Colorado’s online sportsbooks are the only online gambling allowed in the Rocky Mountain State, so their deposit options must be secure. The most common options include bank transfers, credit cards, and PayPal accounts. They all accomplish sportsbook know-your-customer requirements and keep transfers secure. Colorado bettors can rest assured their money is safe in transit to their sportsbook of choice. Here’s everything Coloradans need to know about depositing funds at Colorado sportsbooks.
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Deposit Methods For Colorado’s Sportsbooks
There are many ways for bettors to deposit money into sportsbooks. While sportsbooks have different deposit options, there are a few ubiquitous options. Bank transfers, direct deposits, and PayPal are available at almost every Colorado sportsbook app. Here are the pros and cons of each, and which options are best for different types of bettors.
Bank transfers are secure options for bettors who want money directly in their bank accounts. Transfer limits may be low enough for small-time bettors. Bettors need to deposit at least $10 to use bank transfers at BetMGM, for example. Deposits are instant, which is great for bettors in a hurry. However, withdrawals can take 24 hours to process, then another two business days to end up in bettor accounts.
Bank transfers are highly secure and instantaneous. If one of the other deposit options doesn’t work, then bank transfers are strong deposit options.
Depositing with a credit or debit card funds sportsbook accounts instantaneously. For example, once bettors enter their debit or credit card into a BetRivers account, it’s available for use. There aren’t any fees for debit card deposits. However, credit cards may charge a cash advance fee. If bettors have a choice, debit cards are preferable to credit cards.
At BetRivers, bettors can deposit $10 to $1,500 at a time with a debit or credit card. However, those limits vary across sportsbooks. DraftKings has a minimum deposit of $5 and a maximum of $2,500. Whether depositing with a card makes sense depends on the sportsbook limits and the amounts bettors want to deposit.
Sportsbooks have their own transfer limits. However, a verified PayPal account can transfer $10,000 at once. PayPal can certainly support large deposits to different sportsbooks. Sportsbooks also accept PayPal deposits from personal accounts, not merchant accounts. Colorado’s sportsbooks don’t want to take money from businesses, large or small.
PayPal deposits are also available immediately, so bettors don’t need to worry about lengthy transaction times. If bettors need a secure e-wallet or want to keep their betting and personal funds separate, then PayPal is a good option for them.
What Deposit Options Are Available Specifically For iOS Users?
None. Sportsbooks use the same deposit methods for everyone. The deposit methods sportsbooks have in place conform to know-your-customer requirements. Bettors won’t be able to use Apple Pay to deposit at Colorado’s sportsbooks at this time. However, it could happen one day if Apple Pay could be reliably tied to a bettor’s identity.
What Deposit Options Are Available Specifically For Android Users?
Also none. Samsung Pay and Google Pay are not viable options for depositing at sportsbook accounts. Like Apple Pay, they could be available one day. But Colorado sports betting industry is too young to accommodate big moves like accepting novel payment methods.
How Do Cage Deposits And Withdrawals Work In Colorado?
Casinos with sportsbooks have in-person deposit options. Bettors approach the caged teller with an ID and money. However, sportsbooks like DraftKings and FanDuel don’t have their own outlets or casinos. They must partner with casinos to open retail locations. The Colorado Department of Revenue site lists Colorado’s sportsbooks and their casino partners for bettors who want to visit in person.
Withdrawal Methods For Colorado’s Sportsbooks
There are many deposit options, but only a few withdrawal ones. Sportsbooks must avoid awarding money to suspicious bettors. It’s why identity verification is critical during withdrawal and why there are so few methods.
Getting a mailed check is old-fashioned and takes time to process. e-Checks, bank transfers, and online wallets are all done virtually, requiring no extra effort from bettors. However, bank transfers can take a few days to process. Certain wire transfers can include processing fees, too. However, bank transfers, online transfers, and online wallets are secure. No matter which withdrawal method bettors choose, they can rest assured they’ll receive their winnings.
How To Deposit At Colorado’s Sportsbooks
Depositing money is seamless and easy at most Colorado sportsbooks. They want to make sure it’s easy to accept money. Here’s how it’s done:
- Find the app or visit the sportsbook’s website.
- Create an account by inputting information, including standard personal information and part or all of a social security number.
- Hit the ‘Deposit” option near the account section.
- Select a deposit method.
- Input the relevant information.
Deposits tend to be available immediately, regardless of the payment option. However, bettors should check their sportsbook’s terms to ensure their deposits meet their needs.
How To Withdraw From Colorado’s Sportsbooks
Withdrawing from a sportsbook account is less tedious than depositing into one. Since the sportsbook account is already set up, there are fewer steps. However, processing withdrawals take a little time, so avoid depending on instant sportsbook payments. Here’s how to make a withdrawal:
- Find the ‘Withdraw’ option in the sportsbook’s cashier section.
