CO Sportsbook Promo Codes, Free Bets and Deposit Bonuses

Colorado online sports betting officially launched on May 1, 2020. The state is now jam-packed with legal, regulated online sportsbooks that are eager to serve you, the bettor. To get you through the door, CO online sportsbooks are rolling out the red carpet. Lucrative promotions and bonuses of all shapes and sizes are now available in the Centennial State.

From free bets to deposit match offers, we’ll break down the types of sports betting promotions currently up for grabs in Colorado.

Best Colorado sports betting bonus offers

Rank
Casino
Offers
Features
1

$2021 Risk-Free Bet

  • Use Code: COBRF
  • Massive $2,021 Welcome Offer
  • Win Big on Player, Game Props
  • Most Experienced Bookmaker
2

$600 Risk-Free Bet

  • Promo Code: COB600
  • Tons of Promotions
  • Fast Withdrawals and Deposits
  • Good Media Integrations
3

Up To $1000 Risk-Free Bet

  • Best Odds, Prices in Industry
  • Tons of Props on 16+ Sports
  • Speedy Withdrawals, Deposits
  • Smooth, Sleek Design
4

$250 Bonus

Only 1x Wager Applies, Playable in CO Only

  • Easy to Clear, Generous Bonus
  • Simple Withdrawals, Deposits
  • Unmatched Loyalty Program
  • Excellent Teaser Pricing
5

$500 Risk-Free Bet

  • $500 Risk-Free Bet
  • PayPal Deposits, Withdrawals
  • Offers Custom Bets
  • Backed by FOX Sports

What are the benefits of using a promo code?

A promo code, sometimes referred to as a bonus code, is an alphanumeric code that users can enter with an online sportsbook to receive extra promotional benefits. Where and when you enter said code will depend on the sportsbook. Sometimes it is done during the registration process, other times while making a deposit. Our Colorado sportsbook bonus codes unlocks certain perks, the details of which we’ll cover later. Refer to our individual sportsbook reviews for a step-by-step guide on where and when to use our code.

You don’t need a promotional code in order to unlock all mobile sportsbook bonuses. In some cases, these offers will trigger without a code right when you create an account.

Keeping your eye on promotions and other special offers is a great way to pad your bankroll with bet credit or get a better price on a given line. Sportsbooks are regularly adding new, eye-catching deals so check with us regularly for all of the most up-to-date information and promo codes. Be sure to check back often with COBets for all the top online sportsbook offers including exclusive offers that are often better than the public offering.

List of CO Online Sports Betting Bonuses – Feb 2021

Sportsbook Free MoneyPromo Code
BetRivers Sportsbook CO100% Match Bonus up to $250Just click here
DraftKings Sportsbook COFirst Deposit Match up to $1000Just click here
BetMGM Sportsbook CORisk-Free Bet up to $600COB600
FanDuel Sportsbook CORisk-Free Bet up to $1000Just click here
FOX Bet Sportsbook CORisk-Free Bet up to $500Just click here
William Hill Sportsbook CORisk-Free Bet up to $2021COBRF
PointsBet Sportsbook CO$2000 in Risk-Free BetsCOB2K
Sportsbetting.com Sportsbook CO$1000 Risk-Free Week of BettingJust click here

Eligibility

Generally speaking, any eligible user of a mobile sportsbook in Colorado can access bonuses and take advantage without headache. There are some basic requirements for all promotions. For example, welcome offers only apply to your first ever deposit, meaning only new users are eligible. Other promotions may be offered to existing users, or in some (rare) cases, VIP users only.

The following requirements must be met to bet on sports in Colorado:

  • You are 21 and older. All users of online betting services must be of legal betting age.
  • You are physically located in Colorado when you attempt to place a bet. Sportsbooks will check using location services or geotagging plugins to verify your position. You can access banking options and view your account anywhere, but wagering will be locked until you are in Colorado – and can prove it.
  • You are not a member of any prohibited companies, including sports teams and casinos. You’ll likely know if these restrictions apply to you.
  • You are not enrolled in “self-exclusion” programs as a part of Responsible Gaming initiatives.

