Betfred Colorado Promo Code & Sportsbook Review 2020

$500 Risk-Free Bet
Deposit Bonus - T&C's Apply
3.5





Overall
Bonuses and Promotions




4.0
Odds VS. The Competition




3.5
Market Depth & Variety




4.0
Deposit & Cash Out



3.0
Mobile App



3.0

Bottom Line

Betfred Colorado is now live, which has quickly become one of the most competitive sports betting markets in the country. It’s yet another accessible option for bettors of all stripes. Betfred has a bare-bones app that’s easy to access but hides the bonuses and promotions away. Overall, it has promise in Colorado’s sports betting market. It just has to improve in a few areas. Here’s everything bettors need to know about Colorado’s thirteenth sportsbook.

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Risk-Free Bet
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Betfred Colorado Promo Code 2020

Betfred Colorado Bonus Code
Use our exclusive link to unlock bonus
Deposit Bonus
50% bet match on the first 5 wagers placed, up to $200 each
BetFred Sportsbook States
Colorado, Iowa
Last Verified
December 2020

4.0





Promos

New Betfred users are welcomed to the Betfred app with a $500 risk-free bet. Once bettors place their first bet, they’ll get their stake back in site credits if they lose. However, bettors must read the fine print. The $500 is a maximum award, not a standard handout. If bettors place a $50 bet and lose, then they would get $50 back. If a bettor placed a $1,000 bet and lost, they would get $500 back.

That means to get the full value of the “free bet,” bettors must place a $500 wager upfront. Otherwise, they’re leaving site credits on the table that they can’t get back. That makes free bets good for high rollers, but poor for conservative bettors.

Other sportsbooks solve this problem by offering two types of welcome bonuses. Many sportsbooks offer risk-free bets. But others also include a deposit bonus, in which bettors receive site credits in proportion to their deposits. That allows bettors to earn the full bonus value at their own pace without leaving site credits on the table.

Adding a deposit bonus would immediately improve Betfred’s promotion and put it on par with DraftKings and Fox Bet.

3.5





Odds

The odds are the most important part of a sportsbook’s offering, and Betfred struggles to compete in Colorado. It hasn’t managed to capture a leading spot on either side of the line. Here are its best set of odds on one of Colorado’s upcoming NFL games:

 TitansBroncos
Betfred-140+120
DraftKings-137+120
FanDuel-134+114
BetMGM-129+110
BetMonarch-135+115
BetRivers-141+117
Fox Bet-138+120
SBK-139+120
Sky Ute Sportsbook-135+115
Circa Sports-140+122
Bet Wildwood-141+115
Elite Sportsbook-135+115
theScore Bet-135+115

It’s two points shy of having the best odds on the Broncos. However, this is one of their best lines. The other major sports leagues line we compared fell short. Here’s how they stacked up on the Rockies/Angels game:

 RockiesAngels
Betfred-135+115
DraftKings-132+112
FanDuel-138+120
BetMGM-134+120
BetMonarch-130+122
BetRivers-132+112
Fox Bet-138+115
SBK-130+122
Sky Ute Sportsbook-130+117
Circa Sports-133+122
Bet Wildwood-141+115
Elite Sportsbook-130+110
theScore Bet-130+110

They’re middle of the road odds at best. Betfred doesn’t have an odds trend that makes them stand out. But they’re not a wild card with great odds out of nowhere, either. They may need to reevaluate how they balance competitive odds and sportsbook profit.

4.0





Depth

Betfred has almost a dozen sports to wager on. It’s not a bad selection, and it’ll likely expand as its rollout continues. It falls in the middle of Colorado’s market variety. Some sportsbooks have more, and others have fewer sports to bet on.

Betfred’s selection improves further within each sport. The leagues aren’t as easy to separate as other sportsbooks. Bettors must:

  • Select their sport.
  • Select their league or country at the top of the screen.

The filters are small and easy to miss. Oddly, it’s the only way to select a league. Other sportsbooks give bettors the option to pick a league earlier. BetFred lists its most popular leagues in its A-Z sports list, but it’s not exhaustive. If bettors choose BetFred, they should be aware of their additional league choices.

Even if they’re hidden and unintuitive.

3.0





Cashout

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

  • VIP Preferred E-check
  • Play+
  • PayNearMe

It’s a small selection compared to the rest of Colorado’s sportsbook market. The Play+ option doesn’t include credit or debit card deposits. So, bettors will have to wait for those deposit options.

Unfortunately, the Betfred app won’t accept deposits. Bettors can only deposit on the desktop site. Betfred has convenient betting options available. It’s just too early to access them conveniently.

The withdrawal options are presumably the same. VIP Preferred E-checks–online banking–and the Play+ are potential withdrawal options. If bettors withdraw through one of these options, sportsbooks know who the money is going to. If these are the only two withdrawal options, then it’s on par with Colorado’s cautious sportsbooks. The sportsbooks concerned with security tend to restrict their withdrawal options to the most secure.

Betfred has the deposit options in place. It just needs to make them work on all platforms.

3.0





App

Most sportsbooks struggle to strike a balance between making a sportsbook layout simple and cluttering the screen. Betfred’s app manages to do a little of both. 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. But the sports betting lines themselves stuff a lot of information into a small amount of space. Team names are stacked on top of each other and repeated in the moneyline boxes. The layout forces Betfred to repeat redundant information that clutters the screen.

However, some of its other pages solve this problem. Selecting a line takes bettors to a screen with all the available bets on that line. It includes drop-down menus that are cleaner and easier to navigate than the home screen. If the rest of Betfred’s app looked like the screen with details about the betting line it’d be an improvement.

The app also lags, which makes it a chore to spend a lot of time on. Between the non-functioning deposit options and smaller performance issues, Betfred’s app needs additional work. It’s not up to Colorado’s market standards right now. It’s fixable, but it should’ve been ready for market when it launched.

3.5





Overall

Betfred isn’t a standout player in Colorado. Its welcome bonus is on par with some of Colorado’s sportsbooks, but that’s where its strengths end. Betfred’s odds are mediocre compared to Colorado’s big sports betting players. Its deposit and withdrawal options are few and don’t work. The mobile app looks pretty good. But it has room to improve the layouts and app performance.

Unless Betfred changes its oddsmaking process and improves its sportsbook, it’s not going to be a major player in Colorado.

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 StatesColorado & Iowa
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. But it’ll get there, and bettors will earn the bragging rights of all their friends. And isn’t that the real prize?

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. Bank transfers are secure, too. It’s a cheap, safe way to get money into a Betfred sportsbook account.

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.