Banking with Colorado Online Sportsbooks – Easy and Safe Deposits and Withdrawals

Online sports betting is now legal in the state of Colorado with a host of books accepting wagers. The first and most important thing after signing up for an account is to make your first deposit so you can start placing bets. Of course, you’ll also want to know how to withdraw your winnings when you clear a bet, too. 

We’ve broken down exactly how to bank with Colorado online sportsbooks including deposits, withdrawals, and where you can put down money or collect your cash in-person.

CO sportsbooks with fast banking

Rank
Casino
Offers
Features
1

$5000 Risk-Free Bet

  • Use Code: COBRF
  • Great $5000 Welcome Offer
  • Win Big on Player, Game Props
  • Most Experienced Bookmaker
2

Up To $1000 Risk-Free Bet

  • Best Odds, Prices in Industry
  • Tons of Props on 16+ Sports
  • Speedy Withdrawals, Deposits
  • Smooth, Sleek Design
3

$1000 Risk-Free Bet

  • Promo Code: COB1000
  • Tons of Promotions
  • Fast Withdrawals and Deposits
  • Good Media Integrations
4

$2000 In Risk-Free Bets

  • Unique High-Upside Format
  • Exciting Welcome Bonus
  • Creative Promos Every Night
  • Name Your Own Bet
5

Up To $7500 Risk-Free Bet

  • Gigantic welcome offer
  • Tons of available bets
  • Backed by Sports Illustrated

Banking options matter

When it comes to banking you’re generally looking for security, variety, and ease of use from your deposit and withdrawal methods. In the early days of online sports betting when offshore, unregulated sites were prominent, cashiers were small and payouts were slow. You never knew if or when your money would arrive when cashing out.

Luckily, now that bettors in Colorado now have access to a huge selection of legal sportsbooks, users will be able to deposit and withdraw using a number of secure, quick payment methods – many of which are probably familiar. 

Mobile deposits: Available throughout Colorado

The majority of Colorado’s casinos are tucked away into sleepy mountain towns. Your average bettor isn’t going to be able to make their way to Cripple Creek (population: about 1,000), Black Hawk (population: about 100), or way down to Southern Ute country to place sports wagers.

That’s why mobile wagering is so important for Colorado’s legal betting industry, as it allows sports betting to be a hobby, not just a vacation. In Colorado you can download an app or visit a website, sign up, deposit, and put down real money wagers all from your couch. There is no need to travel across the state to place a bet.

Colorado online sportsbook deposits & withdrawals options

Obviously, when you’re signed on with a regulated sportsbook in CO you’ll want banking choices. Funding your account is the first step towards winning, and if you do win some bets, you’ll want a no-fuss way to get access to your cash.

Placing a deposit will not only get your foot in the door for real money wagering, but it can also trigger welcome offers and promotions that add to your bankroll. These bonuses are always a good way of adding extra credit or potentially increasing your payout, but you’ve got to add some cash to your account first. Here are the available deposit methods in Colorado:

Credit/Debit Cards

When you’re ready to make a deposit into an online sportsbook, credit and debit cards are a great first-choice option. Typically, as with most retailers, VISA and Mastercard are most common among sportsbooks. In some cases, you may be able to use other cards like Discover or American Express. Of course, it’s always a good idea to check the Payments or Cashier page of your preferred book to get a better picture of what’s available.

Prepaid Cards

Many sportsbooks offer Play+ Prepaid Cards as an option for both deposits and withdrawals. These prepaid cards are an effecient way to fund your account and receive withdrawals using one card.

You’ll receive a physical card when you sign up and fund your account. This physical card can be used as a debit card at most ATMs, so you can easily access cash winnings from your sportsbook account. Additionally, the Play+ service also acts as an online wallet, meaning you can make deposits directly from a mobile phone or computer. You can also make a Card to Bank transfer to withdraw funds.

Prepaid cards and online wallets also have the added bonus of additional authentication. If you’re using a credit card or bank transfer, that’s a direct line between a sportsbook and your credit card or bank account. These sites are all safe and regulated by Colorado law, but having an additional factor of protection for your personal information like a Play+ card or eWallet is always a good idea.

eWallets

eWallets, also known as online wallets, are accounts that enable you to make deposits and withdrawals without having to enter your bank or card details every time.

