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Colorado’s legal sports betting industry went live on May 1, and sportsbooks have been taking action in the state ever since. But how do Colorado sports bettors decide where to bet? Lucky for them, we’ve been comparing Colorado’s newest online sportsbooks. Here’s how DraftKings Sportsbook stacks up against the competition.
DraftKings Colorado Sportsbook Promo Code 2020
DraftKings Sportsbook offers one of the best sign-up bonuses when you use a DraftKings Sportsbook promo code in Colorado! New players will receive $25 on sign-up (5 bets of $5) along with a risk-free bet of $500 along with a deposit bonus of 20% up to $500. Terms and conditions apply.
Draftkings Colorado Promo Code
|None - Use our exclusive link to unlock $25 free lander|
|$25 with no deposit necessary|
Risk Free Bet
|$500 Risk-Free Bet (Get $500 credit if your bet loses)|
|20% up to $500|
Draftkings Sportsbook States
|CO, NJ, IN, WV, PA, NH, IA|
Who Should Try DraftKings’ New Colorado Sportsbook?
DraftKings is a great sportsbook for casual bettors who are just getting into sports betting. DraftKings has a robust sports betting guide that defines the different types of bets available for different games. If new bettors don’t know what a moneyline bet is, then DraftKings has them covered.
However, DraftKings’ online casino will not be available in Colorado. While online sports betting is legal, online casino gambling remains illegal. Colorado bettors will only have access to DraftKings’ fantasy site and sportsbook. However, that still gives bettors many different betting options. Here’s a breakdown of how DraftKings stacks up against its ever-expanding group of Colorado competitors.
DraftKings Bonus And Promotional Grade (5/5)
Out of the six legal Colorado online sportsbooks, DraftKings has the best welcome bonus. DraftKings offers a sign-up bonus of up to $1,000. However, there are certain conditions that bettors have to meet. According to the in-app promotion, the $1,000 sign-up bonus is really two $500 bonuses.
The first is a deposit bonus. For every $5 bettors deposit, DraftKings will issue $1 of site credits to a bettor’s account, up to $500. The second $500 is a “free bet” of up to $500. The free bet is really DraftKings covering a bet up to $500. So, if bettors wager $500, DraftKings will cover that $500, and bettors will keep whatever they win.
For bettors who will use DraftKings consistently over the next 30-45 days (when the sign-up bonuses expire), these are pretty good bonuses. It’s a better deal than:
- FanDuel’s single risk-free bet of up to $500.
- BetMGM’s single risk-free bet of up to $500.
- BetRivers’ $250 match with its welcome code, 250MATCH
Sign-up and welcome bonuses come in many forms. However, many of these bonuses require bettors to put their own money down or fulfill other conditions. Despite the attached strings, welcome bonuses are great ways to ease new bettors into wagering.
DraftKings Odds Vs. The Competition Grade (4.5/5)
New bettors may be surprised to find that odds aren’t the same at every sportsbook. There are many variables that oddsmakers weigh to calculate odds, which can lead to varying odds across sportsbooks.
DraftKings odds are conservative compared to the other three Colorado sportsbooks. Compare these odds on Belarusian soccer:
5/6/2020 Gorodeya-FC Minsk Odds
|DraftKings Gorodeya||+165||DraftKings Tie||+205||DraftKings FC Minsk||+155|
|FanDuel Sportsbook Gorodeya||+185||FanDuel Tie||+200||FanDuel FC Minsk||+145|
|BetMGM Gorogeya||+190||BetMGM Tie||+210||BetMGM FC Minsk||+155|
|BetRivers Gorodeya||+165||BetRivers Tie||+205||BetRivers FC Minsk||+155|
There are lower odds for bets on the same team and outcome. In the Gorodeva-FC Minsk game, it’s a small difference. However, the differences can be much larger, like these +390 odds on Belshina Bobruisk winning:
5/6/2020 FC Isloch-FC Belshina Bobruisk
|DraftKings FC Isloch||-155||DraftKings Tie||+250||DraftKings FC Belshina Bobruisk||+390|
|FanDuel FC Isloch||-170||FanDuel Tie||+240||FanDuel FC Belshina Bobruisk||+490|
|BetMGM FC Isloch||-150||BetMGM Tie||+260||MGMGrand FC Belshina Bobruisk||+450|
|BetRivers FC Isloch||-155||BetRivers Tie||+250||BetRivers FC Belshina Bobruisk||+390|
However, DraftKings’ odds usually won’t be too far off from the other sportsbooks. These differences will only matter to bettors wagering in high volumes.That being said, DraftKings also has some of the best odds among negative odds. Bettors don’t have to put as much money down on negative odds to win compared to other sportsbooks. For bettors who wager on the safe team, DraftKings is probably their best choice.
