Colorado Online Sports Betting Bonuses July 2022

Best for $50 free bet

20% match up to $1,000 (25x playthrough) + *$50 free bet with $5 deposit

Available On: Web Browser, iOS, Android

States Allowed: AZ, CO, CT, IL, IN, IA, LA, MI, NH, NJ, NY, PA, TN, VA, WV & WY

Best for $50 free bet

DraftKings Colorado

Deposit $5 for

$50

Free Bet

20% Match Up To

$1,000

Claim Now

Retail Partner

Golden Gates &

Mardi Gras

Licensed By

Gaming Division

Colorado Department of Revenue

DraftKings was best known as a legal daily fantasy sports site. It’s been a licensed daily fantasy site in Colorado since 2016. However, Coloradans gained access to DraftKings’ sportsbook when sports betting went live in the state.

New DraftKings sportsbook players can earn up to $1,050 in deposit bonuses. When bettors make a deposit, they’ll be eligible to earn $1 in site credits for every $5 they deposit, up to $1,000. So, a $5,000 deposit would make bettors eligible for the maximum bonus amount.

However, DraftKings also has a playthrough requirement. Bettors receive $1 in site credits for every $25 they wager after depositing. Bettors have 90 days to meet the playthrough requirement to maximize this bonus. They’re rewarded in proportion to how much they deposit and wager. So, bettors should wager and deposit at sustainable rates.   

New members at DraftKings Sportsbook can also now receive a $50 free bet for making a deposit of $5 or more. This exclusive deal is available to all those joining DraftKings Sportsbook for the first time.

Bettors can use Colorado Sharp’s DraftKings Colorado promo link to claim these offers. 

Additional terms and conditions apply.

  • Great mobile app
  • Excellent market depth & variety
  • Good promo offer

Best for Risk-Free Bet

$1,500 Risk-Free Bet On Caesars's Website

Available On: Web Browser, iOS, Android

States Allowed: AZ, CO, IN, IA, IL, LA, MI, NJ, NY, TN, VA & WV

Best for Risk-Free Bet

Caesars Colorado

Up To

$1,500 Risk-Free Bet

code: SHARPBET15

Retail Partner

Isle Casino Hotel

in Black Hawk

Licensed By

Gaming Division

Colorado Department of Revenue

Caesars Sportsbook is a major rebrand resulting from Caesars Entertainment’s acquisition of William Hill. Bettors can wager up to $1,500 on their first bets and get their money back (in the form of a free bet credit) if it loses. However, the free bet credit must be used within 14 days from the date it’s awarded.

Bettors can use our Caesars Sportsbook promo code SHARPBET15 in Colorado to cash in on this welcome bonus.   

  • Convenient banking options
  • Risk-free bet offer
  • Caesars Rewards program

Best for a $1,000 risk-free bet

$1,000 Risk Free Bet On BetMGM's Website

Available On: Web Browser, iOS, Android

States Allowed: AZ, CO, DC, IL, IN, IA, LA, MI, MS, NJ, NV, NY, PA, TN, VA, WV & WY

Best for a $1,000 risk-free bet

BetMGM Colorado

Risk-Free Bet

$1,000

Code: SHARP

Retail Partner

Midnight Rose Hotel & Casino

In Cripple Creek

Licensed By

Gaming Division

Colorado Department of Revenue

MGM is a well-known name in gaming, However, its mobile sportsbook is relatively young compared to some of its competitors. However, it has quickly become one of the most-used mobile sports betting apps in the country, including in Colorado.

Bet MGM offers a risk-free bet of up to $1,000 using bonus code SHARP. So, if bettors lose their first bet, they get their stakes back in the form of site credits. If bettors lose their first bet, then BetMGM will add risk-free bets to bettor accounts. However, if bettors win, then they get winnings that can be withdrawn.

Bettors can use our BetMGM sportsbook bonus code in Colorado to redeem this welcome bonus. 