Why sports betting bonuses are offered

As the saying goes, “there ain’t no such thing as a free lunch”. It’s been used to describe everything from cost of living adjustments to particle physics and unsurprisingly, it fits here too. Mobile sportsbooks have bills to pay and staff to employ, so bonuses are a way to both incentivize sign-ups and keep an active base of players betting.

If you take a look at the fine print of a given online sportsbook bonus, you’ll notice that there are almost always wagering requirements of some sort that must be satisfied. More than likely you will need to deposit some of your own money, and put it in play to have a chance at cashing in. Even if you’re benefiting from, say, a “risk-free” bet, there can still be some risk. “No-deposit” offers or straight “free bets” may have the highest ROI, but will still have some terms that must be followed.

Why do bonuses have wagering requirements? Well, imagine a world without them. It would be too easy for a new user to sign up, take the money, and run. Sports betting providers would be in trouble quicker than you could say “terrible marketing idea”.

While bonuses are not, per se, free money, it is about as close as you can get without finding a $10 bill in the park. Bonus and free bet offers are absolutely a solid way to add extra credit to your account or boost your potential payouts. However, it’s important to look over the terms and conditions first. Any way you slice it, sports betting bonuses are a net positive for users and operators alike, so let’s get into what types of bonuses are offered and how you can take advantage of them.

Promos and bonus types on CO sportsbooks

There are a bunch of different kinds of promotions available at Colorado online sportsbooks. Here’s a breakdown of popular offer types within the state:

No-deposit bonuses

A no-deposit bonus is pretty self-explanatory. They’re bonuses that you can use without depositing any money. You just have to sign up for an account, or opt-in for the promotion when offered.

If the no-deposit bonus is tied to a welcome offer, the credit will generally appear in your account as soon as you’ve created the account and logged in for the first time. Some books may require an opt-in, but overall it should be available for use when you make your first bet. Don’t expect your no-deposit bonus or free bet to be huge, but no one can complain about free.

Free bets are the most common no-deposit promotion, where you might get a ticket or two to test out a new sportsbook on the house.

Risk-free bets

Risk-free bets are one of the most common welcome offers in online sports betting. This is how Colorado risk-free sports bets work. First, place an initial qualifying wager on a sportsbook that offers the promotion. If your wager is recorded as a loss, the sportsbook will credit you with betting cash/credit that you can use to place one or more subsequent bets. The amount of the risk-free bet is usually equal to the size of your first bet (though there can be exceptions).

For example, say there’s an offer of a risk-free bet up to $500. You enter the promo code at signup as instructed by the sportsbook, and make a real-money deposit so you can place your first ever wager. You bet $500 on the Nuggets to win, and sadly, they don’t. Once the wager is graded as a loss, you’ll find $500 worth of betting credit or a free bet in your account. Typically you cannot withdraw this $500 as cash, but you can use it to place one or more follow up bets. Any winnings that come from using the betting credit are yours to keep, though its always worth reviewing the T&C.

The biggest difference between sites is how they refund a losing risk-free bet. A site like FanDuel will refund your account in site credit, which plays the same as cash, pays out the bet and winnings, but must be played 1x through in order to withdraw. Other sites will refund in the form of a free bet, which typically just pays profit. For instance, if you were to wager $500 cash or site credit on a bet with odds of +200, your payout would be $1500 ($500 bet, $1000 profit) whereas a free bet payout would be $1000 because the amount of the bet is not paid out.

Risk-free betting periods

Some online sportsbooks have started to take the risk-free bet to new heights, instead offering set periods of time with risk-free wagering. For example, a Colorado online sportsbook might offer a full week of risk-free betting up to $1,000. With such a promotion bettors are invited to wager as much as they want over a full week of sports betting. If they’re in the red after their risk-free week, the sportsbook will comp them with betting credit equal to their net losses, up to the $1K total. This is not a common offer, but they can be a lot of fun and are worth pursuing.

Deposit match bonuses

Match bonuses will grant you extra betting credit, too. However, match offers will credit you with a percentage of your first wager (often, 100%) up to a certain amount. For example, you might find a 100% up to $500 deposit match offer. That means the sportsbook will credit you with bonus cash (or a free bet) equal to your first deposit, up to $500. If it was a 20% up to $500 bonus, the same $500 deposit would yield a $100 bonus.

