Colorado officially jumped into sports betting when it began accepting wagers in May 2020 and in the time since, the Centennial State has proven itself to be one of the industry's major players.
Those located in the state of Colorado have the choice of wagering in person at a brick-and-mortar location or wagering online at an online sportsbook. The latter of these two choices opens up several new opportunities for bettors, including the ability to bet from a convenient location of their choice and most importantly, claim a Colorado sports betting welcome bonus.
There are several different types of bonuses. Among the most common welcome offers are match bonuses, risk-free bets, and free bets. While there are differences in how they work, each of these bonuses are generous and start a player's sports betting adventure off on the correct foot.
Regardless of the type of bonus you get, you must read and understand the terms and conditions. Below, we will go through the types of bonuses you will come across when signing up.
Colorado Sports Betting Bonus Codes
Regardless of which of the betting states you're in, online sportsbooks offer welcome bonuses to entice people to sign up. One of the ways these bonuses are obtained is with bonus codes, which can be used during the signup process to activate the welcome offer.
Think of a bonus code as a password that gives you access to one of these valuable bonuses. Once you have the bonus code, you can enter it during the registration process to trigger the bonus. Using CO sports betting bonus codes ensures you're going to get the most for your investment when registering for online sportsbooks, which are overseen and regulated by the Colorado Limited Gaming Control Commission.
CO Sports Betting Promo Codes
There's a chance that when signing up, the term promo code pops up. Keep in mind that promo code is just another way of saying bonus code, and the two are the same thing. Whichever words are used, they both give you access to the same great deal and you only need a bonus code OR a promo code, but never both.
It should also be mentioned that not all Colorado betting sites require the use of a bonus code or a promo code. On plenty of occasions, welcome offers can be claimed by clicking one of the "Get Bonus" links on our site, which will lead to the registration page and trigger the bonus.
Colorado Sportsbook No Deposit Bonus
No deposit bonuses among the most common and sought after welcome offers when it comes to Colorado sports betting. These offers are exactly what they sound like: bonuses that don't require any type of deposit. They are simply activated and awarded upon the completion of the signup process.
For example, DraftKings Sportsbook offers a $25 no deposit bonus as part of its bonus to new players. This means players have $25 in site credit to use anywhere on the site just for creating an account.
Colorado sports betting no deposit bonuses are for a much lesser amount than the other bonuses we will explain in further detail, but they give you a shot at earning real money without risking any of your personal funds.
Are Colorado Sportsbook No-Deposit Bonuses Free Money?
No deposit bonuses are the closest that bettors can come to free currency when it comes to registering for an online sportsbook since the site credit or free bets offered can be used to fund wagers on the site.
The thing that makes these bonuses unlike physical dollar bills is that they cannot be immediately withdrawn, as wagering requirements must be met (we will get more into this below). Keep in mind that when site credit is used on a wager, only the winnings are returned to your account, but not the original credit used to place it.
CO Sports Betting Risk-Free Bet
A risk-free bet is a welcome offer that is growing in popularity in many states. A Colorado sports betting risk-free bet involves the site offering a refund if your very first wager winds up in a loss.
Under normal circumstances, a losing wager translates into lost money, but a risk-free bet is an exception to the rule. With this offer, you net a profit if your wager wins, but you get your stake refunded (up to a certain amount) if you lose your initial bet.
How Does a Risk-Free Bet Work in Colorado?
If playing on a site that offers a risk-free bet, it is a simple bonus offer to claim and doesn't require anything from the bettor other than creating a new account, making a deposit, and placing that initial wager. This will activate the CO risk-free bet offer.
For example, FanDuel Sportsbook offers a $1,000 risk-free bet to new players. This means that you can wager any amount you like on your first bet and if you lose, you will be provided with a refund in site credit for that amount, up to $1,000 in this case. If the risk-free bet offer is for $500, that is the maximum amount that can be awarded.
Colorado Sportsbook Deposit Bonus
Deposit bonuses are very popular among sports bettors, and for good reason. When receiving a CO sports betting first deposit bonus, the sportsbook is matching the player's initial investment into their new account, up to a certain amount.
