Colorado sports betting bonuses offer new customers money, free bets or other benefits in return for signing up for an account. Deposit match offers, first wager refund promos and even no-deposit bonuses are all common in the CO market thanks to state laws that are conducive to a competitive business environment.
On this page, ColoradoBetting.com lists the best betting bonuses in Colorado and explains the current lay of the land. Below, readers can learn more about how state regulations govern promotions, how the various types of bonuses work and tips for evaluating the value of any specific offer.
Best Betting Bonuses and Signup Offers
|Sportsbook||Welcome Bonus||Wagering Requirements|
|DraftKings Colorado||$1,000 total:|
20% up to $500 welcome bonus and first wager matched with a free bet worth up to $500
|Free bet comes with no wagering requirements; 20% deposit bonus has a 25x rollover|
|BetMGM Colorado||$500 first wager refund:|
Place a $10 or more first bet and if it loses, BetMGM will refund it with up to $500 in site credit
|No wagering requirements|
|PointsBet Colorado||$1,000 in risk-free bets:|
Get one risk-free first bet up to $500 on your first fixed odds bet and one risk-free bet up to $500 on your first PointsBetting wager. Use promo code BUSA
|No wagering requirements|
|FanDuel Colorado||$500 first wager refund:|
Place a first bet and if it loses, FanDuel refunds it with up to $500 in site credit
|No wagering requirements|
|BetRivers Colorado||100% up to $250:|
Make a first deposit with the bonus code 250MATCH and BetRivers will match it with up to $250 in bonus funds.
|William Hill Colorado||Risk-free first bet worth up to $500|
Sign up for an account with the promo code BUSARF and place your first wager within 7 days. If it loses, William Hill will issue a free bet of equal size worth up to $500
|No wagering requirements|
There is admittedly some degree of subjectivity when rating the best betting bonuses due to bettors’ varying needs and priorities. However, some promotions are objectively better than others due to fair terms and conditions, low wagering requirements and ease of use.
Colorado law requires operators to advertise truthfully (more on that later), but there are still some obvious cases in which a bonus is not as good as it appears at first. For the most part, the following factors play the largest role in determining the true value of any bonus.
- Wagering Requirements: If a betting bonus ends up being less valuable than it appeared at first, excessive wagering requirements are likely the culprit. Most bonuses come with wagering requirements, which is fair, but having to roll over a bonus 20 times just to withdraw it is no good. We will explain and discuss wagering requirements in more detail further down this page.
- Match Rate: When it comes to deposit bonuses, the match rate explains how much bonus money the customer receives per dollar deposited. For example, a 50% bonus provides $50 in bonus funds to a customer who deposits $100. Higher match rates are desirable, but bettors should be wary of offers that look too good to be true. The sweet spot seems to be in the range of 50-100%. Lower than 50% and customers can probably find a better deal elsewhere; higher than 100% and customers should proceed with caution because there is probably a catch.
- Withdrawable vs. Non-Withdrawable: Are customers allowed to withdraw the bonus money itself or is the bonus only offered as site credit? The answer to this question has a significant impact on the value of any bonus. A look through the terms and conditions should tell customers if the bonus may be withdrawn (after meeting the wagering requirements) or if it may only be used to place additional wagers. Customers should also look through the terms and conditions page for provisions such as “bonus funds are not returned with any winnings” to further compare the value of one bonus against another.
Colorado Betting Sites with No-Deposit Bonuses
No-deposit bonuses give potential customers a chance to try a betting site, place a wager and maybe even win real money before ever making a deposit. These bonuses are attractive for obvious reasons, but they should not be mistaken for free money.
The number one thing sports bettors should know about no-deposit bonuses is a deposit will be required at some point to withdraw any winnings. If a customer signs up for an account and uses a free bet to place a wager that wins, that customer will almost certainly have to make a deposit in order to unlock the winnings for withdrawal.
Note also that customers must be physically located in Colorado to receive and place no-deposit bonuses. State law further requires that the identity of each customer be verified prior to awarding any bonuses, even no-deposit bonuses.
Risk Free Bets
Risk free bets are offers in which a sportsbook promises to refund each customer’s first wager if it loses.