DraftKings Market Depth And Variety Grade (5/5)
DraftKings has a wide selection of sports and bets. Bettors can find betting lines on familiar professional sports, like MMA matches. However, DraftKings has expanded its reach in the wake of the coronavirus. Adventurous bettors can now find betting lines on darts, table tennis, and e-sports. There’s also no shortage of international leagues to choose from. Chinese, South Korean, and Belarusian leagues are available to wager on, too.
The Colorado sportsbooks differ little in terms of sports offered. The Colorado Division of Gaming has a list of approved games that sports betting operators can offer betting lines on. No one sportsbook can go rogue and offer lines on a new sport without approval from the Colorado Limited Gaming Control Commission.
Sports betting operators can, however, vary in the types of bets they offer. They’ll all offer the basic moneyline, point spread, and prop bets. But DraftKings and FanDuel offer single wagers and round robins. DraftKings also offers a spot for parlay bets while FanDuel offers teaser bets (which are parlay bets for certain games and bet types.) BetMGM also offers DraftKings’ betslip options, but BetRivers doesn’t offer round robins like the other three sportsbooks do.
To sum up, DraftKings has many events to bet on and many ways to bet on them. It’s one of the best sportsbooks for bettors looking for choice.
DraftKings Deposit And Cashout Grade (5/5)
Putting money into and withdrawing money out of a DraftKings account is super easy. Once a DraftKings account is set up, bettors will be able to deposit money through:
- Online Banking.
- Credit or Debit Cards.
- Prepaid Card.
- Wire Transfer.
There are a few options for withdrawals, including:
- Mailed Check.
- Automated Clearing House (it’s basically an e-check).
- Cage Pickup.
Whether bettors want to pick up money in person (unlikely mid-pandemic) or want to manage their money virtually, Colorado bettors have easy choices when they’re looking to move money around.
All four (current) Colorado sportsbooks have virtual and in-person options available to put money in and take money out of their accounts. Whether bettors want to manage their accounts in person or online, these new online sportsbooks have them covered.
DraftKings Mobile App Grade (5/5)
Most of this article was written with information gleaned from the mobile app. It offers an easy sign-up, a user-friendly interface, and a straightforward way to bet.
Bettors don’t even have to login when they download the DraftKings sportsbook app. There’s a link to the sportsbook below the login boxes for people who want to view the odds, but don’t want to create an account. DraftKings asks for bettors’ name, email address, and the last four digits of a bettor’s social security number. The social security number accomplishes two things:
- It ensures users are old enough to engage in sports betting per state regulations.
- The user really is who they say they are (it’s an anti-money laundering)
Once that easy setup is done, bettors can either browse the popular betting lines on the screen or look for something else in the quick links at the top of the screen or the A-Z listings on the banner at the bottom of the screen. After that, placing a bet is as easy as clicking on the odds and placing a bet. There was a box for how much I wanted to bet, and another telling me how much I could win. It’s tantalizing to see how much $20 is worth with +950 odds.
As a first-time sports bettor myself, signing up and finding my way around was reassuringly easy. DraftKings’ app is incredibly user-friendly and easy to use. It’s easier to find what you want than FanDuel’s app, and it’s a far more user-friendly than BetMGM’s app. (BetRivers’ app is coming soon to iOS, so it doesn’t reach the whole mobile market yet.)
