1. Guide To Sports Gambling
2. Sports Gambling Guide Tips
3. Sports Gambling Guides

Sports betting can be a very fun and profitable activity, either giving you an extra sweat on the games you’re watching or padding your bankroll. It can also be intimidating, especially for beginners. That’s why SharpSide is here to help get you started with our Beginner’s Guide to Sports Betting, a perfect sports betting guide to get you headed in the right direction.

A Complete Beginners Guide to Sports Betting Over the past few months, we’ve posted quite a few articles on sports betting. We posted three guides to cover the basics on handicapping baseball, basketball and football, but these didn’t nearly cover everything a beginner would need to know. Online Sports Betting in Colorado. Online sports betting has been a contentious topic in the gambling industry, but it is not an issue in Colorado. Online sports betting became legal in May, 2020 – however, some of the legal aspects of online sports betting (and sports betting in general) are still under review and will be implemented over time. Mobile Sports Betting Apps in Michigan. Mobile sports betting Michigan came early, so to speak. The legal process was scheduled to be finalized some time in 2021, but the COVID-19 pandemic forced lawmakers to expedite it. Consequently, mobile sports betting is currently legal, thriving, and expanding fast in the Great Lake State.

Casinos can have a lot of bright lights and moving parts. Fast talkers throw around words and phrases you’ve never heard before. Sportsbooks display a myriad of numbers with plus and minus signs galore that can confuse the heck out of people. This all comes with betting real money. You know you want in, but you’re a little timid for what this world brings.

In this sports betting guide, you’ll find a few of the often-asked questions from beginners, plus you’ll find a few links for further reading to keep you on the right path.

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Once you’re done arming yourself with a bit of knowledge, go ahead and download the free-to-use SharpSide app. It’s the perfect tool for your to try our sports betting without having to put any actual money on the line. Available now for iOS and Android, the SharpSide app allows you to make free picks for a wide variety of sports and bets, track results, compete on leaderboards, and win great prizes. Get your feet wet, try out new strategies, and hone your skills with the free SharpSide sports betting app today.

What is a favorite?

A favorite is a team or competitor that oddsmakers expect to win, and it is often displayed with a minus sign in front of the odds. This is the team or competitor that is favored over the opposition, hence being called a favorite. When betting a point spread, the favorite will often be laying or giving points to the opposition to make the wager evener. When wagering on the money line, the favorite will have a lesser return on the money that is bet.

What is an underdog?

Opposite to a favorite, an underdog is the team or competitor oddsmakers expect to lose. Underdogs are often displayed with a plus sign in front of the odds. Underdogs operate in similar fashion to favorites when it comes to a point spread or a moneyline, just opposite. When betting a point spread, the underdog will often be receiving extra points versus the opposition to make the wager evener. When wagering on the money line, the underdog will have a greater return on the money that is bet.

What is a pick or pick’em?

A pick or a pick’em is when a bet is even on both sides in terms of who the oddsmakers expect to win, meaning it’s a 50-50 proposition. You just “pick” who you think is going to come out on top without having to overcome a point spread or lay odds. In pick’em contests, betting the money line will lend an even return.

What is the point spread and how do spreads work?

A point spread is used to even a betting matchup between two sides. The favorite will be giving points to the other side, and the underdog will be receiving points. To win against the point spread, the favorite must overcome the number of points given to the underdog. For the underdog to win against the point spread, the underdog can use the points given to overcome the opposition.

For example, let’s say the Boston Celtics are -4 favorites over the Los Angeles Lakers, who are +4 underdogs. After the final score is realized, the Celtics would subtract four points from their total if that’s the team you bet on, or the Lakers would add four points if you bet on this side. This would then determine if the bet was won “against the spread.” In this example, if the Celtics beat the Lakers by a score of 100-90, all bets placed on Boston at -4 would win, as they overcame the four-point spread, and all bets placed on Los Angeles at +4 would lose because the team failed to overcome Boston’s total even with the added points. Likewise, if the final score was 94-92 in favor of the Celtics, the Celtics would lose a point-spread bet and the Lakers would win.

Because the point spread is used to even the matchup, the odds you receive on a point-spread bet are much closer to even in terms of your return.

