
Tips for Successful Sports Betting
Here are a few tips worth heeding for those looking for Colorado sports betting advice:
The Legal Landscape of Colorado Sports Betting
Through its Gaming Control Commission and Division of Gaming, Colorado regulates its sports betting industry to promote fair and unbiased gambling. Let’s help you understand this state’s gambling laws and the games you can legally bet on.
Overview of Colorado Betting Laws
According to Colorado’s betting laws, only persons aged 21 and above who conform to the relevant betting laws and regulations can place wagers. It’s also illegal to make an unauthorized wager or to provide online or electronic betting activities without complying with the relevant laws and regulations. Additionally, Colorado’s constitution and laws allow only a few types of gambling, i.e., Colorado lottery, live and off-track bets on horse racing events, bingo, raffles, charitable games, online sports betting, daily fantasy sports bets, and social gambling (for people with a bona fide social relationship and where all wagered amounts go out in prizes). Placing a bet with an unlicensed sports betting operator is illegal and attracts a penalty.
What You Can Legally Bet on in Colorado
Colorado only permits bettors to wager on the following:
However, the state bans college-level proposition bets. Bettors can place all other wagers during the College Football Playoff National Championship and NCAA football’s off-season.
Benefits of Legal Betting in Colorado
Sports Betting and Taxation in Colorado
The state government of Colorado is entitled to a certain percentage of all Colorado sports betting proceeds and payouts (save for free bets). To understand just how much Colorado makes from sports betting, the Office of State Planning and Budgeting predicted a $24.1 million in revenue from Colorado sports betting taxation in the 2022-2023 fiscal year alone.
Taxation Structure, Reporting, and Compliance Requirements for Sports Betting in Colorado
Colorado collects a 10% tax on the net proceeds of all betting activities. This tax rate applies to both retail and mobile sportsbooks. Colorado bettors must report every win, big or small, in their 1040 form for tax purposes. Losses can only be offset against reported gambling wins; they can’t be used to reduce a bettor’s overall tax bill if they didn’t have any wins.
Bet operators must issue bettors with W2-G forms for reporting wins over a predetermined threshold to the Internal Revenue Service, popularly IRS. While issuing the form, they must collect the bettor’s personal information, including their SSN. These forms are usually compared with the wins a bettor declares on their tax when the tax year ends.
Most of the taxes collected are directed to the following initiatives and organizations:
Sports Betting and Tourism in Colorado
Tourism and sports betting are intertwined. Colorado is home to several major franchises and teams, which, coupled with its legalized betting, makes it a rich tourist destination. People from all over the US and different regions of the world travel to Colorado to watch major sports events such as the Rodeo All-Star Weekend, PGA tournaments, and NASCAR races. A surge in tourism means higher demands for accommodation, entertainment, and dining, benefitting local economies.
Future and Trends in Colorado Sports Betting
Colorado sports betting has come a long way; a journey that won’t end soon. We will likely see more developments thanks to increasing technological advancement, innovations, markets, and opportunities. Online betting is becoming more popular in Colorado; therefore, there’s likely to be a surge in online sportsbooks and casino apps in the next few years, fueled by rapid technological advancements and innovations. Virtual sports betting and innovative wagering formats are also likely to expand, giving bettors more opportunities to explore.
Conclusion
Colorado is a haven for those wishing to benefit from the thrilling world of sports betting. The state’s betting industry is well-regulated by two commissions for fair and unbiased gambling. Bettors enjoy several leagues and markets, as Colorado has various franchises and sports teams. With proper betting strategies, anyone can win big in Colorado. However, remember to bet responsibly and practice bankroll management, as discussed in this article.
21+ Please refer to Affiliated Operators’ T&C. Void where prohibited. Gambling problem? Call 1-800-GAMBLER.
New Player Sign Up Bonus
18+ New Customers Only. Terms & Conditions Apply
New Customer Sign Up Bonus
21+ New Customers Only. Terms & Conditions Apply
New Player Sign Up Bonus
21+ New Customers Only. Terms & Conditions Apply
Whatever The Sport, Whatever The Moment
21+ New Customers Only. Terms & Conditions Apply
First Bet Offer
21+ New Customers Only. Terms & Conditions Apply
Everything worth a prediction!
18+, Conditions apply
New Customer Sign Up Bonus
21+ New Customers Only. Terms & Conditions Apply
Frequently Asked Questions
Set a budget for your betting-related activities and stick to it.
Do not wager money you don’t have or can’t afford to lose.
Keep track of your betting-related spending and history.
Take regular breaks.
Take advantage of the responsible gambling tools provided by betting platforms.
Seek help if gambling becomes an issue.
The news of upcoming sports betting events in Colorado is regularly updated on our website (Nxtbets.com).
Please refer to Affiliated Operators’ T&C. Void where prohibited. Gambling problem? Call 1-800-GAMBLER.