There are many bet types available for users to enjoy for Colorado online sports betting. Since Colorado was one of the early adopters of legal sports betting, the state has one of the most developed sports betting markets in the entire country.
Here is a detailed list of the types of wagers available for both professional and collegiate sports in Colorado.
Betting on spreads, or point spreads, is one of the most common betting types in Colorado. To ensure bets are placed on both sides of the matchup, the favorite is given a handicap.
For example, let's say the Denver Broncos are a 4.5-point favorite over the Las Vegas Raiders – in this case the spread would be Broncos -4.5. The Raiders, as the underdog, would be +4.5. Betting on Broncos in this example means you think they'll win by five or more points to cover the spread.
On the other side, Raiders +4.5 would hit if Las Vegas won the game outright or lost by four points or fewer.
Betting the totals, also known as an over/under bet, is typically used to bet on whether two teams will combine to score more (over) or less (under) than the number provided. While the most common totals bet is for the full game, there are betting options for over/under point totals for halves, quarters and more. You can also bet totals on individual player props.
For example, if you see a total at 211.5 points for a Nuggets game and bet the over, the two teams (the Nuggets and their opponent) must combine to score 212 points or more to win the bet. If the two teams combine to score 211 points or fewer, the bet loses.
The simplest bet users can make when Colorado online sports betting is a moneyline wager, since it is simply picking the winner of the game. Odds for moneyline bets can range from +100 (even money) to plus or minus numbers as high as 1000, in extreme circumstances for games that are expected to be lopsided.
Betting odds for the favored team will be listed as a negative number, like -140, meaning you must risk $140 to win $100. For the underdog, the odds will have a positive number, like +165, meaning you only need to risk $100 to win $165.
While you can wager more or less than $100 on a moneyline bet when using Colorado online sports betting sites, American odds are based on betting or winning $100.
Prop bets feature smaller in-game events instead of the game outcome. Betting on props can include team props, such as betting as team's total touchdowns scored, or individual player props, such as the number of rebounds a player grabs in a given game.
Unfortunately, Colorado online sports betting has a restriction on collegiate prop bets. However, users can still bet on props for professional sports.
Futures are wagers on an event or market with an outcome to be determined in the future. The most common type of futures bet that Colorado users place is on a league championship, such as the odds to win the 2023 Super Bowl.
Other examples of futures bets include individual awards, like the NBA MVP winner or NFL Coach of the Year, as well as season win totals, whether a team makes or misses the playoffs, and more. Futures bets often come with longer odds since the waiting time for these bets has built-in risk and there are typically many options (e.g., 32 possible teams could win the 2023 Super Bowl).
Parlays are wagers that combine multiple different bets together into one bet slip. It creates a larger payout, but all legs must win for the entire parlay to cash. Obviously, this makes a parlay bet more difficult to win, which is why the odds are longer. Parlays at Colorado sportsbooks can feature moneylines, spreads, totals, and prop bets across different sports.
For example, a three-leg parlay could have Broncos -8.5 on the spread (-110 odds), Nuggets-Suns over 213.5 points at -110 odds, and Avalanche moneyline at -160. The total parlay odds for this bet would be +492. If all the bets hit, you'd win $492.26, plus get back your $100 stake. However, if one of the three bets loses, then the entire parlay is a bust.
Teasers give you the chance to shift the point spread or total for a parlay collectively up or down. Moving the line makes the overall parlay bet easier to win, but it makes the betting odds less profitable.
For example, a parlay taking the Broncos -8.5, Nuggets-Suns over 213.5 points, and the Colorado Buffaloes -11.5 would likely have +597 odds. A four-point teaser would move the lines to Broncos -4.5, Nuggets-Suns over 209.5 points, and Colorado Buffaloes -7.5 for +165 odds. The line has moved in your favor on each of the legs, but the odds have shifted to give you a potentially smaller payout.
Colorado online sportsbooks offer live betting, also known as in-game betting, which allows bettors to place wagers on an outcome while the game is taking place. Based on what is happening in the game, many markets including the spread, total, and other odds will refresh constantly, creating opportunities to place wagers on different odds and outcomes.
For example, let's pretend the Denver Nuggets were +2.5 against the Utah Jazz. However, after Denver begins the game on a 10-0 run, Colorado sportsbooks might update the spread to Nuggets -2. This gives bettors the opportunity to bet on the Nuggets or Jazz at the updated spread while taking into account the in-game action.