Colorado Free Bets and Bonus Codes - A Detailed Look At CO Free Bets
CO Free Bets and Bonus Codes

Since legal sports betting first went live in Colorado in May of 2020, the online sportsbook market has exploded. Already a casino friendly environment with more than 30 casinos located in the state, Colorado sportsbooks have been opening at an incredible rate, with more than a dozen solid options now available online. Similarly, the number of Colorado free bets that customers can find and profit from has also exploded.

Even more sportsbooks are expected to join the fray and offer their own free bets and bonuses as more sportsbooks, and area casinos create sports betting partnerships.

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Colorado Free Bets and Bonus Codes

Free Bets and Bonus Codes

Colorado free bets and bonuses tend to come in three primary forms:

Upon registration, you might be given a sign-up bonus. These are usually the smallest of the available bonuses, but they don't cost you a cent, making them particularly attractive.

Colorado sportsbooks may also give you a free bet or a risk-free bet. This means that you are given the stake of a first bet, up to a certain amount. Or you place a bet with you own money which is refunded if the bet loses.

The third bonus type is the deposit match. When you make your initial deposit into your new account, the sportsbook will match that amount. A maximum match value will normally apply.

Top 10 Colorado Free Bets and Bonus Code Offers

BetMGM

One of the most well-known names in all of sports gaming is BetMGM. This sportsbook gives new customers up to $500 in a deposit match bonus and free bonus bets throughout the week. The $500 bonus money only requires a very customer friendly 2x playthrough to unlock it as cash in your account.

DraftKings

First on the scene as a Daily Fantasy Sports site, the DraftKings sportsbook offers Colorado customers $25 for signing up for a new account and another $1,000 in possible deposit match bonuses. That deposit bonus is 20% of the customer’s deposit, meaning that it requires a $5,000 deposit to get the entire $1,000 bonus.

FanDuel

Another DFS provider that has transitioned to a full-scale sportsbook, FanDuel is partnered with the Golden Gates Casino in Black Hawk, Colorado, and it offers new customers a risk-free bet of up to $1,000. If your first bet turns out to be a loser, FanDuel will credit your account the full amount of your loss of up to $1,000 within 72 hours.

William Hill

Open a new account with William Hill, deposit some cash and place a qualifying bet of up to $500. If that bet loses, you will be given another bet free of charge for the same amount. You must use that free bet within seven days. If it wins, the profit (not the free bet stake) are credited as cash in your account.

BetRivers Sportsbook

The deposit match bonus at BetRivers is worth up to $250. This is considerably less than at many other sportsbooks. However, the playthrough requirement is only 1x, which is incredibly generous. Just use the bonus code 250MATCH when making your first deposit, and you will qualify.

SportsBetting.com

Another low bonus amount, with SportsBetting.com only offering up to $150 in a matching bonus. But like with BetRivers, the requirement to turn it into cash is only a 1x playthrough. So once you wager that $150 (plus your original $150 deposit), the money that is left is yours to keep.

Betfred

In a partnership with the Denver Broncos, Betfred offers its new customers a risk-free bet of up to $500. Make a first wager of between $10 and $500. If it loses, a bet credit equal to the amount lost will be deposited into your account. That credit must then be used within seven days.

PointsBet

The innovative sportsbook from Australia offers new Colorado customers up to $2,000 in risk-free bets. You can get up to $500 in betting credits if your first fixed-odds bet loses. If your first PointsBetting bet loses, you can get up to $1,500 in a free bet credit.

FOX Bet

The sports betting partnership that involves the on-air personalities from FOX Sports offers a $500 risk-free bet. Simply register for a new account, make a deposit, and then place a bet of up to $500. If that bet loses, you will be credited with a free bet in the amount of your losing wager. Free bets must be placed within 30 days.

BetWildwood

New accounts at BetWildwood can receive a 200% deposit match on initial deposits of up to $100. So if you deposit $100, your account will show $300 when you use the bonus code WW200. The playthrough requirement is 5x, or $1,500 for the full amount, and must be completed in 90 days.

Why Do Operators Give Colorado Free Bets and Bonuses?

Since the U.S. Supreme Court removed the federal government’s shackles restricting the sports betting laws that each state could pass, the legalization wave sweeping across the country has made each legal market hyper-competitive. That means that you, the customer, have a variety of sportsbook options.

In order to capture your business, it has become standard to try and woo you with free money. And the more money offered, and the easier it is to use, the more the wooing works. So never sign up for a sportsbook and make your first deposit until you fully research all of the Colorado free bets and bonuses that are available.

Types of Available Bonuses in Colorado and How They Work

There are a variety of bonuses offered by online sportsbooks. Not all bonuses are equal, and the attractiveness of many offers depends on how often and how much you plan to bet.

Free Bets

These work exactly how they sound. You are given a free bet either for signing up or making a deposit. There may be some betting requirements attached. For example, you may only be able to use the free bet on outcomes above certain odds. However, that's a small price to pay for a complete freebie.

The betting credit is automatically put into your account straight away. Any profit that is made with the bet (not the original stake) is yours to keep. 

Risk-Free Bet

Unlike the free bet, a risk-free bet involves using your own money. What the sportsbook does here is guarantee that if you lose your bet, they will refund it. The refund is given in the form of a free betting credit in the amount of the bet. A maximum value usually applies.

The downside of the risk-free bet as a bonus offer is that if your initial bet wins, you get nothing. You only get this bonus if your initial bet loses.

Sign-Up Bonus

These are some of the smallest bonuses offered by sportsbooks, but also some of the most usable. There is no deposit required, there is no playthrough required, and there are no bets that must be placed. A sign-up or registration bonus is just free cash into your account for doing nothing more than creating a new account.

