Betfred Colorado Promo Code & Sportsbook Review 2022

Bet $50 and get $250
Promo Code: SHARPBET - T&C's Apply
Bonuses and Promotions
Odds VS. The Competition
Market Depth & Variety
Deposit & Cash Out
Mobile App

Bottom Line

Colorado has quickly become one of the most competitive sports betting markets in the country. It includes competitive yet accessible sportsbooks, like Betfred, for bettors of all stripes. Betfred has a bare-bones app that has improved access to its bonuses during 2021. It has signaled that it’s starting 2022 off with a competitive spirit. 

Overall, Betfred has promise in Colorado’s sports betting market, it just has to improve in a few areas. Interested bettors can use our Betfred Colorado promo code SHARPBET to get $250 in free bets after making their first bet worth $50 or more.

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Sports Variety

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Betfred Colorado Promo Code 2022

Betfred Colorado Bonus Code
New User Bonus
Bet $50 to get $250 in free bets
Betfred Sportsbook States
Last Verified
December 2022


Betfred welcomes new Colorado users with a $250 in free bets with promo code SHARPBET. After signing up for the Betfred app, deposit and wager at least $50 on your first bet. You’ll receive $100 in free bets immediately with three $50 bets over the next three weeks.

The best thing about this type of new user promo is you get the bonus regardless of the outcome of your first bet. Risk-free bets, on the other hand, only benefit those who lose their first wager.

Betfred also does a solid job of offering ongoing promotions for existing customers. You can always find boosted odds on a daily basis along with other promotions throughout the year.

Here are a few examples available from Betfred on Sept. 12:

  • “Early Bird Gets the Bet” – Place an NFL spread, total, or moneyline bet early in the week and receive a percentage of your wager back as a free bet.
  • Overtime insurance for both NFL and MLB
  • “Double Take” – If your first TD scorer hits, you can double your win if they score a second touchdown
  • “See Ya Sunday” – Bet $25 on a home run prop and get a free $5 bet
  • Betfred Boosts

Betfred is one of the Colorado market’s competitive sportsbooks. Odds are constantly changing, so no sportsbook has the best odds every time. However, bettors can take advantage of odds movements and get larger potential payouts for the same bets. Here’s why Betfred should be one of the sportsbooks bettors have on hand.

Best Betfred Point Spreads and Over/Under Odds

Point spreads are bets on a team’s margin of victory. Over/unders are wagers on the total number of points both teams score during the game. Bettors can wager on whether both teams will score more or fewer points than the sportsbook’s threshold.

The standard odds on these bets are -110 on both sides. However, odds and spreads are constantly in flux as the game approaches and the teams play. 

Finding the best spreads is easy. Bettors who bet the over or the underdog want higher spreads. +2.5 would be better for those bettors than +1.5. In contrast, bettors who bet the under or the favorite want smaller spreads. -2.5 is better for those bettors than -1.5. Once bettors have found the best spreads, they can focus on the odds. Here’s an example:

Las Vegas Raiders-1.5 -115-1.5 -120
Jacksonville Jaguars+1.5 -105+1.5 -110

On this line, both sportsbooks have the same spreads. However, Betfred has better odds on both sides of the line than WynnBET. So, bettors would bet at Betfred for this line.  

Betfred Moneyline Odds

Moneylines are bets on a game’s winner. Spreads don’t matter for moneyline bets. Bettors just have to pick the winner. So, all they have to do is find the highest odds. Moneylines are especially popular ways to bet on baseball, so sportsbooks always have baseball moneylines available. Here’s how to compare moneyline odds:

Baltimore Orioles+135+130
Minnesota Twins-160-154

On this set of odds, Betfred has better odds on the Orioles, and FanDuel has better odds on the Twins. Bettors would bet at different sportsbooks depending on which team they wanted to bet on. Successful bettors are loyal to the best odds, not their favorite books. 

Finding The Best Betfred Futures Odds

Futures bets are wagers on a season outcomes. So, futures bets are often on championship, award, and division winners. One way to measure a sportsbook’s competitiveness is finding its theoretical hold. Theoretical hold is the amount money a book expects to keep after paying its winning customers. Sportsbooks with a high theoretical hold have lower odds overall. Low-hold books have higher odds overall.

But theoretical hold can be misleading. A sportsbook with high theoretical hold can still have the best odds on the bet that customers want to make. Here’s an example:

NFL Futures Theoretical Hold19.42%20.36%
Tampa Bay Buccaneers Odds+750+700

Betfred and PointsBet have about the same theoretical hold. Differences in theoretical hold don’t become visible until about 5-6%. So, the next step is to find the highest odds. Betfred has better odds than PointsBet on the Buccaneers, illustrating the importance of looking for the best odds rather than relying on second-hand statistics. 


Betfred has almost a dozen sports to wager on. It’s not a bad selection, but it’s easy to find sportsbooks in Colorado that offer more sports than Betfred. However, Betfred’s sports selection improves within each sport. It offers intuitive drop-down menus where bettors can select the leagues contained in each sport. It’s a major upgrade from Betfred’s initial launch.