For more on the point spread, check out our point spread betting page.

What is the money line and how does it work?

Betting on the money line means you are betting on the two sides straight up, without the added or subtracted points that a point spread provides.

If the Dallas Cowboys played the New York Giants, you pick which team you would want to win and the odds factor in who is the favorite and who is the underdog. In this example, the Cowboys might be listed at a price of -200 and the Giants listed as +175. This shows us that the Cowboys are the favorite to win the game and the Giants are the underdog (note the minus and plus signs, as mentioned before). With these odds, you would need to bet $200 on the Cowboys to win $100. On the other side, a bet of $100 on the Giants would win you $175.

This same game may be listed using a point spread, too, and that can help you determine where you want to make your bet.

What is a total?

In a game, a total is the number of points scored. Oddsmakers and sportsbooks will often release lines for the total amount of points scored between both teams in a game, and bettors can wager on if they think the total will be over or under the listed amount. This is often referred to as an “over/under” bet. Oddsmakers and sportsbooks can also put up totals for each side separately.

Totals can also apply to wins in a season. In fact, season win totals are some of the most popular wagers across all major sports, especially in the NFL. An oddsmaker or a sportsbook will determine a line to set for the number of wins a team will get in a regular season. Bettors can then wager on if they think the team will win more or fewer games than the number posted.

Where can you place a sports bet?

Depending on the jurisdiction, sports bets can be placed in a sportsbook or online, but those interested in placing a sports bet should understand the rules and regulations of the market they are in. Las Vegas is known for its dozens of state-of-the-art sportsbooks that cater to all kinds of sports bettors. If you’re making a trip to Sin City, check out SharpSide’s list and reviews of Las Vegas sportsbooks.

For sports betting options in other states, check out the links below.

How much should you bet?

A wise man once said, “Only bet what you can afford to lose.” This applies to investing in stocks, playing poker, and especially to betting on sports. Only wagering in amounts that are comfortable to you is part of proper bankroll management, and know that each person is different, with varying thresholds.

Oftentimes you’ll hear sports bettors refer to the amount of money wagered in “units.” A unit is a predetermined bet size a bettor will use as an average wager. From there, a bettor will determine how many units to wager depending on the conservative or aggressive nature of the bet.

It is commonly suggested that bettors risk in the range of 1%-5% of his or her bankroll on each individual bet, depending on the confidence level you have in the bet. The lower end of that range, 1%, is often one unit for a sports bettor. Putting this into an example, let’s say you have $1,000 in your betting bankroll. Each unit would be 1% or $10 and your maximum bet can be 5% or $50. Applying the 1%-5% rule, sports bettors can guard against losing streaks and avoid losing an entire bankroll quickly.

Why did the odds change?

In most cases, the odds are always changing. Oddsmakers and sportsbooks are constantly trying to find and keep the best middle ground in a wager and often need to adjust one side of a bet, the other, or both in order to do so. Too much money being bet on one side or the other can cause the odds or point spread to be adjusted, and then there are things like changes in the weather or injury news that can affect how a game will play out and push oddsmakers to adjust.

Odds or point spreads changing is completely normal. Just like the prices in the stock market can and will adjust over time, so will the odds and point spreads at a sportsbook. Odds change and line movement can work for you, but they can also work against you. This is why it’s suggested to study line movements when you are looking to place a wager.

What if there’s a tie?

A tie in the world of sports betting is often referred to as a “push.” If you bet on the money line and there was a tie as the result, you’ll likely get your money back and that’s it. The same goes for a point spread if the result ends up equating to a tie.

What’s next?

Now that you’ve read through our sports betting guide and have familiarized yourself with the basics, it’s time to dive a little deeper. Next up, make sure you review the list of common sports betting and gambling terms. It will rehash some of the things discussed in this sports betting guide, plus help you build your knowledge base.

Another good place to look is SharpSide’s Sports Betting 101 series. We’ve got content covering the topics of understanding the juice, betting against the public, common do’s and don’ts of sports betting, and more.

Understanding what the juice (or vig) is will help make you a more knowledgable sports bettor. It’s how you’ll understand betting odds and prices on bets. To learn more, we’ve got you covered on the topic right here.

