When we ask people to hold a color in working memory, what do they store? Do they remember colors as point estimates (e.g. a particular shade of red) or are memory representations richer, such as uncertainty distributions over feature space? We developed a novel paradigm (a betting game) to measure the nature of working memory representations. Participants were shown a set of colored circles and, after a brief memory delay, asked about one of the objects. Rather than reporting a single color, participants placed multiple bets to create distributions in color space. The dispersion of bets was correlated with performance, indicating that participants’ internal uncertainty guided bet placement. Furthermore, relative to the first response, memory performance improved when averaging across multiple bets, showing that memories contain more information than can be conveyed in a single response. Finally, information about the item in memory was present in subsequent responses even when the first response would generally be classified as a guess or report of an incorrect item, suggesting that such failures are not all-or-none. Thus, memory representations are more than noisy point estimates; they are surprisingly rich and probabilistic. [Preprint now available on bioRxiv][1] [1]: https://doi.org/10.1101/2020.10.28.357442