Betfred is great for bettors who enjoy mainstream sports. Bettors will find everything from NFL football to tennis, motorsports, and MMA leagues. However, bettors who enjoy niche sports will likely have to wager elsewhere. There aren’t cricket or hurling lines on Betfred like there are on DraftKings. But for most bettors, Betfred will offer everything they need.


Depositing at Betfred is easy. They don’t have a business if they can’t accept bettors’ money. Here are Betfred’s deposit options:

  • Credit/Debit Card
  • Bank Transfer
  • VIP Preferred E-check
  • Play+ Card
  • PayNearMe

It’s a small selection compared to the rest of Colorado’s sportsbooks. Credit cards, debit cards, and bank transfers are the most convenient deposit options on this list. However, some cards and banks still block direct sportsbook deposits. So, bettors should have a backup deposit option prepared.

The withdrawal options are almost the same. However, there’s one additional withdrawal option in addition to the standard ones:

  • Credit/Debit Card
  • Bank Transfer
  • VIP Preferred E-check
  • Play+ Card
  • PayNearMe
  • Mailed Check

Credit cards, debit cards, and bank transfers are the most convenient withdrawal options, too. Betfred is an anomaly in Colorado because it has more deposit options than withdrawal options. But it could really use an online wallet for deposits and withdrawals, like PayPal or Skrill. That would give bettors additional flexibility. However, Betfred offers convenient deposit and withdrawal options overall.


Most sportsbooks struggle to strike a balance between making a sportsbook layout simple and cluttering the screen. However, Betfred strikes it. Its home page is a list of lines with a welcome screen, so it’s approachable. It’s not crammed with ads or bonus offers. The sports betting lines themselves fit a lot of information into a small amount of space. Betfred has also trimmed redundant information from betting lines, improving space utilization.

The app also performs smoothly. Betfred’s app smoothly transitions from page to page without any lag. It also doesn’t crash, which makes it a reliable sportsbook for bettors on the go. Betfred has come a long way since its initial launch. It’s well above Colorado’s market standard now.


Betfred isn’t a standout player in Colorado. Betfred’s welcome bonus and odds are moderate compared to Colorado’s largest sportsbooks. Its deposit and withdrawal options are solid but could benefit from adding an online wallet. Betfred’s selection of sports includes the most popular and important sports for any sportsbook. The mobile app looks great and performs well, too.

Betfred has come into its own since its initial soft launch in Colorado. It looks and feels like a modern sportsbook that is a competitive addition to the industry.

Is Betfred A Real Company?

Yes. Betfred is a legitimate company with a long track record of legitimate practice. It’s been operating since 1967. If bettors want to research the company, they have over 50 years of history to parse through. But for bettors in a rush, here are five tipoffs that Betfred is legit.

Betfred Is Licensed By Multiple State Governments

Sportsbooks can’t leap into a state’s betting market whenever they want. Their sportsbooks must be examined and approved by each state’s gaming commission. Legal sports betting can only be legalized state by state, so each state must decide whether a sportsbook can operate. Betfred has been approved in multiple states, so bettors can rest assured that Betfred is legitimate.

Betfred Can Lose Market Access By Conning Bettors

Those state licenses are Betfred’s tickets into each state of operation. Licensing takes months and growing a profitable customer base is another months-long process. Betfred would lose an entire market’s worth of customers and revenue if they ran afoul a state’s sports betting agency. That’s a powerful set of controls.

Betfred Has Clear Terms And Conditions

While no one reads the terms and conditions, legitimate companies have them to ensure everyone follows the same set of rules. Illegal sportsbooks don’t do that. They operate with their own private set of rules. At Betfred, bettors know they can wager on terms that bettors and Betfred agree on.

Betfred Must Have Enough Cash To Pay Bettors

Illegal sportsbooks don’t have to worry about paying bettors–sometimes they don’t pay at all. But Colorado requires Betfred to have enough cash on hand to pay bets. That way, bettors don’t have to worry about not being paid winnings. Try saying that about an illegal sportsbook.

Betfred’s Finances Are Transparent To State Authorities

One of Colorado’s license requirements is to keep a comprehensive financial report available. That allows state regulators to track who gets sportsbook money. It allows state regulators to keep sportsbooks from directly funding illegal organizations. Between that and the background checks, it makes illicit sports betting far more difficult.

Why Wager At Betfred Instead Of An Illegal Sportsbook?

Betting at a licensed sportsbook is always better than an illegal sportsbook. It may seem nice to wager with a bookie, but there’s no guarantee they’ll have enough money to pay winnings. There’s also nothing bettors can do if their bettor can’t pay them.

But a bookie is one person who can implicate others in an illegal sports betting scheme. Offshore websites are far more difficult to shut down. That difficulty is compounded by the United States’ jurisdictional limits.