A common betting strategy, and a very simple one for beginners to follow, is to bet against the public. You’ll often hear “public” and “square” terminology tossed around in this industry, so you’ll want to familiarize yourself with the concept of betting against the public, what it means, and why you might want to do it. Check out our betting against the public article to get up to speed.

Another excellent sports betting resource comes in the form of our ‘Do’s and Don’ts of Sports Betting’ article. In this piece, we cover line shopping, large moneyline favorites, correlated parlays, live betting, and more.

The most common sport to bet on is football. Whether you’re someone who wants to bet college football or bet on the NFL, we’ve got you covered. J.J. Apricena, lead sports betting contributor for the SharpSide YouTube channel, put together a pair of videos that cover the topics of college football betting and NFL betting. You can check out the college football one here. For the one that covers NFL betting, check it out here.

That wraps up our sports betting guide, for now. Be sure to check back every so often as we’ll be working to add to this page when we can, with the goal of providing you, the sports bettor, with more information on how you can go from being a beginner to a sharp.

Colorado is not a stranger to gambling. The state is home to some of the country’s most famous casinos spread out across its rocky countryside. However, sports betting was considered a grey area for the past three decades – until now.

Sports betting received approval from Colorado’s residents in 2019, following a referendum in which more than 1.3 million people voted. However, it didn’t become officially legal until May, 2020. Now sports betting Colorado is incredibly easy, and some may even argue that it is more lucrative than in other states. Here is an overview of everything you need to know about sports betting in Colorado.

Selection of online sports betting Apps in Colorado:

What Kinds of Gambling are Legal in Colorado?

As mentioned, casino-style gambling has been legal in Colorado for decades now – some of the first casinos were set up in 1991. Casinos in the state offer a wide range of gambling options, including slots, table games, poker, scratch cards, bingo, keno, and more!

Colorado seems to have taken a similar approach with sports betting, as there are few limitations when it comes to the sports that you can bet on and the types of bets applicable for each sport. For starters, bettors can bet on virtually any sport from across the world, including:

The specific sports leagues that you can bet on for the major sports include:

The law also allows for a wide range of sports bets, including:

• Point spreads
• Money lines
• Over/under
• Parlay
• Teasers
• Futures
• Live betting
• Props
• Round Robins

P.S. The law prohibits line, in-play and prop bets on college sports. There are no limitations for all the pro teams in the state.

Where to Bet on Sports in Colorado

Simply put: you can bet on sports anywhere within Colorado’s state lines! The law provides for many options when it comes to how and where you can wager on sports. The options include:

Online Sports Betting in Colorado

Online sports betting has been a contentious topic in the gambling industry, but it is not an issue in Colorado. Online sports betting became legal in May, 2020 – however, some of the legal aspects of online sports betting (and sports betting in general) are still under review and will be implemented over time.

Online sports betting Colorado only works with licensed sportsbooks that offer an online betting platform. Residents can apply and do everything online, from exploring available Colorado sports betting options to withdrawing their winnings after the fact.

Every sportsbook offers a standard range of features. These include a portfolio of available sports betting options, which are listed alongside important details such as the attached odds, running times, and more.

Different sportsbooks also accept different banking options, including major credit cards (Visa, MasterCard, Discover, and more), online money wallets (PayPal, Skrill, NETELLER, and more), bank wire transfers, and more. You can then choose your desired sports betting options, place your wagers online, and track the progress of your bets all from one platform.

Some sportsbooks also offer live, in-play betting options, including live streaming. However, the range and quality of features may vary from one sportsbook to another. It is, as such, important to sign up with a credible sportsbook. Important features to consider in a sportsbook include its adherence to regulations, the quality of its user interface, the size of its sports betting portfolio, available promos and other offers, and overall reputation.

Estimated time needed to register, deposit and start to play 3 minutes.

Anyone of legal gambling age can sign up with a licensed online sportsbook. The registration and betting processes are fairly easy, as explained below:

1. Sign Up

   The first step is signing up with your sportsbook of choice. You will be required to provide your ID details, including your name, the last four digits of your social security number, phone number, email address, date of birth, and residential address. This information is used to determine your legality and age. It is advisable to provide credible information to avoid complications down the road.
   

