Betfred Colorado Promo Code & Sportsbook Review 2022

$1,002 First Bet Match
Deposit Bonus - T&C's Apply
4.1
Overall
Bonuses and Promotions
4.0
Odds VS. The Competition
3.5
Market Depth & Variety
4.0
Deposit & Cash Out
4.0
Mobile App
5.0

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, it 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 link to claim Betfred’s welcome bonus and dive into sports betting.  

Decent Odds
Free Bet Bonus
Sports Variety

**Some of the products featured here are from our partners who compensate us. This does not influence our evaluations. Our opinions are our own. All bonus and promotions have Terms & Conditions that apply. 21+ for legal online gambling sites. If you think you have a gambling problem, please call 1-800-522-4700.

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Betfred Colorado Promo Code 2022

Betfred Colorado Bonus Code
Use our exclusive link to unlock bonus
Deposit Bonus
$1,002 first bet match
Betfred Sportsbook States
CO, IA, PA
Last Verified
January 2022

4.0
Promos

Betfred welcomes new Colorado users with a first bet match bonus up to $1,002. This more than doubles its original $500 bonus offer in Colorado. New bettors can register with the app, deposit a minimum of $10 and place a wager on any bet with better than -200 odds. That first bet will be matched with a deposit into your account within a few days. You can wager up to $1,002 on your single first bet to claim the full bonus offer.

Bettors can also use our Betfred Colorado promo link to claim this welcome bonus.

Other sportsbooks solve this problem by offering two types of welcome bonuses. Many sportsbooks offer risk-free bets but also include a deposit bonus. That allows sportsbooks to appeal to conservative bettors and risk-seeking bettors.

3.5
Odds

The odds are the most important part of a sportsbook, 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 old 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 moderate 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, either. They may need to reevaluate how they balance competitive odds against sportsbook profit if they want to compete in Colorado.

4.0
Depth

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.

4.0
Cashout

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.

5.0
App

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.

3.9
Overall

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 StatesColorado, Iowa, & Pennsylvania
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.