It’s a fun time to be in Colorado now that sports betting is legal. Following the United States Supreme Court’s ruling in 2018, the Colorado legislature writing up its own laws in 2019 and then voters approving those laws, the sportsbook market in the Rocky Mountains is absolutely exploding.
And where there is sports betting, there are people chomping at the bit to bet on the best sports gambling day of the year — Super Bowl Sunday. On the sports calendar, the Super Bowl is the Fourth of July, Thanksgiving and Mardi Gras all rolled into one.
Since sportsbooks are a new thing in Colorado, betting on the Super Bowl is too. Where can you do it? What are the best strategies for betting on the Super Bowl?
How will you find online sportsbooks that will take your bet? And what types of bets on the Super Bowl are going to be offered in Colorado?
All of those questions and more will be answered this guide we’ve assembled for you.
Betting on the Super Bowl Online
There is an extra layer of excitement to be inside a retail sportsbook with other passionate fans during a huge event like the Super Bowl. But since all of the brick-and-mortar sportsbooks in Colorado will be limited to the mountain towns of Black Hawk, Central City and Cripple Creek, and driving into the mountains in February can be tricky, you need to know how to bet on the Super Bowl from the comfort of your own home.
Online and mobile sports betting is legal in the state of Colorado as long as you are 21 years old and inside state lines. Your internet IP address or mobile device location services will confirm the legality of your location.
Finding a Trustworthy Colorado Sportsbook
The market in Colorado is new, exciting and expanding, which means that several well-known and reputable sportsbooks have opened in the state. Many of them will have names you recognize, and all of them will have to be affiliated with a retail sportsbook operating in a current casino to open online and mobile services.
Read some reviews, check their credentials, take a look around their websites and mobile apps and once you find the one that best suits you, register for a new account. This can be done directly through the website or over the corresponding iOS and Android mobile apps.
All you need is your basic information: name, date of birth, physical address, email address, phone number, and last four digits of your Social Security number. Once you’re done there, make a deposit into your account.
Super Bowl Futures Betting
The great thing about betting on the Super Bowl is you don’t actually have to wait until Super Bowl Sunday to do it. You can place a futures bet right now on a Super Bowl that is still many months away.
Odds are given on each of the 32 teams to win the upcoming Super Bowl, and you simply choose the team you want to wager on.
Prior to the 2019 season, the Kansas City Chiefs were listed at +800 to win Super Bowl LIV. That means that if you’d bet $100 on the Chiefs before the season, you would have cashed in your ticket for $900 when they beat San Francisco to take home the Lombardi Trophy. That’s $100 for your original bet and $800 in winnings.
San Francisco opened 2019 as +4500 to win the Super Bowl. So when they lost, there were a lot of sighs of relief from sportsbooks across the nation.
Super Bowl LV Futures Odds
The odds on who will win the next Super Bowl were posted immediately after the Chiefs’ victory, and they were listed as the favorites. The rest of the notable odds for the next Super Bowl are as follows.
- Chiefs +600
- Ravens +700
- 49ers +900
- Buccaneers +1100
- Saints +1200
- Cowboys +1800
- Patriots +2000
- Eagles +2000
And then pulling up the rear are:
- Panthers +10000
- Bengals +10000
- Redskins +10000
- Jaguars +15000
The best way to understand these odds is to factor payoffs coming from a $100 bet. That would be $600 for a winning bet on Kansas City and a whopping $15,000 if you were to risk $100 on Jacksonville and they won it all.
These odds are also what a moneyline looks like. Again using last year’s Super Bowl as our example, a moneyline bet on Kansas City, which is just a straight-up win/loss bet, paid -125. So in that instance, a $100 bet on the Chiefs paid $80 in winnings.
Why Do Odds Change?
You will notice that the closer we get to the Super Bowl, the more these futures odds will change. The Chiefs opened 2019 at +800, but by the time the playoffs started, they were at +300. Their probability of winning changed, so the odds changed.
We’ll see these futures odds evolve for a lot of reasons: Trades, injuries and anything else that changes the makeup of a roster that makes them less or more likely to win. The Buccaneers moved up after they signed Tom Brady. The Jaguars dropped to the bottom after it became clear they were doing a complete rebuild.
On point spreads and moneylines, we’ll also see the odds change because the sportsbook wants to stimulate betting on a specific side. The book’s ultimate goal is to have equal betting across the board. If the betting becomes unequal, they become open to risk. So to mitigate that risk, they will shift the odds.
The Most Popular Super Bowl Bets
One of the reasons the Super Bowl is such a popular sporting event for wagering is because of the many proposition bets — or prop bets — that it features. Of course, people will bet the point spread, the moneyline and the over/under.
