Ever since the landmark ruling in May 2018 by the United States Supreme Court, the sports betting industry has been experiencing incredible growth.
This 2018 decision opened the door for individual states to legalize sports betting after the Supreme Court ruled that a decades-old federal prohibition on sports betting was incompatible with the US Constitution.
Since then, states across the US have moved quickly to put in place legislation providing for fully legal, regulated sports betting.
For US consumers, this has evidently been a positive development. And in the four years since the Supreme Court opened the door for legal sports betting, US consumers have wagered over $125bn!
Colorado was one of the states to capitalize on the potential early on, and as of May 2020, sports betting was legalized in Colorado.
But what legal restrictions did Colorado legislators put in place to regulate sports betting activities within the state? And what is the current status of sports betting in Colorado? For a quick overview of how you can place sports bets in Colorado, keep reading this short article.
Is sports betting legal in Colorado?
As of May 2020, sports betting is fully legal, provided bets are placed via authorized and regulated sportsbooks and sports betting operators.
The push for legalization properly began in 2019, when a voter ballot was held to decide whether or not it should be regulated in the state. Those in favor of legalized sports betting won narrowly, with 50.62% voting in favor and 48.38% against the measure.
Despite the closeness of the vote, however, Colorado legislators stayed true to their word and implemented Proposition DD, which opened the door to legal sports betting in the state. Within just six months, in May 2020, several online sportsbooks had gone live.
Since then, even more sports betting operators have been set up in the state and Colorado is one of the most liberal states for sports betting in America.
Sports betting platforms and casinos now account for a sizable source of revenue for the state. Colorado casinos pay a 10% tax fee on gross sports wagering revenue, which is on the lower end of the taxation spectrum when compared to other states. The majority of the money collected for this goes towards state-wide projects such as the Colorado water plan.
Colorado sports betting law
Given that the 2018 decision by the United States Supreme Court essentially declared that the regulation of sports betting was a matter best left to individual states, sports betting in Colorado was made legal by state law.
In May 2019, the Colorado state legislature sent bill HB 19-1327 to the Colorado governor for his signature. Following this, it was sent to be voted on by the residents of Colorado in November 2019.
The bill was voted on affirmatively by Colorado residents by a narrow margin, after which sports betting was made fully legal across the state.
Where can I bet on sports in Colorado?
Provided you are 21 years of age or older and either a resident of or present within Colorado, you can place sports bets at a wide range of locations within the state. This is in addition to the many different online sportsbooks currently operating in Colorado. A full list of the sports betting operators and brick-and-mortar locations is available through the Colorado Department of Revenue website.
What are the limits on how big bets can be?
There is no strict limit on bet sizes in Colorado, although individual operators can set their own limits as they see fit. Of course, if you are placing wagers on sports in Colorado, we would always recommend making more modest bets as a way of ensuring your bankroll lasts!
Can I make bets online in Colorado?
Provided the website in question is licensed, authorized, and regulated by the Colorado Department of Revenue, you can place bets online in Colorado! The Department of Revenue has a full list of licensed sports betting operators, which can be viewed online.
There will be many special offers for new Colorado sports betting accounts
As more and more operators have set up in the Colorado market, competition between them has heated up considerably! To compete for the attention of the many Coloradans looking to place bets online, these sports betting operators frequently offer a wide range of special offers for new players setting up betting accounts for the first time.
What bet types are there?
As one of the most liberal states with few restrictions on sports betting, there are many different types of sports bets you can place in Colorado. These include single-game bets, player prop bets, game prop bets, teasers, parlays, totals, and Moneyline bets. The only notable restriction is that you cannot currently place prop bets on college sports games within Colorado, such as at college basketball games.