- Select how much to withdraw.
- Select the withdrawal method.
- Fill in the relevant information.
- Wait two to three days for the money to appear in the designated account.
Since sportsbooks process withdrawals to check where the money goes, they take a little longer to process it. However, bettors should see the money in their accounts within 72 hours.
How To Take Advantage Of Colorado Sportsbook Bonuses
Most of Colorado’s sportsbooks offer bonuses that players can use to place bigger bets or increase their account balances quickly. The details vary from sportsbook to sportsbook. However, the way bettors deposit can impact whether they get the full advantage of sportsbook bonuses.
Some bonuses are basic deposit bonuses. That means sportsbooks will award bettor accounts with site credits at a certain rate. For example, a sportsbook could offer a 50% match rate. That means for every $2 bettors deposit, their sportsbook will add $1 in site credits. Sportsbooks don’t award site credits indefinitely though. They usually stop after they’ve awarded $250 or $500. Bettors can deposit at their own pace and eventually work up to the full amount of site credits deposit bonuses provide.
However, bettors may also encounter risk-free bets. They don’t depend on how much bettors deposit, but how much they wager upfront. To get the full value of the risk-free bet, bettors must place a large wager upfront. That requires a deposit of a few hundred dollars, so whoever wants a full risk-free bet should keep that in mind.
Is Bettor Money Safe At Colorado’s Licensed Sportsbooks?
Yes. Robust online security is one of the prerequisites for a Colorado sports betting license. Rule 7 of the Colorado Division of Gaming’s rules requires sportsbooks to have their systems assessed by an independent auditor. This takes place three months before the sportsbook goes live, so bettors know there’s been a strong review of the system their money is going into.
The Division of Gaming also lays a citizen complaint process out. Sportsbooks must have their own customer complaint processes. However, the State of Colorado gives bettors another outlet if their sportsbook complaint remains unresolved. Bettors can file a complaint with the State if they need to, giving bettors a robust outlet to resolve disputes.
Colorado’s sportsbooks are also required to pay winnings. That may sound obvious, but illegal sportsbooks aren’t beholden to anyone. They don’t have pay winners, and there’s nothing bettors can do about getting stiffed by an illegal sportsbook. In contrast, Colorado’s licensed sportsbooks must have enough cash on hand to pay winnings. If they don’t, they endanger their license. Coloradans can trust their money with Colorado’s sportsbooks.
Licensed Colorado Sportsbooks: Common Questions
Sports betting may be confusing to new bettors. If that’s the case, here are a few common questions that we can clear up before you go betting.
How Old Must Bettors Be To Bet At A Sportsbook?
Bettors must be at least 21 to wager at one of Colorado’s sportsbooks. This is higher than the legal age for fantasy sports. Bettors should make sure they don’t confuse the two. Fantasy sports and sports betting are distinct.
Can I Use iTunes Gift Cards To Deposit At Sportsbooks
No. iTunes gift cards can be handed out to anybody. Sportsbooks can confirm the identity of the person using the gift card. However, sportsbooks don’t know that the money on the gift card came from legitimate sources. This is one of the most likely reasons sportsbooks don’t and won’t accept iTunes gift cards as deposit options.
How Do Colorado’s Sportsbooks Verify Bettors’ Ages And Identities
All Colorado sportsbooks require bettors’ social security numbers. Some only need the last four digits and some need the whole thing. But sportsbooks make sure they know who’s putting money in and who’s taking money out. Sportsbooks must adhere to know-your-customer requirements to make sure they’re not accidentally taking part in money laundering. That’s a pretty good reason for sportsbooks to ask for a social, isn’t it?
Who Regulates Colorado’s Sportsbooks?
Colorado’s Division of Gaming sets sports betting rules and issues sports betting licenses. They keep Colorado’s licensed sportsbooks honest. The Division of Gaming can initiate hearings to evaluate whether a sportsbook should keep its license. It can also issue fines and suspend licenses, preventing problematic sportsbooks from working with customers until they change. Coloradans are in good hands with the Division of Gaming overseeing the sports betting industry.
How Soon Are Bettors Paid Winnings?
48-72 hours. Sportsbooks take extra time to process withdrawals. They have to know where all their money is going. Specifically, they must know who the money is going to. One of the ways money launderers try to get around sportsbook bans is by getting someone clean to bet with illegal money. Sportsbooks can track individuals and make sure their money is awarded to players who aren’t suspect.
Are Online Casinos Legal In Colorado?
No. Online sports betting is the only type of online gaming allowed in Colorado. Colorado’s ban on internet betting predated sports betting legalization. Sweepstakes casinos are allowed, but they’re legally distinct from traditional casinos. However, bettors shouldn’t think that online betting is a free-for-all in Colorado. Online sports betting is all Coloradans are going to get.