2. Fund Your Account

   – Registration takes minutes, and the next step entails funding your account so that you can start placing real money wagers. The law allows for a wide range of banking options, including all major credit and debit cards. Acceptable e-wallets include PayPal, NETELLER, and PayNearMe. Play+, a virtual prepaid card, is also popular on most sportsbooks.
   – Transactions are relatively secure as the law has strict requirements in place to safeguard users’ banking details. The transactions are also relatively fast, but this depends on the transaction method. The fastest options are e-wallets and credit cards, while bank and wire transfers may take up to three days to clear.
   – It is also worth noting that withdrawals take longer to clear compared to deposits. Additionally, some sportsbooks may require you to provide proof of your identity, such as a passport or utility receipt with your personal details. It is advisable to register with a sportsbook licensed by the Colorado Division of Gaming for flawless transactions.

3. Place Your Bets

   You can now proceed to place real-money bets! Most sportsbooks offer user-friendly interfaces, so placing your bets should be easy. Some sportsbooks also go a step further with additional features such as betting tips and bet builders. You can also follow up on your bets in real-time using the site’s streaming options, or wait for it to play out and get alerts when the game ends.

P.S. Online sports betting works flawlessly in Colorado, but everything freezes outside state lines. The online sportsbooks licensed to operate here are required to track their users’ locations using GPS tracking systems, and the users’ online accounts and apps stop working when they leave the state.

Mobile Sports Betting Apps in Colorado

Colorado’s friendly online sports betting laws have seen a flurry of Colorado sports betting apps venture into the market, and many more are making plans to get the necessary licensing and regulation. Here is an overview of some of the most popular sports betting apps currently active in the state:

DraftKings

DraftKings is one of the most reputable sportsbook brands in the world. The app is making an aggressive venture in the state, with welcome bonuses as much as $200. The app is easy to use and the sportsbook offers a flurry of features, including one of the largest sports betting portfolios in the industry.

FanDuel

FanDuel is one of the most popular sportsbooks in the country, and it is ranked as the best in Pennsylvania and New Jersey. It also has a diverse sports betting portfolio with all the major popular national listings as well as international favorites. The app is also popular for its robust fantasy sports options, which is not available on most other sportsbooks.

BetMGM

BetMGM is one of the most enticing apps in the state. Its incentives to new players include huge promotions as much as 100% bonuses on the first deposit, odds’ boosts, and an early cash-out option that allows players to withdraw their cash before the game ends.

BetMonarch

BetMonarch is the only sports betting app native to Colorado. The app is an extension of the Monarch Casino Resort Spa, which is a land-based casino in Black Hawk. The app is surprisingly robust and includes a wide range of sports betting options.

Other Sportsbooks

Amongst other online sportsbooks apps in Colorado you will find the UK founded betting operator BetFred, Rush Street Gaming owned sportsbooks BetRivers and the American sports betting pioneers SuperBook Sportsbook.

Land-Based Sports Betting in Colorado

Colorado is home to dozens of casinos located mostly in its rocky countryside towns, including Black Hawk, Cripple Creek, and Central City. Every casino already has a Master Sports Betting License, which is the main requirement for offering sports betting. Additionally, many casinos have already laid down the infrastructure necessary to offer sports betting options.

Some of the most popular casinos offering sports betting options include:

Ameristar Casino Resort & Spa

Ameristar Casino Resort Spa has one of the best sportsbooks in the state. Its sportsbook includes both a physical lounge and online betting platform. The sports lounge is located on level 2 of the casino, inside BAR8042, while the online platform is accessible from anywhere in the state.

Monarch Casino Resort & Spa

Monarch Casino Resort & Spa is the only land-based casino in the state with its own retail sportsbook: BetMonarch. The BetMonarch sportsbook works both online and physically at the casino. It offers some of the best odds in the state, with 16-cent run lines and 8-cent money lines.