For example, a sportsbook may offer customers a risk-free bet worth up to $500 as a welcome bonus. This type of offer allows a new customer to place a first wager that will have one of two outcomes:
- If it wins, the customer keeps the winnings as normal and nothing else happens
- If it loses, the customer’s first bet is refunded with bonus funds that may be used to place additional wagers
The risk-free bet offer is usually a good deal overall provided there are no troubling terms and conditions. This is typically not an issue with licensed betting sites. The biggest downside is that customers can rarely withdraw any bonus money they are issued as a refund, which doesn’t exactly make the original wager “risk free” technically speaking.
We are not particularly fond of the phrase “risk free” because the refunds are often awarded in the form of site credit, not withdrawable cash. Plus, as we will discuss later, Colorado sports betting regulations strictly govern the use of the phrase “risk free.”
Current Colorado Bonus Codes
Some betting bonuses require customers to input a bonus code or promo code in order to claim a specific offer. The bonus code is usually requested either when signing up for an account or when making a deposit.
ColoradoBetting.com maintains up-to-date bonus codes for all online sportsbooks that require them to claim various offers. If a bonus code is not needed, no bonus code is listed. In most cases, it doesn’t even matter slightly if a customer inputs a bonus code or not. For the most part, bonuses are used to track marketing campaigns rather than to decide whether or not a customer qualifies for a welcome offer.
That being said, some betting sites do require bonus codes in order to claim the best offer possible. If a bonus code is needed, we will provide it on all listings throughout ColoradoBetting.com.
Horse Racing Bonuses and Rewards
Legal racing betting sites in CO tend to offer small-to-medium sized bonuses for new customers. Typically, racebooks offer deposit match bonuses to people who sign up, deposit and bet on races.
Online racebooks also tend to change their welcome bonuses frequently without warning, so anyone considering betting online should consider checking the website of each racebook prior to signing up.
Most racebooks also offer ongoing rewards programs that put money back in the pockets of loyal customers. For example, some racebooks return anywhere from 1% to 3% of total wagering volume back to customers in the form of cash.
Wagering Requirements and Rollover Explained
One of the most important concepts to understand as a sports bettor in Colorado is how wagering requirements (a.k.a. “rollover”) work.
The majority of deposit bonuses and other cash back offers come with wagering requirements that must be met before the customer may withdraw the bonus money or any winnings associated with the bonus.
Rollover is usually expressed in the form of a multiple. For example, the terms and conditions of a bonus may explain that the bonus money may only be withdrawn after meeting a 1x rollover on the bonus amount. This indicates to customers that he or she must place a total sum of wagers equal to the size of the bonus in order to clear it for withdrawal.
Some bonuses come with substantially higher wagering requirements, and that is why it is so important to check the terms and conditions of every bonus. Some bonuses may come with 10x wagering requirements, for example, which makes it a more laborious process to clear the bonus for withdrawal.
In that case, a 10x rollover on a $100 bonus would require the customer to place $1,000 worth of wagers to clear the bonus. That is not only a lengthier process, but it also exposes the customer to more house advantage and makes it likelier to hit a poor run and lose the bonus before successfully clearing it for withdrawal.
Minimum Odds Provision
A close look at the terms and conditions of most bonuses will reveal that wagers only count toward the rollover if they meet a minimum odds provision.
For example, the terms may state that only wagers placed with odds of -200 or greater count toward the rollover.
This means wagers at odds of -200, -110 or +300 would all count toward meeting the rollover. However, wagers at odds of -250, -300 or -400 would not count toward the rollover. Sportsbooks include this provision in order to prevent customers from clearing a bonus by exclusively backing heavy favorites.
Colorado Law on Advertising and Promotions
Regulations approved by the Limited Gaming Control Commission following the passage of the CO sports betting law include provisions that govern advertising and bonus offers.
Sections 6.12 and 9.4 deal with truthful advertising and responsible advertising respectively.
No licensee shall allow, conduct, or participate in any false or misleading advertising concerning its Sports Betting Operations.
9.4 Responsible advertising and promotions
(1) All offers and bonuses must:
(a) Include terms and conditions that are full, accurate, clear, concise, transparent, and do not contain misleading information;
(b) Have advertising materials that include any material terms and conditions for that offer or bonus and have those material terms in close proximity to the headline claim of the offer or bonus and in reasonably prominent size;
(c) Not be described as free unless they absolutely are free. If the customer has to risk or lose their own money or has conditions attached to their own money, then the offer or bonus must disclose those terms;
(d) Not be described as risk free if the customer needs to incur any loss or risk their own money to use or withdraw winnings from the risk free bet; and
(e) Not restrict the customer from withdrawing their own funds or withdrawing winnings from bets placed using their own funds.