Elite Sportsbook Colorado Promo Code & Sportsbook Review 2020

$1,000
Welcome Bonus - T&C's Apply
3.6






Overall
Bonuses and Promotions





4.5
Odds VS. The Competition




4.0
Market Depth & Variety




4.0
Deposit & Cash Out



2.5
Mobile App



3.0

Bottom Line

Elite Sportsbook’s website is up and ready to accept bets, and its app is coming soon. Between the welcome bonuses and the accessible format, Elite Sportsbook is an approachable choice for new bettors. Above all, it’s licensed by the State of Colorado, so it’s passed a rigorous vetting process designed to protect bettors. It’s not without its problems, but Elite Sportsbook has potential in Colorado’s competitive sportsbook market.

Welcome Bonus
Banking Options
Great App

See Elite Sportsbook in Action

 

Elite Sportsbook Colorado Promo Code 2020

Elite Sportsbook offers an excellent sign-up bonus. No promo code needed, just follow one of our exclusive links (like this one) to claim your bonus. New players will receive a risk-free bet of $500 along with a deposit bonus of up to $500. Terms and conditions apply.

Elite Sportsbook Colorado Welcome Bonus
None - Use our exclusive link to unlock $1,000 in welcome offers
Risk-Free Bet
$500 Risk-Free Bet (Get $500 credit if your bet loses)
Deposit Bonus
Matching deposit bonus up to $500
Elite Sportsbook States
CO, IA
Last Verified
October 2020
4.5





Promos

Elite Sportsbook has one of the most unique welcome bonuses in Colorado. 

Its welcome bonus is made up of five free bets. For the first five bets, Elite Sportsbook will credit half a bettor’s wager up to $200. So if bettors place a $400 bet, they’ll get $200 in site credits to wager with. Bettors can place four more times and get half their stake back in site credits. 

This is the first welcome bonus of its kind in Colorado. Most welcome bonuses include a deposit bonus or a risk-free bet. Bettors tend to be rewarded for depositing over time or wagering large amounts at once. Elite Sportsbook is rewarding not just one, but several large wagers up front. It’s a big ask for small-time bettors. Betting $2,000 up front isn’t for everyone, especially during the pandemic. But if bettors aren’t willing to bet as big as they can for their first five bets, they’re going to leave many free site credits on the table.  

Elite Sportsbook also puts a deadline on its welcome bonus. It runs from September 8 to September 30. This bonus is also the second welcome bonus we’ve documented from Elite Sportsbook. They seem to be trying different welcome bonuses out to see what’ll work. That could be destabilizing for Elite Sportsbook. It’s hard to reach new bettors when Elite Sportsbook’s welcome changes so drastically in a matter of weeks. And it’s not like long-time Elite Sportsbook users will be able to try the welcome bonuses.

Hopefully, Elite Sportsbook will continue to offer strong welcome bonuses past September. But it’s worrying that this unique welcome bonus could be overhauled in a matter of weeks.

4





Odds

Elite Sportsbook is another wild card among Colorado’s sportsbooks. Bettors will find a mix of good and bad odds on both sides of the line. Here are Elite Sportsbooks odds on the Nuggets/Jazz game:

 Denver NuggetsUtah Jazz
Elite Sportsbook-125+105
DraftKings-120+102
FanDuel-120+102
BetMGM-121+100
BetMonarch-125+105
BetRivers-120+102
Fox Bet-120+100
SBK-111+100
Circa Sports-118+100
Bet Wildwood-115+100

Elite Sportsbook is tied with BetMonarch for the best underdog odds but is tied with BetMonarch for the worst odds on the favorite. The Minus/Semelsberger UFC fight has the opposite trend:

 Carlton MinusMatthew Semelsberger
Elite Sportsbook-115-115
DraftKings-118-106
FanDuel-120+102
BetMGM-121+100
BetMonarch-125-105
BetRivers-118-106
Fox Bet-110-110
Sky Ute Sportsbook-120+102
Circa Sports-120+100
Bet Wildwood-128-112

Elite Sportsbook almost has the best odds on the favorite, but Fox Bet beat it out. However, it has the worst odds on the underdog–even worse than Bet Wildwood.

Whichever side of the line bettors wager on, they’ll have to keep Elite Sportsbook in mind when comparing odds. There’s no telling whether they’ll have unremarkable odds–like the Raptors/Nets game–or whether they’ll stand out like the two games above.

4.5





Depth

Elite Sportsbook has plenty of sports leagues and plenty of bets on each league. It has over a dozen leagues to bet on, each with different types of bets. There are moneylines, spreads, and futures bets that bettors may be familiar with. Elite Sportsbook also offers straight, parlay and teaser bets. But some of the game lines include the full game, while others let bettors wager on the first or second half. That’s a fine level of betting detail compared to Colorado’s other sportsbooks.

