A nontoxic liquid dye formulation for color staining the skin of live angling bait species comprises a dye substance suitable for application, and thereby for imparting color, to skin of angling bait species. The dye substance has a pH of between about 5.8 and about 8.2 and has a dye molecular structure carrying a net charge of no more than two negative charges or a net charge of no more than one positive charge. A dye carrier for the dye substance includes a water-soluble polyether compound mixed in an aqueous solution. The polyether compound has a weight average molecular weight of between about 2,000 and about 6,000 to function as a phase transfer agent that promotes partitioning of components of the dye substance into the skin of the bait species. The water soluble dye remains in the skin of the bait species, even though it is in an oily environment.
