Colorado law largely determines the types of deposit methods licensed colorado betting sites and mobile sportsbooks may accept. Fortunately, CO sports betting regulations allow operators to serve customers with a wide range of mainstream Colorado betting deposit options.

On this page, ColoradoBetting.com discusses how the various deposit methods accepted by licensed operators work and how state law interacts with the availability of such methods. Generally speaking, Colorado bettors will find it easy to fund their accounts and wager for real money.

Most mainstream deposit methods such as credit cards, debit cards, bank transfers, PayPal and the like are permitted under CO law and are accepted by licensed betting sites.

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Deposit Methods Approved by Colorado Law

After Colorado passed legislation to authorize sports betting, the Limited Gaming Control Commission (LGCC) drew up regulations to govern the ins and outs of legal betting throughout the state.

Among the rules is a section dedicated entirely to deposits and withdrawals. Section 7.11 of the regulations adopted by the Commission covers the management of betting accounts and types of deposit methods that operators may accept.

Specifically, part (5) Section 7.11 says this on deposits:

(5) Account funding.

A patron’s sports betting account for sports betting may be funded through the use of:

(a) A patron’s credit or debit card;

(b) A patron’s deposit of cash or vouchers at a cashiering location approved by the Director or Director’s designee

(c) A patron’s reloadable prepaid card, which has been verified as being issued to the patron and is non-transferable;

(d) Promotional credit;

(e) Winnings;

(f) Adjustments made by the Sports Betting Operator with documented notification to the patron;

(g) ACH transfer, provided that the operator has security measures and controls to prevent ACH fraud regarding failed ACH deposits;

(h) Wire transfer; or

(i) Any other means approved by the Commission.

(j) Accounts may be funded outside the state of Colorado in accordance with these Rules.

Customers May Fund Their Accounts from Outside Colorado

As noted in the snippet above, Colorado law allows customers to sign up for accounts and make deposits from outside state lines. This is standard operating procedure among states that have legalized online betting.

Federal law prohibits wagers from crossing state lines but does not prohibit sports fans from signing up for accounts and making deposits from out of state. However, customers must be physically located within Colorado in order to place real money wagers.

The implication is people who are planning to visit Colorado or who live near the border can set up and fund their accounts ahead of time. Then, once they cross into Colorado, they will have everything ready to place wagers online.

State Law on Withdrawals

In Colorado, licensed operators are required to process all withdrawal requests within five days. In practice, most betting sites process withdrawals in under a day and customers have money in hand within 2-3 business days.

Section (11) of the CO sports betting regulations says this on withdrawals:

(11) Patron account withdrawal.

(a) A patron must be allowed to withdraw the funds maintained in his or her account, whether such account is open or closed.

(b) A Sports Betting Operation must honor such patron request to withdraw funds within five (5) business days of the request, unless the conditions set forth in subsection (c) are met.

(c) The Sports Betting Operation may decline to honor a patron request to withdraw funds only if the Sports Betting Operator believes in good faith that the patron engaged in either fraudulent conduct or other conduct that would put the Sports Betting Operator in violation of the law. In such cases, the Sports Betting Operator shall:

(i) Provide notice to the patron of the nature of the investigation of the account; and

(ii) Conduct its investigation in a reasonable and expedient fashion, providing the patron additional written notice of the status of the investigation every tenth business day starting from the day the original notice was provided to the patron.

(d) For the purposes of this provision, a request for withdrawal will be considered honored if it is processed by the Sports Betting Operator notwithstanding a delay by a payment processor, credit card issuer, or the custodian of a financial account.

Overviews of Common Betting Deposit Methods

Below, we explain the ins and outs of various deposit methods that are commonly accepted by licensed online sportsbooks.

Some details may vary from one betting site to the next (such as whether or not American Express is accepted), but for the most part, the types of deposit options accepted by sportsbooks are similar across the board.

Credit Cards and Debit Cards

  • Transaction time: Instant
  • Ease of use: Very easy
  • Deposit limits: Wide-ranging

Every betting site licensed in Colorado to date accepts debit and credit card deposits. This is one of the most convenient options because it works just like purchasing something from an online retailer.

Visa and Mastercard are universally accepted but acceptance of Discover and American Express is spotty.

Deposit limits with this method tend to be flexible, with customers usually able to deposit as little as $10 per transaction and as much as several thousand dollars depending on the sportsbook.