Terms and conditions are especially important on match bonuses. While the bonus money is regularly made available for instant use, it won’t be instantly withdraw-able. The sportsbook will require you to give them some action before you can cash out.

Discounted bets (Lower “Juice”)

First off, let’s get into juice for a second: remember when we were talking about “a free lunch” and how “there ain’t no such thing”? Well, sportsbooks have costs, and they build those costs into the price of a bet in such a way that both sides of the wager are paying a share for the privilege of using the betting service. We call this the “vig”, or sometimes, the “juice”.

You’ll often find odds boosts or boosted bets on the promotions page of a given sportsbook. These essentially discount pricing of the bet below industry standards. Many times, the standard -110 spread will be reduced to -105 for a promotional boost, effectively increasing your potential return. In Colorado you might find promotional boosts on hometown favorites, for example, a prop bet on the Rockies to score three runs by the third inning.

Discounted bets are the secret weapon of any savvy sports bettor looking to increase their potential payout or reduce their overall risk. If you’re smart, taking advantage of these bet boosts will put more money in your pocket. FanDuel Sportsbook and DraftKings Sportsbook are known for offering regular, lucrative boost promotions.

Cashback promotions

Cash refunds or “bet insurance” promotions work much the same as a risk-free offer, but aren’t necessarily tied to your first ever wager. If the featured bet is a loss, like with risk-free offers, some or all of your wager will be refunded to a certain maximum amount. Wagering requirements may apply here as well, so make sure you’re aware of how much you need to play through to net the bonus.

VIP/Loyalty Programs

Many online sportsbooks like BetRivers offer valuable rewards programs. Some build off of their brand’s existing brick-and-mortar program, and some sportsbooks start fresh in the online world. If you’ve ever visited a casino or in-person sportsbook, you’re likely already aware of how this works. If not, here’s the skinny– loyalty/VIP programs are essentially tier-based reward systems that net you perks based on how much money you wager with an operator.

Once you’ve signed up for a loyalty program, the sportsbook will keep track of your spending on the platform. The entry-level on these loyalty programs often require a certain amount in wagers per month. If you exceed a certain amount of eligible wagers, you’ll be bumped up to the next level. Each tier gets you increasingly more benefits like cashback rewards, exclusive promotions, and in some cases, complimentary meals, gifts, and hotel stays at partnering gaming venues.

Refer-a-friend bonuses

This one’s mostly self-explanatory– simply give your friend a referral code, and if they sign up and make a real-money wager with the sportsbook, you’ll get some betting credit in your account. These usually hover around $50 or less, but hey– credit is credit, and it’s a great way to get your friends in on your hobby while padding your own bankroll.

How to make the best of CO Sportsbook Bonus Offers

  • Read the fine print: All online sportsbook promotions will come with Terms & Conditions documentation. Read it. Not only will the fine print detail exactly what wagering requirements are necessary to secure the bonus, but it will often give you a better feeling of the exact value of a promo. Some bonuses may seem attractive on the surface, but when you look at the fine print, their wagering requirements or qualifying bets are restrictive at best. Check the terms before you sign up with a new sportsbook to be sure that you’re getting what you expected. For example, BetRivers may not offer the largest dollar-for-dollar bonus, but the terms are amongst the best in the biz.
  • Bonuses do expire: Make sure you use your bonuses and meet wagering requirements within the window specified by the Terms & Conditions, otherwise you could miss out on the promotion altogether.
  • Stay on top of promotions: Promotions pages on Colorado online sportsbooks are updated on a regular basis. We mentioned boosts earlier, but they often come tied to specific events throughout the season. It’s always a good idea to check the promotions page of your favorite sportsbook on a regular basis to see what offers are active.

It’s not uncommon for bettors to lose out on promotional value because:

  • they missed or didn’t see a promotion
  • they accepted an offer, but later canceled it unexpectedly due to voiding the terms
  • let it expire or lapse

Staying on top of your T&C can prevent all of these from happening.

Promotions, especially welcome offers and boosted bets, are a great way to add to your Colorado sports betting experience. You can also carve off a small amount of risk with promotions, which is every sports bettor’s main goal: minimize risk, maximize winnings. Stay vigilant for value, and check back with us for more information about Colorado sportsbook bonuses.