We revisit in this paper the stochastic model for minimum graph-coloring introduced in (Murat and Paschos in Discrete Appl. Math. 154:564–586, 2006), and study the underlying combinatorial optimization problem (called probabilistic coloring) in bipartite and split graphs. We show that the obvious 2-coloring of any connected bipartite graph achieves standard-approximation ratio 2, that when vertex-probabilities are constant probabilistic coloring is polynomial and, finally, we propose a polynomial algorithm achieving standard-approximation ratio 8/7. We also handle the case of split graphs. We show that probabilistic coloring is NP-hard, even under identical vertex-probabilities, that it is approximable by a polynomial time standard-approximation schema but existence of a fully a polynomial time standard-approximation schema is impossible, even for identical vertex-probabilities, unless P=NP. We finally study differential-approximation of probabilistic coloring in both bipartite and split graphs.