But it’s the best prop betting anywhere on the sports calendar, and these are the favorites:
- Over/under on national anthem length
- Coin toss winner
- First team/player to score
- Last team/player to score
- QB vs. QB in yards passing
- Will the game go to overtime?
- Most first downs
- Color of Gatorade dumped on the winning coach
From before the game begins, to the very end, and even through the commercial breaks (yes, there are prop bets involving which beer ad will run first), you can place bets throughout all five hours of the Super Bowl.
Super Bowl MVP Betting
One of the primo prop bets is picking the eventual MVP of the game. This comes in a couple of different forms and draws a lot of pre-game action.
You can bet on the position played by the eventual winner of the MVP. The quarterback has won the award 30 times, including 13 MVP awards since 2000. The next highest position total is the seven MVPs won by running backs. So picking QB is the smart bet, but also the one with the lowest payout.
You can also bet on which individual will win the MVP. At Super Bowl LIV the favorite, and eventual winner, was Patrick Mahomes at +115.
Craziest Super Bowl Bets
Not every bet is related to the game or within the bounds of reason. The nuttiest proposition bets ever played include:
- What food will the winning team be served at the White House?
- Will a Spongebob inflatable be used during the halftime show?
- Will the winning QB first thank God, wife/family, teammates/coach, fans?
Basically, if you can conceive it, you can bet it. But beyond the prop bets that are a bit nutty, there have been regular-game bets that are also to the extreme.
Jim McIngvale lost $1 million by betting on the 49ers to win Super Bowl LIV. He previously lost more than a million on the Houston Astros.
Michael Gaughan, the owner of the Barbary Coast and Gold Coast casinos, offered two different lines on Super Bowl XXVI, giving bettors a chance to win both sides of the bet if the Redskins won by exactly seven. Washington won by 13, so Gaughan didn’t lose big. But had it been by exactly seven points, he would have lost $10 million.
For the most part, sportsbooks finish Super Bowl Sunday with a healthy profit. In only very few instances have they given out more money than they’ve taken in. Thanks to the McIngvales of the world that is likely to continue.
Super Bowl History
When betting on the Super Bowl, it’s always good to know the history of the game and especially franchise history in the Super Bowl. Coloradans know that in terms of all-time success in getting to the Super Bowl, the Denver Broncos make out quite favorably.
Super Bowl Appearance by Team
- New England Patriots 11
- Pittsburgh Steelers 8
- Dallas Cowboys 8
- Denver Broncos 8
- San Francisco 49ers 7
Super Bowl Wins
- New England Patriots 6
- Pittsburgh Steelers 6
- Dallas Cowboys 5
- San Francisco 49ers 5
- Green Bay Packers 4
- New York Giants 4
Bet Local and Avoid Offshore
Prior to the legalization of sports betting that is now taking place across America, a lot of bettors opted to use offshore bookmakers. In lieu of other options, this can be a way to go. But these offshore sites are unregulated, and despite what they will tell you on their websites, they are operating illegally.
The legal sportsbooks operating in Colorado have all been vetted by state officials and are operating under strict regulations that are closely monitored. They also offer more deposit and withdrawal options than offshore sportsbooks, and that money is transferred more quickly. Plus, they pay taxes on their revenue that fund water projects vital to the state.
There is no reason to choose an offshore sportsbook over the legal sportsbooks operating in Colorado.
Super Bowl Betting Strategies
It’s important to remember that with all eyes on one game, and every morsel of information being analyzed over and over again, finding value is difficult. But that doesn’t mean there aren’t things you can do to help make the most of your Super Bowl bets.
Stay patient. There will be two weeks of betting leading up to the Super Bowl. The spread will move, and maybe as much as two points once the public starts betting. If waiting might get you an even better spread, wait. There is no rush to bet.
When betting the over/under, recognize that recent trends in scoring are likely to be suppressed because of the weather in December and January. Almost every Super Bowl is played without the factors of weather, so the scoring has a good chance of increasing from what you’ve just seen in the playoffs.
When in doubt, go with the underdog. That team was good enough to get to the Super Bowl, and they are getting a week off to heal. They will quite often over-perform expectations. In fact, in the last 19 Super Bowls, the underdog is 12-7 against the spread.
Look at prop bets that match the way you think the game will go. If you like one team to win, the prop bets involving their quarterback, running back, scores, etc. are more likely to also hit. On the other hand, if you think a quarterback is going to lose the game, chances are he’s going to finish with fewer passing yards.
Connect the dog to the quarterback. If you like the underdog to win the game, it’s likely because the quarterback is going to lead his team to victory.
The favorites could win for a lot of reasons, like when the Broncos beat the Panthers. Peyton Manning was a non-factor, and the defense dominated. But when the Giants upset the Patriots, it was really only going to happen if the other Manning (Eli) had a big game.
If you like the dog, you might as well bet their quarterback to win the MVP.