Is DraftKings’ Colorado Sportsbook Legit?
New bettors may feel uncomfortable depositing money into an app. How do they know they’re going to get paid if they win? Or whether their personal information is safe? DraftKings, its partners, and its history lend a great deal of credibility. Here are five reasons bettors can trust DraftKings.
It’s Licensed With The State Of Colorado
Colorado requires every online sports betting entity to secure a license with the State of Colorado. The process of obtaining a gaming license in Colorado includes automatic disqualifiers, including:
- A past conviction of a gaming-related felony.
- Identification as a career offender.
- Being a city manager in one of the casino cities.
The process eliminates conflicts of interest and shady characters who shouldn’t control sportsbooks.
Its Licensed Partnerships In Colorado
Not only does DraftKings have the authority to operate in Colorado, but it is also going to have a retail sportsbook inside the Golden Mardi Gras casino in Black Hawk at a soon-to-be-announced date. The Golden Mardi Gras casino also had to go through the process of licensing to have DraftKings in their casino, so they’ve been vetted by and are accountable to the State of Colorado.
Required Financial Reserves
According to Rule Six of Colorado’s Division of Gaming’s sports betting regulations, all licensed sports betting operators are required by law to have enough money in the bank to pay out winnings.
The Penalties For Not Paying Out
If sportsbooks fail to pay their winners–or fail to fulfill their basic duties as legitimate sportsbooks–then sportsbooks can lose their right to operate in Colorado. Rule 10 also gives citizens the right to initiate complaints with the State of Colorado if they feel it’s warranted. Good luck finding that kind of recourse against an illegal betting site.
DraftKings’ Best Interests
Since DraftKings’ fantasy sports have been live across the country for years, it cannot afford a reputation as an unreliable sportsbook. One of the most important things that sportsbooks sell is legitimacy. Sportsbooks can’t grow effectively without government and consumer trust. If DraftKings wants to continue expanding into new states, it cannot afford to abandon ethical business practices now.
Why Choose DraftKings Over An Illegal Sports Betting Site?
Sure, DraftKings is available in Colorado. But why bet there when bettors have a bookie they’ve worked with for years or another offshore site they may have used without a problem?
There are a couple of key reasons to pick a legitimate sportsbook. One is the accountability that’s already been alluded to in the section above. If a bettor’s bookie runs out of cash, then bettors don’t have any recourse to collect their winnings. (Not without admitting that they were using an illegal bookie, anyway.)
However, there’s one more reason that bettors should go through licensed sportsbooks: taxes.
Where The Taxes From Sports Betting Go
Colorado has big plans for the taxes they’ll make off a legal sports betting industry. Prop DD, Colorado’s sports betting legalization bill, lists where sports betting taxes will go in the state:
- Sports Betting Regulation.
- Gambling Addiction Services.
- Hold Harmless Fund.
- Water Projects.
The first two services are self-explanatory, but a hold harmless fund may be new to some bettors. Taxes from sports betting operators go into a fund for businesses that may lose money to sports betting legalization. For example, a small casino without a sports book may lose some of its slots and table players to a sportsbook down the street. If that casino can show a decrease in revenue that’s caused by sports betting, then they can file to receive some of the money in the hold harmless fund.
The water projects are straightforward, but broad. The idea is to use sports betting tax revenue to fund projects that will manage Colorado’s water supply. This is a big deal, because Colorado supplies water for other states as well as itself. As climate change became a greater issue in Colorado, these water funds became more important to environmental groups. So, they managed to successfully lobby for sports betting tax revenue to fund water conservation.
Anyone who places a bet at a licensed Colorado sportsbook will support these projects and organizations. Conversely, placing a bet with your favorite bookie at IHOP will not.
Why Can Bettors Trust DraftKings With Their Money?
So DraftKings is legitimate and the tax revenues support important state initiatives, but how safe are bettors’ money? Leaving hundreds of dollars in some app seems unsettling.