As we’ve just mentioned, having an extra layer of authentication is a solid way to further protect your identity and info, but another benefit to these methods is speed. Often, your transfers will be faster with an eWallet than they would with a bank transfer or other method.

PayPal

PayPal is perhaps one of the most well-known and widely used online wallets in the world. The service that made Elon Musk rich, PayPal is praised for fast transactions, versatility, and security.

Unless you already have an account, signing up with PayPal is easy. Just share your name, email, a few personal details, and create your account. Once you link a bank card or checking account to PayPal, you’ll be able to use the site just like any other online wallet.

With PayPal, you can add money to your balance or use the balance to make payments. You can also use PayPal as a form of two-factor authentication when giving sportsbooks access to your bank card. This is one of the most preferred methods for funding your Colorado sports betting account or making withdrawals.

Skrill

Skrill is neat because it’s similar to PayPal, only tailor-made for betting websites. Users on Skrill will have access to a near-identical featureset to that of PayPal, with the additional benefits of:

  • No transaction fees
  • VIP Program for frequent users

Yep, not only are there no fees involved with Skrill transactions, but you can also get VIP benefits just for using the wallet. Star treatment at major sporting events, higher transaction limits, and VIP host service are all benefits of being a preferred user of the Skrill online wallet.

Bank Transfers (eCheck, ACH)

If you want a more direct line to your bank or you’re not interested in using third-party processors, you can usually make transfers to and from your online sportsbook through bank transfers or eChecks (ACH).

All major banks, and a lot of smaller institutions typically participate with online bank transfers, including: Bank of America, Capital One, Chase, PNC, HSBC, and more. 

Note: some banks do not allow transactions from gambling providers. Check with your bank before continuing. Also, it’s important to note that there will often be fees associated with bank transfers. Processing times usually clock in around 3 business days.

In-person banking

Colorado sportsbooks offer several ways to deposit in-person. Whether it’s using a third party processor, or visiting a retail casino in the flesh, there are a few options for doing things the old fashioned way.

PayNearMe

If you want to make a deposit but you don’t have access to the above methods or you just want to get rid of some pocket change, visit a PayNearMe location in Colorado to make deposits.

The process is pretty simple. You initiate the deposit online through your preferred sportsbook, and PayNearMe will issue a barcode. Next, travel over to a local PayNearMe provider. Once there, the cashier can scan your code and ring you up just like a standard purchase. Hand over the cash, and you’re good to go. Your funds will appear in your sportsbook account within a few minutes. PayNearMe locations include 7-Eleven, Family Dollar, and CVS stores throughout CO.

VanillaDirect

VanillaDirect is very similar to PayNearMe, and is found at many retailers throughout Colorado. Walgreens, Dollar General, and more participating merchants allow users to bring VanillaDirect barcodes to the cashier and load funds into their preferred online sportsbook account that way.

Cash at the casino cage

Using online sportsbooks enables legal bettors to deposit funds and win money from anywhere in Colorado. You just need a supported device that connects to the internet, and you’re good to go. However, if you find yourself at a Colorado casino and you’re looking to deposit cash or get access to your winnings, you still can. Head to the casino cage, provide them with your account info, and pony up. Participating casino locations include:

Casino PartnerSportsbookAddress Phone
Midnight Rose Hotel & CasinoBetMGM256 E Bennett Ave, Cripple Creek, CO 80813(719) 689-0303
Isle Casino Hotel Black HawkCaesars Sportsbook401 Main St, Black Hawk, CO 80422(800) 843-4753
Lady Luck CasinoCaesars Sportsbook340 Main St, Black Hawk, CO 80422(775) 786-5700
Saratoga Casino Black HawkBetfred101 Main St, Black Hawk, CO 80422(303) 582-6100
Red Dolly CasinoElite Sportsbook530 Gregory St, Black Hawk, CO 80422(303) 582-1100

Sportsbooks without in-person banking

Some sportsbooks in Colorado don’t accept deposits at the casino cage. This means you can only deposit or withdraw funds from the account using the above online payment methods. No in-person banking methods are available for the following:

Withdrawal methods at CO online sportsbooks

Good news! You’ve won some money on a Broncos bet, and you’re looking to withdraw some of those funds out of your online sportsbook. You’ll have quite a few methods at your disposal, though generally speaking withdrawal methods are not as numerous as deposit options.