Even the college sports section has game lines. However, Elite Sportsbook’s only has point spreads set up on their college sports lines. They seem to be waiting for college games to pan out before committing resources to oddsmaking. No one’s faulting Elite Sportsbook for a move like that during the pandemic’s college season. However, its college section is half-built even for an unstable season. That’ll change when normalcy returns. But during the pandemic, Elite Sportsbook may be chronically light on betting lines in unstable leagues.

2.5





Cashout

Theoretically, Elite Sportsbook has plenty of deposit and withdrawal options. The deposit and withdrawal options include:

  • Cash deposit at cage
  • Visa
  • Mastercard
  • Discover card
  • Checking account
  • PayPal

This is a good selection of options. They include convenient online deposit options and cater to different bettors with different available accounts.

The problem is, signing up for an Elite+ account to deposit and withdraw funds is worse than glitchy. The first time I tried to set up my deposit, I went through the additional identity verification measures. I gave my full social security number and confirmed past addressed I’d been associated with.

But then I was asked which street was closest to my address. I had no idea, so I threw out an educated guess. I must’ve guessed incorrectly, because the final page said that my new account enrollment was unsuccessful. The next time I tried, I got a server error.

The stringent identity verification measures are understandable. They keep suspicious and illicit funds out of sportsbooks. However, the identity verification process cannot get in the way of the signup process. Nine of the eleven sportsbooks comply with the Patriot Act without impeding bettors’ account creation and deposits.

At the time of this writing, Elite Sportsbook has been out for about a week and half. It shouldn’t be this hard to give them money at this point.

3





App

Elite Sportsbook’s app isn’t out yet. However, if the app is as sleek as the website, Elite Sportsbook will have one of the best-looking apps in Colorado. Even in-browser, it looks good on an iPhone. The display doesn’t feel cramped, which is a common pitfall for sportsbook apps and mobile sites. It’s easy to browse sports and find live bets for bettors in a rush. The betslip is a little hidden in the upper-right corner. But overall, Elite Sportsbook has a lot of potential for a strong app.

Elite Sportsbook’s signup process is a little glitchy, though. It’s much better than its signup process to deposit funds. However, I had to try two Colorado addresses to get through the signup process. After that, I logged out and got an error message the next time I tried to log in. My account had been deactivated, and I had to contact customer service. Elite Sportsbook has online chat, so it was an easy fix. But bettors should watch for glitches if they decide to try Elite Sportsbook.

3.6





Overall

Elite Sportsbook is has a lot of potential. It has the best bonus in Colorado–at least, through August. It has a mix of odds with no discernable pattern, bettors will have to keep tabs on it. There are plenty of sports, leagues, and bets to choose from, too.

However, it has some signup glitches. They’re fixable on the website, so they’re forgivable. But signing up for the deposit account is too unreliable for a sportsbook in the big time. Elite Sportsbook has some work to do before it becomes competitive in Colorado.

Is Elite Sportsbook A Legitimate Business?

Yes. Elite Sportsbook is a licensed Colorado sportsbook that has undergone intense scrutiny. Here are five reasons to trust Elite Sportsbook’s legitimacy.

Universal Ground Rules

By applying for and receiving a Colorado license, Elite Sportsbook agreed to a few ground rules that ensure it’s legitimate and accountable. Some of these rules include submitting to the Colorado Department of Revenue. It ensures that each sportsbook is on a level and fair playing field with one another, which protects bettors.

Disciplinary Action

If Elite Sportsbook violates any of the Colorado Department of Revenue’s rules, then they’re subject to disciplinary action. Depending on the offense’s severity, the disciplinary action may include:

  • A “private letter of reprimand” in their file.
  • A fine.
  • License suspension.
  • License revocation.

Disciplinary actions range from minor to extreme, but there’s a punishment for every infraction in Colorado.

Problem Gambling Links

Colorado sportsbooks are required to provide problem gambling resources to bettors. That includes:

  • The problem gambling hotline.
  • Colorado’s problem gambling website

These are markers of a legitimate sportsbook company. Legal sportsbooks can’t force Coloradans to get help if they need it. But legal sportsbooks can make the resources readily available for bettors who need them.

Preparing For Common Scenarios

Wouldn’t it be a bummer if bettors had a conflict with a sportsbook and had no way to resolve those problems? Resolving payout conflicts are sensitive matters. But Colorado’s Department of Revenue provides guidelines for common business scenarios like these. It lists procedures that all sportsbooks must have in place to serve bettors properly. That way, bettors know there’s a safety net in place for them.

Spontaneous Inspections

By accepting a gaming license, Elite Sportsbook allows the Department of Revenue Committee in charge of sportsbooks to inspect them. Colorado sportsbooks don’t get a choice in the matter. Committee members have an all-access pass to the inner workings of licensed sportsbooks to ensure they’re operating fairly.

You can’t say that about an illegal sportsbook.

Why Wager At Elite Sportsbook Instead Of An Illegal Sportsbook?

Licensed sportsbooks give bettors access to safe, legal sports betting outlets that weren’t available before 2020. But are illegal sportsbooks really that bad?

