How to Start Sports Betting in Colorado: A 4-Step Guide

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Justin Edmonds/Getty Images. Pictured: Broncos Stadium

May 01, 2020, 12:00 PM EDT
  • Sports betting in Colorado is live, with sportsbooks like DraftKings going live on May 1.
  • Here are four simple steps to get started in your Colorado sports betting journey.

Legal sports betting has arrived in Colorado. And even with no American sports in action, you can get started on Friday, May 1 at 10 a.m. MT.

Several factors separate Colorado from most other states with legal betting and make it arguably the most consumer-friendly betting landscape in the nation.

Even with American sports paused, you may want to get started in your Colorado sports betting journey. Here’s how.

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Step 1: Choose a Sportsbook

Only a few books are open on May 1. DraftKings is live as of Friday afternoon, and new users get a $1,000 sign-up bonus.

Three other CO sportsbooks also started accepting bets at the same time as DraftKings: You can get a $500 risk-free bet at FanDuel, a $250 deposit match at BetRivers and a risk-free bet up to $500 at BetMGM.

You’ll want to have accounts and money at several different sportsbooks so you can shop for the best lines, but for now let’s just use DK as our example as we walk through this step-by-step guide since you’ve likely heard of it before.

Any of Colorado’s 33 casinos can partner with an online operator, so expect every national sports betting player to be present in the state, giving bettors tons of options and great prices.

Step 2: Sign Up

You may already have an account if you’ve entered DFS contests on DraftKings. If so, login.

If not, create a new account by following the prompts. You may need to provide proof of identity, like a driver’s license.

Step 3: Deposit Money Online, Not in Person

Colorado has taken a vital first step to succeed with sports betting — online deposits and registrations.

Many other states require bettors to sign up or deposit money in person, which has limited their success so far. Not Colorado.

You can deposit at DraftKings with the following:

  • Credit card
  • Bank account
  • PayPal
  • Wire transfer
  • And more…

Here’s what the deposit screen will look like at DraftKings.

If you’re coming from a local bookie, you’ll be sad to know that sportsbooks like DraftKings do not operate on credit. Any money you bet has to be in your account.

Depositing at some sportsbooks can be tricky, but it’s simple at DraftKings and FanDuel.

Cashing out is also easy — DraftKings will wire money right to your bank account at any time. We’ve seen withdrawals come through in fewer than 24 hours in some instances. If you’ve been betting offshore, that’s a welcome change.

Step 4: Place Your First Bet

With American sports on pause, your options are limited, but not completely gone.

DraftKings has a huge array of NFL futures, like Super Bowl and Rookie of the Year winners, plus season-long player props like Jerry Jeudy’s total receiving yards in his first year.

Here’s how to place your first bet once you’re signed up.


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