  • Risk-free bet bonus offer
  • Good mobile app
  • Deposit options

Best for a 100% match up to $250

100% match up to $250

Available On: Web Browser, iOS, Android

States Allowed: AZ, CO, IL, IN, IA, LA, MI, NY, PA, VA & WV & NJ (Under SugarHouse brand)

Best for a 100% match up to $250

BetRivers Colorado

100% Match Up To

$250

Code: SHARP250

Retail Partner

McGill's

in Cripple Creek

Licensed By

Gaming Division

Colorado Department of Revenue

Colorado became the fourth state BetRivers launched in after Pennsylvania, Indiana, and Illinois. BetRivers is owned by Rush Street Interactive, the same company that operates SugarHouse Online.

BetRivers has a number of loyalty perks and rewards for Colorado sports bettors. It offers a 100% deposit match of up to $250 using bonus code SHARP250. BetRivers will release $1 in site credit for every $1 that bettors wager. Therefore, even though the BetRivers dollar amount may not make your eyes pop like some competitors, this 1x playthrough requirement make it one of the best welcome offers in the state.

BetRivers also has a loyalty program for bettors who consistently wager large amounts of money. Perks include new bonuses, BetRivers swag, and expedited withdrawals. Bettors shouldn’t bankrupt themselves for these perks though. Bettors should play at sustainable rates for their financial circumstances.

  • Excellent deposit and cashout options
  • Mobile-friendly site
  • Unique parlay bets

Best for a $500 risk-free bet

$500 Risk-Free Bet

Available On: Web Browser, iOS, Android

States Allowed: AZ, CO, IA & PA

Best for a $500 risk-free bet

Betfred Colorado

Risk-Free Bet

$500

Code: SHARPBET

Retail Partner

Denver Broncos

Licensed By

Gaming Division

Colorado Department of Revenue

Betfred is a European operator that partnered with Saratoga to launch its online sportsbook in Colorado. Betfred is an official partner of the Denver Broncos making them a great sportsbook for loyal Broncos fans. Currently, all new bettors can claim a $500 risk-free bet offer after registering with the app and depositing at least $10.

Use Betfred Colorado promo code SHARPBET  for this risk-free first bet.

  • Simple, clean app
  • Several years in the industry

Best For Up To $1,000 In Bonus Credit

100% Up To $1,000

Available On: Web Browser, iOS, Android

States Allowed: Colorado

Best For Up To $1,000 In Bonus Credit

MaximBet Colorado

100% Up To

$1,000

Deposit Match

Retail Partner

Johnny Nolon's

in Cripple Creek

Licensed By

Gaming Division

Colorado Department of Revenue

MaximBet is a hidden gem in Colorado’s sportsbook market. It offers a $1,000 deposit bonus with a match rate of 100%. So, MaximBet will match bettor deposits dollar for dollar.

The offer is for new accounts only. Bettors who want this bonus can use our MaximBet Colorado promo link to redeem it.

  • Good opening contests
  • Betting rewards
  • Deposit match bonus

Best for a $1,000 no sweat first bet

$1,000 No Sweat First Bet On FanDuel's Website

Available On: Web Browser, iOS, Android

States Allowed: AZ, CO, CT, IL, IN, IA, LA, MI, NJ, NY, PA, TN, VA, WV & WY

Best for a $1,000 no sweat first bet

FanDuel Colorado

No Sweat First Bet

$1,000

On First Bet

Retail Partner

Golden Gates Casino

in Black Hawk

Licensed By

Gaming Division

Colorado Department of Revenue

FanDuel is another licensed daily fantasy sports company that entered Colorado’s legal sports betting industry

FanDuel currently offers a $1,000 no sweat first bet for new bettors. Although it’s not quite as large as Caesars Sportsbook’s welcome bonus, it’s still a generous amount of money for most bettors. Bettors can wager up to $1,000, lose their first bet, then get their lost stakes back in the form of site credit.

Interested bettors can use Colorado Sharp’s FanDuel affiliate link to get this welcome bonus. 