However, DraftKings goes to great lengths to protect their patrons’ money. They have plenty of account safety features, and they separate their money and bettors’ money.
DraftKings’ Account And Web Security
DraftKings gives users a bunch of different ways to secure their account. There are additional “strong” authentication features that users can activate. DraftKings is also SSL secured, which only allows users and DraftKings’ server to see information bettors put in. It’s how DraftKings can ask for the last four digits of their users’ social security number and their money.
DraftKings’ In-House Handling Of Money
The money that players put into their account is separate from the money DraftKings pays its employees with. DraftKings’ sportsbook terms stipulate that customer funds must be placed in a segregated account. Keeping customer and business money separate prevents unexpected business expenses from robbing bettors of their rightful winnings. It’s one more way that customer funds are protected from business pressures. (Can you say the same about your IHOP bookie?)
DraftKings Colorado Fact Sheet
|Age to participate||21|
|Where DraftKings is legal*||OR, NV, MT, CO, IA, IL, IN, AR, MS, TN, WV, PA, DE, NJ, NY, RI, NH|
|DraftKings' Colorado partner||Golden Mardi Gras Casino, Black Hawk|
|Colorado launch date||May 1, 2020|
*Legal only means the state has legalized some form of sports betting, not that DraftKings is live in every listed state. It is not.
DraftKings Sportsbook Colorado FAQ
DraftKings’ Colorado rollout is an exciting beginning to sports betting in Colorado. However, its novelty may leave bettors with a few questions. Here are a few common questions that bettors run into.
How Old Do Bettors Have To Be To Bet On DraftKings’ Sportsbook?
Bettors must be at least 21 to bet at Colorado’s sportsbooks. Presumably, this is one way that Colorado legislators tried to protect college students. One of the chief opponents of sports betting is the National Collegiate Athletic Association (NCAA). They’ve protested sports betting’s expansion, and they probably had to be pacified when Colorado drafted regulations upon Prop DD’s passing. Whatever the reasons, young peoples’ well-being was top of mind in Colorado.
Do Bettors Have To Be In Colorado To Bet On DraftKings’ Sportsbook?
Yes. Per Colorado law, DraftKings must geofence its website and app to make sure that only Colorado bettors are placing bets.
However, they can create DraftKings accounts from anywhere. Bettors just have to place bets within Colorado’s borders.
Can Bettors Sign Up From Anywhere In-State?
Yes. Bettors can sign up on the DraftKings Sportsbook app or website. Bettors need to provide their home address and last four digits of their social security number. Although, the geofence determines bettors’ locations, DraftKings still needs personal information for identify verification.
How Does DraftKings Know Its Bettors Are In Colorado?
It uses a geofence to create a barrier around Colorado. Bettors’ devices give DraftKings location information, so they know whether a bet is in Colorado. DraftKings also knows whether a device is coming from out of state, so it won’t accept bets from parts of the country where sports betting is illegal.
How Do Bettors Get Paid If They Win?
Bettors will see their wins in their transaction history. Then they can request a withdrawal by check, online wire transfer, or online banking. There’s an in-person cash option, but it’ll have to wait until after the coronavirus pandemic.
Is Live In-Game Betting Available At DraftKings’ Sportsbook?
Yes. DraftKings has an entire section dedicated to live in-game sports betting. It’s a great way to watch the odds change mid-game, cash in on an emerging underdog, or to monitor existing bets.
DraftKings Colorado Overall
DraftKings Sportsbook is a great way for casual bettors to easily wager on the new sports leagues available. Its welcome bonuses and odds make it a welcoming sportsbook. DraftKings’ sportsbook tends to have lower odds than its competitors on odds below about +400, but it’s an advantage when the odds are negative. It’s also incredibly easy to manage funds in a DraftKings account, and the mobile app makes it even easier.
Anyone looking for a trustworthy, easy-to-use sportsbook can turn to DraftKings with confidence. If I could sign up and find my way around, then anyone reading this will be able to too.