Why The United States Can’t Shut Offshore Sportsbooks Down

The United States has tried to shut offshore sportsbooks down in the past. One attempt landed the United States and Antigua in front of the World Trade Organization. But the United States can’t waltz into another country and shut a sportsbook site down. Not only does American jurisdiction end at the border. There are usually multiple countries involved with an offshore betting operation.

For example, the server that accepts bettors’ wagers may be in the Philippines. But the oddsmakers may be in Vietnam or China. Offshore sportsbooks can operate anywhere because they can break their business into different pieces. Operating in one foreign country would make it hard for the United States to intervene. But adding multiple jurisdictions shields offshore sportsbooks from deactivation.

Additionally, since these kinds of sportsbooks aren’t accountable to any government, there’s no one to enforce:

  • Data security standards
  • Cash management
  • Payouts

So not only can no single government shut an offshore sportsbook down. But no single jurisdiction sets operating standards. Since each part of an offshore sportsbook can be in a different country, they can rebuild somewhere else if they’re shut down.

Bettors are better off wagering at Betfred than an uncontrollable offshore betting site.

Why Should Bettors Trust Betfred With Their Money?

Betfred is accountable to Colorado’s sports betting regulators and its bettors. But why should bettors trust Betfred with their money?

First, Betfred is as secure as a website can be. It has an SSL certificate, which is a great start. An SSL certificate is tech-speak for a special type of key. When bettors arrive at Betfred’s site, Betfred establishes a secure link between the bettor and the Betfred server. That keeps the Betfred connection private. Bettors can put their bank and social security information into Betfred without hackers getting in.

Even if a hacker tried to swipe some data, they wouldn’t get anything meaningful. They’d get a string of text and numbers that wouldn’t make any sense. That’s because the SSL certificate encrypts data from end to end. From the moment bettors type the first number of their social, it’s disguised. It doesn’t become decrypted until it gets to BetFred’s server. Once the data makes it through cyberspace to the server, the SSL certificate decrypts the data back into a recognizable number. Betfred’s server has the only key to unlock data entered in Betfred’s app and website.

Whatever data bettors give Betfred, they can rest assured that it’s secure.

How To Register For A Betfred Account

Registering for a Betfred account is easy. There aren’t any hidden registration requirements or any convoluted identity verification procedures. Bettors just have to hit ‘register’ in the top right corner of the app or website. Then bettors provide basic information like:

  • Legal names
  • Addresses
  • Phone numbers
  • Last four digits of their social security numbers

Betfred doesn’t require bettors to upload driver licenses or confirm their identity through facial recognition software. It’s a straightforward signup process that shouldn’t throw bettors through any hoops. Once bettors are registered, they can dive into betting.

Betfred Fact Sheet

Colorado's Legal Betting Age21
Betfred's Legal StatesAZ, CO, IA & PA
Betfred's Colorado PartnerSaratoga Casino

Betfred Sportsbook FAQ

Do Bettors Have To Be In Colorado To Bet At Betfred?

Yes. Betfred uses geolocation to make sure bettors aren’t crossing state lines online. The Wire Act outlaws wagers from crossing state lines. So, bettors can’t wager at Colorado’s sportsbooks from Michigan or vice versa. Colorado bettors are the only ones who can wager at Colorado sportsbooks. The geolocation can get fuzzy around Colorado’s borders. However, anyone with a registered Colorado account can wager in Colorado.

Can Bettors Do In-Play Betting At Betfred In Colorado?

Yes. Like several other Colorado sportsbooks, Betfred has a live betting section. The in-play section lists the live games and their lines. Bettors can also select those lines and find different types of bets. The odds update live, and bettors can wager along with their favorite team’s performance.

Is Betfred Licensed In Colorado?

Yes. Betfred wouldn’t be able to operate in Colorado without one. It also wouldn’t be able to partner with Saratoga Casino, either. Colorado keeps a list of licensed sportsbooks for bettor reference. The list sometimes takes a few days to update. However, bettors will find Betfred on that list sometime in September.

Who Is Betfred’s Colorado Partner?

Saratoga Casino in Black Hawk. This partnership allows Betfred to operate in Colorado. It’s also bringing a Betfred retail sportsbook to Saratoga Casino. Casinos are allowed three online brand partnerships each. So, Saratoga Casino could partner with other sportsbooks in the future. But in the meantime, Betfred is Saratoga Casino’s only partner.

How Do Bettors Get Paid Their Betfred Winnings?

When bettors win on Betfred, they can go to the cashier section to withdraw their winnings. They just have to hit ‘withdraw’ and their withdrawal method and amount. It may take two or three business days for the money to process and get into bettors’ accounts. However, that’s normal for the industry.

What Is The Best Way To Deposit At Betfred?

Bank transfer. It’s the most direct way to get money in and out of the sportsbook. Betfred won’t charge bettors any fees for depositing through a bank transfer, either. Bank transfers are cheap, safe ways to get money into Betfred sportsbook accounts.

About the Author

Christopher Gerlacher

Christopher Gerlacher is a freelance writer tucked into the foothills in Colorado Springs. He works as a content writer, a professional resume writer, and authors search engine optimized professional articles in multiple industries.