A suggested strategy for successful sports betting is to have accounts with multiple sportsbooks so that you can shop for better odds. Piggybacking on that strategy, try and sign up for multiple sportsbooks that offer a sign-up bonus.

Deposit Bonus

This is where the largest amount of free bonus money can be claimed. When you make your initial deposit, the sportsbook will give it a boost. YoOu can get anything from $100 to $1,000, thanks to bonuses of 50%, 100% or even 200%,

The one caveat to not here is that this bonus money isn't cash. It only becomes cash after you complete certain betting requirements. For lower amounts of money, the playthrough requirement can be as low as 1x the bonus amount. But for larger amounts, the playthrough can be as high as 5x to 8x. Playthroughs must be completed in a specified period of time.

Colorado Promotions in Detail

BetMGM

Even a big name like MGM has to offer robust bonus offers to compete for your business. They do so with a $500 deposit bonus.

The minimum deposit is $10. Whatever the amount of your first deposit, BetMGM will match it 100%, up to $500. To turn a $500 bonus into cash, bet a total of $1,000. The money is then yours to use as you wish. You can wager it again, or you can withdraw it. With a 2x playthrough, the money is yours.

DraftKings

The deposit matching bonus at DraftKings raises the possible amount of bonus to $1,000 but lowers the percentage of match. However, this is a 20% match bonus, and not 100%, as can be found elsewhere.

That means a new customer must deposit a total of $5,000 to get the full $1,000 bonus amount,. The playthrough requirement to release those funds is also slightly less generous. You'll get $1 of bonus money released into your account for every $25 you wager.

FanDuel

If you’re looking to make a splash with your very first bet, then FanDuel has you covered. They are giving new customers a $1,000 risk-free bet on their initial wager. Just sign up, fill your account, and place any sized wager up to $1,000. If that bet loses, FanDuel will give you a betting credit in the wager amount.

The very first bet you make after the initial deposit will be the risk-free bet. If that bet loses, the amount of the bonus bet will be deposited into your account within 72 hours.

William Hill

Use the promo code WHRF when registering for a new William Hill account. You'll then be given a $500 risk-free bet. No deposit amount is required.

This bonus offer is only for new accounts. It is only awarded if the first bet you place after registering for your account loses. If that happens, you'll receive a betting credit in the amount of the lost wager. That credit must be wagered within seven days. If the bet hasn’t been used within that first week, the total amount will be forfeited.

BetRivers

The main bonus offered by BetRivers is a deposit matching bonus. It’s modest when compared to some of the other bonuses in the industry - just $250 matched at 100%. But because the playthrough requirement is just 1x, it’s one of the easiest bonuses to cash in fully. Wager $500 (deposit amount and bonus amount), and all of the money is yours.

When signing up with BetRivers and making that initial deposit, just use the code: 250MATCH. Remember that the bonus only applies to your first deposit, so make the most of it.

SportsBetting.com

Just as with BetRivers, the brain trust at SportsBetting.com has decided to give you a lower amount in bonus dollars. However, they make it considerably easier to cash in. Sign up for a new account, make an initial deposit, and that deposit will be matched up to $150.

If you deposit the full $150, then your account balance will stand at $300. And as soon as you make wagers that total $300, all of the money is yours. It’s just a straight 1x playthrough to fully unlock the awarded bonus amount.

Betfred

Betfred has decided to go away from a deposit match bonus and instead offers a good risk-free bet. The amount of the risk-free bet maxes out at $500. That makes it good for both the novice bettor and the high roller.

When you open an account and make a deposit, the very first bet you make will become your risk-free bet. A minimum $10 bet is required. All free bets must be used within seven days of appearing in your account.

PointsBet

Not only does PointsBet offer a unique take on sports betting, but it also offers two potentially huge bonuses. First, you get a risk-free bet of up to $500 on your very first fixed-odds bets or standard sports bet.

On your very first bet using PointsBetting, if you lose, you can qualify for free betting credits equal to $1,500. PointsBetting is a bet that multiplies your winnings or losses based on the number of points by which you win or lose that bet. Bet $100 and lay 3 points, and if your team wins by 6 points, you win $300. 

FOX Bet

Sign up for a new account with FOX Bet and you'll be given a risk-free bet of up to $500. As with other sportsbooks, this bonus offer is only good for the first bet a customer places. No bets after that will include a risk-free offer.

When placing the risk-free bet, minimum odds of -200 are required. This offer is only good for new customers placing their first bets with FOX Bet. All bonus credits must be wagered within 30 days.

BetWildwood

Open a new account with the lesser-known sportsbook BetWildwood, and you'll be given a chance to triple your initial deposit. The offer maxes out on $100 deposits, but BetWildwood will put an additional $200 into your account. All deposit amounts of $100 or less will be matched at 200%.

Use the bonus code WW200 to get the bonus. Complete a 5x playthrough in the first 90 days, and all of the money is yours. That’s $1,500 worth of bets in three months to get the free $200 from BetWildwood.

Who Can Claim Free Bets and Bonuses

If you are legally allowed to open a sports betting account in the state, you are eligible to claim Colorado free bets and bonuses.

The legal requirement to open a sports betting account is simply that you be at least 21 years old. You do not have to live in Colorado to open an account with a Colorado sportsbook. However, you can only make wagers and use bonus money or risk-free bets when inside Colorado state lines.

Colorado Free Bet Bonus Code FAQ

Are taxes applied on sports betting bonuses?
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Being awarded a free bet or deposit matching bonus money does not require that you pay taxes on that amount. But if that free bet turns into profits, then you will have to declare the amount of the winnings on your taxes.

The same rule applies to deposit bonuses. If you eventually turn that money into cash and then withdraw that money as winnings, it is taxable if the amount is above $600. 

According to TurboTax, as long as you itemize your losses, those losses can then be deducted from all taxable winnings.

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