Other casinos offering sports betting options include:

Betting on sports in land-based casinos is different from online sportsbooks and mobile sports betting apps. These casinos have sports lounges where players can go to place their wagers and do more, including watching their favorite games live over a refreshing drink. Betting is done through a betting terminal or kiosk, where live agents take your betting order and issue you with a receipt. You can then cash in the receipt if your wager goes through.

The law also allows land-based casinos to form partnerships with online sportsbooks, including out-of-state brands. To this end, some of these casinos also offer online betting options through their partners. Some of the most notable partnerships include:

It is worth noting that most of the casinos advertising sports betting are doing so through their sportsbooks partners. As such, you don’t have to be a patron at the casino to sign up with these sportsbooks. However, more and more land-based casinos are setting up sports lounges, and more sportsbooks are negotiating partnerships with the other casinos.

Who Can Bet on Sports in Colorado?

There are two main requirements for betting on sports in Colorado. The first is that you must be a legal resident, as you will be required to provide certain details about your government-issued ID. The second is that you must be of legal gambling age, which is 21-years-old under Colorado law.

However, while anyone of legal gambling age and residence in Colorado cam bet on sports, the authorities still urge some caution. Sports betting is classified as gambling, which is the primary reason behind some of the opposition during the referendum. It is important not to overdo it, as it can lead to addiction to gambling.

The government also has ready help for residents struggling with addiction to gambling. Anyone with this problem is urged to get in touch with the Problem Gambling Coalition of Colorado through 3030-662-0722, or the Gamblers Anonymous association via 303-754-7119.

FAQs

Sportsbooks setting up shop in Colorado are wooing sports bettors using a range of bonuses and promos, including:
Deposit Bonuses
Many sportsbooks offer a welcome bonus for new applicants in the form of a bonus on your first deposit. The bonus can bet anything from 1% to 100% of your initial deposit. The bonus is credited to your player’s account immediately after the deposit is approved.
However, some sportsbooks may require you to provide a voucher or bonus code before unlocking the deposit bonus. It is also worth noting that the bonus money may come with certain requirements, such as how many times you should wager it and which sports you can bet on.
Odds Boosts
The rule of that is that bigger odds fetch bigger prizes. Odds boost is not new in sports betting, but it has been gaining increased popularity over the recent past. It entails unusually high odds on ordinary matches. The odds boosts are reserved for select games, and they may come with certain requirements or an increased degree of risk or volatility.
Loyalty Programs
Sportsbooks also reward their long-time users through robust loyalty programs. Most of these programs reward players with comp points for their participation on the platform. The comp points can then be redeemed for a wide range of prizes, including cash.

You can bet on sports anywhere you are in Colorado, thanks to the state’s friendly online sports betting regulations. There are at least five sportsbooks licensed to operate in the state, and you can register on one or more of these online using your PC or smartphone. However, you must be in the state for your online sports betting accounts to work, as all your registered devices will be tracked using GPS tracking technology.
You can also walk into one of dozens of world-class land-based casinos in the Rockies. All of the casinos are licensed to offer sports betting, and some have already established robust sports lounges with betting kiosks.

The law requires casinos and sportsbooks offering sports betting services in Colorado to pay a state tax of 10% on their revenues. This is estimated to total to anything between $16 million and $30 million per year. The tax money will be primarily used to fund the state’s water projects, community colleges, and other essential obligations. Some of this money will also go towards helping people dealing with addiction to gambling.
It is also worth noting that individual players’ winnings are taxable. Players who win more than $600 will receive a W-2 form along with their payout.

Guide To Sports Gambling

Yes, you can place bets on both professional and college sports and teams in Colorado. However, even this state’s lax laws ban players from wagering on prop bets in college games, and betting on high-school games is banned completely.

No, you don’t have to be an official resident of Colorado to bet on sports in the state. However, you must be a legal American resident with a government-issued ID document. You must also be of the legal gambling age of 21 years old.

Yes, eSports and daily fantasy sports betting are allowed in Colorado. However, eSportsbetting is only allowed if the event is sponsored or regulated by a governing body, and if the participants are at least 18 years old.

Sports Gambling Guide Tips

Sports Gambling Guides

Sports betting Colorado is regulated by two bodies: the Colorado Division of Gaming, and the Colorado Limited Gaming Control Commission.