Colorado Sports Betting FAQ
Getty Images. Pictured: Aquarius Hotel & Casino on the Colorado River in Nevada
Colorado sports betting has arrived.
These are 10 frequently asked questions to help you get started betting in Colorado.
You can head to FanDuel to get a $500 risk-free bet if you’re ready to start.
Colorado Sports Betting FAQ
Can I Bet Sports Online in Colorado?
Yep. Colorado will be fully mobile from the start. No need to ever go to a physical casino, if you don’t want to.
The following books are live as of May 1:
Do I Have to Be in Colorado to Place a Bet?
Yes. You can only bet within state borders. So if you live in Denver but travel out of state for a weekend, you can’t place any bets.
Conversely, you can sign up and bet even if you don’t live in the state but are within state lines at the time.
Can I Sign Up and Deposit Online?
Yep. Online sign ups and deposits are another factor that will separate Colorado from many other newly-legal states in which in-person registrations are required.
How Old Do I Have to Be to Bet on Sports in Colorado?
The minimum age to bet on sports is 21.
How Can I Place a Sports Bet in Colorado?
It’s easy to get started. Check out our step-by-step guide on how to place your first bet in Colorado.
What Apps & Sites Can I Bet On?
Any of the state’s 33 casino’s can apply for a license and then partner with an online operator. So expect all the major national sports betting players to be in Colorado in the coming months.
DraftKings and FanDuel are ready to launch on May 1, along with BetMGM and BetRivers. Other books expected include Vegas stalwarts Westgate and Circa Sports, plus PointsBet, William Hill, FOX Bet and more.
The variety of options will create a consumer-friendly landscape for Colorado bettors.
How Do Payouts Work?
You can request a payout no matter where you are, and most sportsbooks will wire the money directly to your bank account.
If you come into Colorado from out of state and win money, you can cash out even if you’re back home.
What Sports Can I Bet On?
Colorado will have arguably the best betting menu of any state in the U.S., with all the normal sports available, plus eSports.
The only big market we know won’t be available is player props for college sports.
Can I Deposit With a Credit Card?
Yes. Credit cards will be the most popular option, with the following also available:
- Prepaid card
- Direct deposit from bank account
- Digital wallet (PayPal, Skrill, etc.)
- Cash or check
Do I Have to Pay Taxes on Sports Betting Winnings?
Colorado sportsbook operators will pay a 10% tax that will be effectively invisible to the consumer.
But your sports betting winnings are taxable. An operator will send you a W-2G form if you win more than $600 with that sportsbook.
You can write off gambling losses as a tax deduction, but only if you also report money won as taxable income. You also need to itemize your deductions — you can’t claim any gambling losses with a standard deduction.
The amount of gambling losses you can deduct can’t exceed the winnings you report as income. With $2,000 in winnings but $4,000 in losses, your deduction is limited to $2,000. You can’t write off the other $2,000 you lost.