An important caveat to note: some withdrawal methods will be restricted unless you’ve previously made a deposit using that method. For example, you’ll have to make a deposit to your online sportsbook account using your PayPal balance before you can withdraw winnings to PayPal. This serves as an additional level of security – in these cases the sportsbook knows for certain that they are sending your cash to the right spot.

Withdrawal methods available on Colorado online sportsbooks include:

  • eChecks (ACH): Some institutions will not allow withdrawal from gambling websites and apps, so check with your bank before entering your account details for an ACH or eCheck transfer.
  • Prepaid Play+ Cards: One of the quickest methods, simply withdraw to your Play+ account and your funds will appear, usually within the business day. You can use your physical Play+ card as a debit card, and even withdraw cash from it through an ATM.
  • PayPal: When withdrawing, choose PayPal as your payment method. Your balance will appear in your PayPal account, which can then be transferred to the bank account of your choosing or used as cash online.
  • Skrill: Like PayPal, simply choose Skrill as your withdrawal method and shift the funds through.
  • Paper Checks: If you’re patient, you can request a paper check by mail. This usually takes at least 7 business days. Paper checks aren’t available everywhere, but some sportsbooks will offer them.
  • Cash at Cage: Users can visit eligible retail sportsbook locations at Colorado casinos to get instant access to their winnings.

The fastest of the above payment methods will always be getting your cash directly at the casino cage: refer to the above table for locations where you can withdraw from your sportsbook account in-person. After that, PayPal and Play+ Cards are excellent options, with funds appearing within a business day or two.

Shared wallets

Shared wallets are a great perk for sportsbooks that also have a separate casino or DFS operation. Online casinos are not legal in the state yet, though it would be a logical next step. If legislation does expand to include casinos, many of the existing sprotsbooks would be ready to roll out their casino products. In such a case users would be able to seamlessly shift their bankroll back and forth between their chosen brands sportsbook and casino.

When you’re betting with a site that also has a separate section for daily fantasy sports, like in the case of FanDuel and DraftKings, you’ll be happy to know that there is a shared wallet. This means that you’ll be able to wager on real sports using money you’ve won from DFS contests, and vise versa.

Responsible gaming

If for any reason you feel like you’re spending a bit too much money or time on sports betting, check the Responsible Gaming tab. All operators in the U.S. are required to give users the ability to limit their spending or lock their account for a given period of time.

Deposit limits and “cooling off” periods are both good ways of making sure you’re not betting over your own head. These are free resources available within your sports betting account. Remember: once you’ve opted-in to a cooling off period, you can’t bet again until the period is over. Deposit limits are also easy to establish so you won’t be able to invest more than you want towards sports betting.

FAQ

How much does it cost to sign up with a sportsbook?

It’s free to sign up with a Colorado online sportsbook. However, unless you managed to register with a free money or free bet offer, it’s likely you will need to make a deposit before you can begin betting. 

How can I be sure my money is secure?

The Colorado Gaming Division is responsible for overseeing all transactions that occur on in-state online sportsbooks. Each individual operator must use industry standard SSL technology to secure user data. Your cash is just as safe online with a regulated sportsbook as it is inside of the vault at your preferred casino.

Why are my deposits limited?

Online sportsbooks may limit your deposits for a number of reasons. A book may limit your maximum deposit if they notice strange activity on your account. In other cases, you may have limited deposits as a result of a Responsible Gaming restriction that you’ve placed on your account.

Online sportsbooks tend to have a maximum deposit amount, but you can have that amount raised by being a member of a loyalty program or by contacting customer support. If you feel your account has been limited and you’d like to have higher deposit and wagering maximums, it’s best to just reach out to the sportsbook and ask them to raise your limits.

Are deposits the same on sports betting mobile apps?

Yes, you will have access to the same deposit and withdrawal methods on the mobile app as you will on the desktop/browser version of a given sportsbook. All features, including available bet types and markets, that are available on the desktop/browser version of a sportsbook will be found on the mobile apps as well.

Can I access banking features when I’m not in Colorado?

Yes, you can access all of your banking options from other states. You may deposit, withdraw, and even check lines within the sportsbook from out of state. However, you must be in Colorado in order to actually place a wager.