Important things to know about depositing with a credit or debit card:

  • Not all card issuers support online betting: Some issuing banks automatically decline all transactions related to online sports betting and gambling. This may be due to financial institutions viewing such transactions as being at high risk of chargeback or due to conservative polices left in place from the days before online gambling was legalized. Customers who have problems depositing can try contacting their bank or using a different deposit method (most other methods are similarly convenient).
  • Credit card deposits may incur a cash advance fee: Some banks treat all credit card transactions related to gambling as cash advances and charge a deposit fee.

Play+ Prepaid Card

  • Transaction time: Instant
  • Ease of use: Very easy
  • Deposit limits: Wide-ranging

The Play+ prepaid card is almost a must-have for frequent bettors. This deposit method is easy to use, provides instant deposits and offers withdrawals via electronic bank transfer or actual cash.

Play+ effectively functions as two deposit methods in one. First, customers who choose this method are directed to sign up for an online Play+ account. After registering, bettors can upload funds instantly online and begin placing wagers immediately.

About two weeks later, new users also receive a physical Play+ card in the mail. This card is linked to their online Play+ account and can be used to make purchases anywhere Discover is accepted.

Withdrawals can be initiated online, prompting Play+ to send funds via electronic bank transfer. Customers may also take their physical Play+ card to the nearest ATM for a cash withdrawal.

ACH Bank Transfers

  • Transaction time: Instant
  • Ease of use: Easy
  • Deposit limits: Wide-ranging

ACH bank transfers, eChecks and electronic bank transfers all transfer money from the customer’s bank account to his or her betting account. For bettors who do not have a credit card or who have had trouble depositing with a credit card, this option is a convenient alternative.

Making an ACH deposit involves inputting one’s routing number, checking account number and an amount to deposit. Most bank transfers are instantly credited to the customer’s betting account.

Many licensed operators use a company called VIP Preferred to process online banking deposits. VIP Preferred is a secure financial services institution and provides its services to large swathes of the US gaming industry, including brick-and-mortar casinos. At sportsbooks that use VIP Preferred, customers are automatically enrolled the first time they deposit.

PayPal

  • Transaction time: Instant
  • Ease of use: Easy for current accountholders; medium for new users
  • Deposit limits: Wide-ranging

PayPal is very easy to use for customers who already have an account but requires new customers to register an account prior to first use. Registering an account is pretty easy, but it still takes a couple minutes and isn’t quite as easy as simply depositing via credit card or eCheck.

However, once an account is established, PayPal is highly convenient. It can be used to make deposits, receive cashouts and to quickly move money from one online sportsbook to the next. Frequent bettors can also use PayPal as a safe holding place to keep their sports betting bankroll separate from their other money.

Skrill

  • Transaction time: Instant
  • Ease of use: Medium
  • Deposit limits: Wide-ranging

Skrill is another e-wallet similar in fashion to PayPal. A Skrill account allows bettors to make deposits from their bank account or credit card, make purchases online and to receive cashouts.

Cash via PayNearMe

  • Transaction time: Up to 30 minutes
  • Ease of use: Medium
  • Deposit limits: $10 to $500 per day (subject to some variance)

For customers who are more comfortable playing with cash, PayNearMe can be used to turn physical currency into an online betting bankroll. Bettors who choose this method are given a pay slip that they can either print or save to their mobile device to pay at the nearest PayNearMe location.

Colorado betting sites are notified of PayNearMe deposits in real time and credit players’ accounts immediately. The two major downsides to PayNearMe are that it requires a trip to the nearest location (usually a 7-Eleven, CVS or Family Dollar) and that maximum deposits are typically limited to $500 or $1,000 per day.

Wire Transfer

  • Transaction time: Up to 24 hours
  • Ease of use: Cumbersome
  • Deposit limits: Very high limits

Wire transfers are not very convenient as they usually require a trip to the bank and usually incur fees, but they are useful for very large deposits. There are better methods out there for smaller deposits, but customers who need to move a large bankroll should consider the wire transfer.

Check or Money Order by Mail

  • Transaction time: Two weeks
  • Ease of use: Cumbersome
  • Deposit limits: Varies

The number of betting sites that accept personal checks and money orders by mail is dwindling, but some operators do still take this method. Customers can get started by choosing “check” from within the cashier for a mailing address and instructions. Anyone in a hurry should be aware that this is by far the slowest deposit method of all.