3 Mistakes to Avoid When Opening Your Colorado Sports Betting Account

Excitement can overwhelm a bettor moments after creating their first sports betting account with one of Colorado’s online sportsbooks. That rush of adventure can open the door to making some serious mistakes for the first-time bettor.

There are three common mistakes that all rookies should avoid when starting their sports betting journey. Let’s take a look at the traps you should avoid on your way to filling your betting account with the sportsbooks’ money.

Three Mistakes to Avoid When Opening Your Colorado Sports Betting Account

Frustration Will Happen

I would love to say that opening a new betting account is as smooth as joining Twitter or Instagram, but sadly that’s not the case. It would be best if you prepared for a multi-step verification process that needs your personal information.

All sites will ask you to share details such as your address, last four digits of your Social Security, and banking information before granting you access to their site.

Once you jump over those hurdles, you must find a suitable form of payment to load money into your account. If you’ve tried to open accounts at several Colorado sportsbooks, then you already know that every site accepts different forms of payment.

If you want to transfer money directly from your bank account to your betting account, you must make sure that the sportsbook accepts your bank. The chances are high that only a few sites will accept your bank unless you have an account at one of the top financial institutions.

The same frustration may await you for credit cards and sites like PayPal.

At first glance, it appears that the bigger the sportsbook, the easier it is to load money into your account. So, with sportsbooks like FanDuel, DraftKings, and BetMGM, you will most likely find those sites work more smoothly to make your first deposit and claim your bonus.

As long as you understand that you are in for a process that may not work, and you’ll need to think of an alternative plan, you can minimize that frustration.

Understand How Bonuses Work

One of the biggest mistakes that first-time bettors make when they get that bonus is not taking time to read the fine print.

Let’s look at BetMGM, which offers a very handsome matching bonus when you open an account. Let’s say you deposit $500 when starting the account, and the sportsbook matches that amount with a $500 bonus.

For example, let’s say, on your account, you have $500 plus a $500 bonus tab. Now, to turn that bonus into real money, MGM states that you have to bet the bonus money twice. This rule means that you must bet $1000 of the bonus before it goes into your account as real cash that you can pocket.

That dangling carrot of free money can cause impulse issues, however. Another fine print rule for that bonus bet is that you cannot place a wager with odds greater than -200. This stipulation forces you to make more challenging bets. You simply cannot slow play the bonus and bet heavy favorites.

Now, here’s the potential trap for eager bettors. Let’s say you know you need to bet this bonus twice, but you don’t know the odds rule. So, you place a wager at -300 for $250, thinking this will take care of 25% of your bonus requirement.

But what actually happens is that $250 is taken from your real account. If that favorite somehow loses, then you aren’t playing with MGM’s money. You are now losing from your bankroll.

Plan Ahead to Maximize Your Bets

After you’ve run the account opening gauntlet and read the fine print three times over, it is finally time to place a bet.

One of the best ways to maximize and enjoy that first-time bonus is by doing your homework. At -200, a favorite only has an implied probability of 66.7%. Under this scenario, your favorite will win just two out of every three games.

But in a short bubble, you could see wildly positive or negative swings with that level of bet.

Of course, there is no perfect way to place a wager to assure a high probability of winning. But, you can try to take advantage of a favorite that you feel offers value.

A great first step is creating an information system that looks for bias in the lines. By doing that, you put yourself in the best position for turning that bonus into actual money. It takes time and a lot of trial and error, but you’ll create the best path to winning your wagers.

About the Author

Derek Worlow

Derek Worlow is a freelance writer that has covered the expansion of legal sports betting in America for several well-known industry websites. During his writing career, he has written profiles on dozens of athletes and contributed work on the collision of sports and politics. Derek has also published two acclaimed biographies about Texas quarterbacks; Johnny Manziel and Robert Griffin III.