When bettors wager at Elite Sportsbook, they have to put their own money into the sportsbook first. Bettors must wager a stake to gain a reward. That creates a fair risk/reward system based on how much money bettors are willing to stake. It keeps bettors in control of their losses, which is one of the key differences between legal and illegal sports betting. If a bettor wagers $100, then she knows she’ll only lose $100. The money is already in the sportsbook, so Elite Sportsbook doesn’t have to come collecting on debts later.

Illegal sportsbooks can operate differently. Bettors may not need to have money ready. An illegal sportsbook could offer a line of credit instead. It seems like a convenient, friendly gesture. However, it can come at a serious cost.

First, bettors would have to trust that an illegal sportsbook would deliver on their winnings. An illegal sportsbook could offer amazing odds and a bettor could win a $100 wager on credit. However, there’s no enforcement mechanism for bettors to collect their winnings. Colorado bettors have no legal recourse if they wager at an illegal sportsbook and don’t get paid. Illegal sportsbooks don’t need to operate ethically to turn a profit, so bettors should be wary about trusting the promise of winnings.

But bettors also have to worry about owing money. If they lose, illegal sportsbooks will come collecting. Illegal sportsbooks may only use intense pressure to get their money. But a few could resort to violence. Suddenly the $500 bet you thought was a sure thing becomes a looming debt.

Elite Sportsbook comes without this baggage and keeps bettors in control of their wagers.

How Colorado Bettors Can Trust Elite Sportsbook With Their Money

Elite Sportsbook is a legitimate business and safer than its illegal counterparts. However, how secure is Elite Sportsbook? It is asking for bettors’ social security numbers, bank accounts, and money, after all.

The first steps are basic account security that bettors control. The signup process includes providing an email account and phone number that could be used for account management. Elite Sportsbook also requires bettors to set security questions for their accounts. This makes it harder for people to hack into bettors’ accounts, which keeps deeply personal bettor information safe.

But Elite Sportsbook has its own security requirements too. Rule 7, Section 2 of the Division of Gaming’s Sports Betting Guidelines requires a systems assessment. This involves an independent auditor testing a sportsbook’s servers to see how it holds up. Does it protect bettor information? Is it safe and stable? Sportsbooks can’t launch without this assessment and must act on its recommendations. That ensures bettor information is secure before sportsbooks launch and bettors hand sensitive information out.

Elite Sportsbook Fact Sheet

Legal Betting Age21
Legal StatesColorado & Iowa
Elite Sportsbook Colorado PartnerRed Dolly Casino

Elite Sportsbook Colorado FAQ

Is Online Sports Betting Legal In Colorado?

Yes. Online sports betting is legal and available statewide. However, other forms of internet gambling remain illegal. That means no online casinos are allowed in Colorado. Don’t confuse that internet gambling ban with sports betting. Sports betting is just the exception to Colorado’s law against internet betting. Clear as mud, right?

Do Bettors Have To Physically Be In Colorado To Bet?

Yes. Geolocation is a vital tool for sportsbooks. It keeps them from encroaching on neighboring states. It also keeps them in line with the Federal Wire Act that prevents gambling information from crossing state and international lines. Bettors who want to wager at Colorado sportsbooks had better have a good gaming spot in the Rocky Mountain State.

Does Elite Sportsbook Have In-Play Betting?

Yes. Elite Sportsbook’s first page is a list of live bets for bettors to jump in on. I caught one basketball game so late that one team wasn’t accepting bets and the other had +16,000 odds of winning. But that’s what happens when you’re 30 points down and the clock’s running out.

Does Elite Sportsbook Have Free Bets Or Deposit Bonuses?

As of August 2020, yes. It has a $500 risk-free bet and a $500 deposit bonus with a 50% match rate. Those bonuses end the last day of August, but hopefully, September’s bonuses are just as strong. It’d be a shame to have one of the best welcome bonuses in Colorado for three weeks and then just stop.

How Old Do Bettors Have To Be To Wager At Elite Sportsbook?

Bettors must be at least 21 to wager at Colorado’s sportsbooks. Perhaps–understandably–Colorado didn’t want high school seniors betting on sports. But anyone who’s 18 can still participate in fantasy sports. They’ll just have to wait three years to create an Elite Sportsbook account.

Who Is Elite Sportsbook Partnered With In Colorado?

Red Dolly Casino. They have a deal to put Elite Sportsbook kiosks around the casino. That way, Elite Sportsbook can establish a retail presence to compliment its online presence. Retail may not be a big revenue draw during the pandemic. However, those kiosks set Elite Sportsbook up for a strong showing when we return to normal times.

About the Author

Chris Nesi

Chris Nesi is Managing Editor of Colorado Sharp. He’s been an editor and writer for more than a decade, with experience spanning newspapers, magazines, digital news, and commercial writing. His work can be found in publications including TechCrunch, Mental Floss and Huffington Post. Chris lives just outside of Denver and enjoys regular trips to Black Hawk. He bets the hard ways and always splits 8s.