Some sites match 100 percent of the deposit while others match a lesser amount. Sportsbooks do offer a full match to new players in many cases, immediately doubling the amount you have to wager with.
For example, BetMGM offers a CO sports betting deposit bonus of up to $500 as part of its welcome offer, and matches it 100 percent of the way. So if you invest $500, you get $500 more in site credit. If you deposit $250, you start with $500 in total after getting an additional $250 in BetMGM currency.
Are Colorado Sportsbook Deposit Bonuses Worth it?
Yes, and there may be no bonus more worthwhile to many bettors. This is because deposit bonuses ensure you will get the most for your deposit since this is the way to obtain the most betting currency possible. Essentially, the site credit is free money to wager with once you invest in the site.
CO Sportsbook Signup Bonus - How Does it Work?
Claiming a sportsbook bonus in Colorado is fast and easy. It doesn't matter if you use a bonus code, promo code, or click on a "Get Bonus" link, the first step is signing up. Start by going to the sportsbook's website and clicking on the button that says "Register" or "Sign Up" (or something similar), which is usually located at the top of the main page.
This will bring up the registration form that you need to fill out. You'll have to provide some basic details such as:
- Full Name
- Date Of Birth
- Email Address
- Residential Address
- Social Security Number (last four digits)
- Phone Number
Colorado sportsbooks use the most modern technology such as SSL encryption and advanced firewalls to protect your information, so don't worry about having your personal information compromised by a nefarious party.
It must be noted that any personal information shared with the sportsbook needs to be accurate, as anything less will only lead to problems down the road when attempting to withdraw winnings.
Colorado Sportsbook Wagering Requirements
As they do in all states, Colorado sports betting first deposit bonuses do come with a potential wagering requirement, which refers to the amount of money in wagers that must be placed to unlock funds for withdrawal.
Sportsbooks have different ways of awarding the first deposit bonus and enforcing the wagering requirement, and the method varies from site to site, which we'll get into more below. For these reasons, be sure to check the terms and conditions for the site you are signing up for.
EXAMPLE 1: At some online sportsbooks, the site credit awarded to a new player from a first deposit bonus is the first bit of currency used when wagers are placed, before the money you deposited. In these cases, all funds become eligible for withdrawal once the wagering requirement is met.
Please keep in mind that for wagers placed with site credit, winnings will be returned to your account but the original wager amount will not.
EXAMPLE 2: Other sportsbooks choose to go a different route and use the player's deposited funds as the initial currency when wagers are first placed. In these cases, the wagering requirement must be met for the bonus money to be eligible for withdrawal.
If deposited funds are lost before the wagering requirement is met, bonus money immediately becomes eligible for withdrawal.
For the most part, only casual bettors need to keep this in mind, since reaching the requirement involves placing a certain amount of money in wagers. Everyday bettors likely won't have much of an issue reaching even the loftiest wagering requirements within a fairly short amount of time.
Other CO Sportsbook Bonuses
We've covered the three main types of Colorado sports betting bonuses but there are also a couple of additional offers that bettors can enjoy, including Free Bets and Reload Bonuses.
CO Sportsbook Free Bets
Free bets are somewhat of a hybrid between a promotion and a bonus but whatever you want to call them, bettors love receiving them. Free bets are another thing that are exactly what they sound like, and they can be offered in a variety of ways.
Sportsbooks may reward a player with free bets for completing a sportsbook mission or earning loyalty rewards points. Occasionally, technical issues or inconveniences caused by the site will lead to the operator offering a small free bet after the issue has been resolved.
Sometimes, sites just give away these bonuses to incentivize players to take more action on the site, especially in the lead-up to a major sporting event such as the Super Bowl or March Madness.
Generally, these are not awarded during the signup process since that is what no deposit bonuses, first deposit bonuses, and risk-free bets are for. But make no mistake, free bets don't work all that differently. They're just usually awarded to platters with existing accounts.
Colorado Sports Betting Reload Bonuses
Another huge advantage for existing players is when sites offer reload bonuses. These are the same as no-deposit bonuses, except they are open to existing accounts and not only new signups. Colorado sports betting reload bonuses keep those players coming back and incentivize staying active on the site.