  • Popular betting lines
  • Good deposit options

Best for fans of SI magazine

$60 Free Bet with code VIP60

Available On: Web Browser, iOS, Android

States Available: CO & VA

Best for fans of SI magazine

Sports Illustrated (SI) Sportsbook

Free Bet

$60

Bet $10 and Get $60

Retail Partner

Colorado Grande Casino

in Cripple Creek

Licensed By

Gaming Division

Colorado Department of Revenue

SI Sportsbook is a duel venture between the famous magazine and 888, a renowned sports betting technology company. As a result of these two respected companies coming together, the Sports Illustrated Sportsbook Colorado is a solid app that provides everything a bettor would want.

SI’s opening promo offer doesn’t draw people in by promising a huge amount. Instead, the offer stands out because it is in the form of free bets, which is the best kind of bonus you can get. If you bet $10, you get a free $60 bet. 

New users can claim this welcome offer by using the Sports Illustrated Colorado Sportsbook promo code VIP60.

  • “Bet Feed” identifies games garnering the largest handle
  • Connects to SI.com for news and insights
How old do bettors need to be to place online sports bets in Colorado?

21. While daily fantasy sports players only need to be 18, sports bettors must be 21. This staves off a potentially thorny legislative issue. The idea of high school seniors gambling online is unsettling, even to gambling supporters. Raising the sports betting age got around that and likely helped keep mobile sports betting out of high schools.

Can bettors claim bonuses at more than one Colorado sportsbook?

Yes. Because bettors create separate accounts at each sportsbook, they can claim each sportsbook’s bonus. However, they can only claim bonuses once. Each sportsbook account is tied to a social security number. It’s hard to fake two accounts. Even if bettors could borrow a social security number, sportsbooks would suspend that account if they suspected that it was the same person. Sportsbooks have massive sets of data to use to identify duplicate accounts. Fooling them isn’t as easy as bettors may think. 

What are the playthrough requirements for legal online Colorado sportsbooks?

Each playthrough requirement can differ from sportsbook to sportsbook. However, most of them are associated with deposit bonuses. After fulfilling the deposit requirement for a deposit bonus, bettors often have to wager their money to unlock site credits. They can take the form of fixed site credits per dollar wagered or a percentage of wagered dollars. Bettors must understand each bonus to learn how they wish to fulfill their playthrough requirements.

What’s bonus abuse and how do I avoid it?

Bonus abuse is using multiple accounts to benefit from bonuses multiple times. Sportsbooks anticipate a certain return-on-investment from their bonuses. They expect to spend a little money to retain bettors over their full customer lifetimes. But those calculations assume one bonus per sportsbook. Any more than that is theft.

As long as bettors aren’t creating multiple accounts to profit from different bonus terms, then they’re fine. They can create single accounts at multiple sportsbooks, but creating multiple accounts at any sportsbook will get them in trouble.

What’s the bonus at DraftKings Sportsbook in Colorado?

DraftKings Sportsbook offers a $50 free bet + $1,000 deposit bonus at a 20% match rate.

For the deposit match, if bettors deposit $100, they can earn up to $20 in site credits. However, bettors also have to use the money to bet. DraftKings requires its bettors to play $25 to earn each $1 of site credit. In the $20 example, a bettor would need to wager $500 for the bonus credits. For the full $1,000, bettors would need to play $25,000. Bettors are rewarded based on how much they deposit and play. As long as bettors are wagering at the pace they’ll normally wager, they’re getting a fair value of the bonus.

Is there a wager requirement for Colorado sports betting apps?

Sometimes. Some sportsbooks require bettors to use their bonuses on bets with certain odds. Colorado sportsbooks usually set the minimum odds around -200. That way, sportsbooks don’t lose too much money giving away bonus credits and paying additional winnings. Each sportsbook bonus has its own terms, but this is the most common one. Bettors have to watch for these on risk-free bets more than anywhere else. Otherwise, bonus terms should be largely clear.

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.