Colorado Sports Betting Promos & Bonuses: Best Offers for 2023

All Colorado sportsbook promo codes

Colorado’s appetite for legal online sports betting is evident in that 24 operators are active, and 26 have launched since May 2020. With two dozen options and nine more licenses, each sports betting site is jockeying for position and market share in the Rocky Mountain state. Of the 24, only two require bettors to enter a promo code at the time of the first deposit; BetRivers and Caesars.

While most welcome bonuses combine first bet insurance and bonus bets – like at FanDuel – some operators like Betsafe, Play Maverick, and Tipico offer the rarely-seen deposit match bonus.

FanDuel CO welcome offer

The best online sportsbook in Colorado has a welcome bonus for new players. FanDuel offers a No Sweat First Bet of up to $1,000 in bonus bets. No promo code is required.

• Available via the FanDuel app only
• Minimum deposit of $10 is required
• FanDuel will credit your account with up to $1,000 in bonus bets depending on the amount of your first bet
• Bonus credits hit the account 72 hours after the first wager is settled
• Bonus funds must be used within 14 days

What does the promo mean for you?

FanDuel’s Colorado welcome promo means a few things. New players can be confident knowing their first bet will be insured win or loss.

How much money can be earned with the promo?

That depends on if your first bet is a winner or loser. If it wins, you will get winnings depending on the odds of your first bet and will receive no bonus bets. If it loses, FanDuel will deposit bonus bets into your account, matching the amount of the first bet.

Why this bonus is better than others

FanDuel rewards new players simply by placing a first bet, win or loss.

DraftKings CO welcome offer

DraftKings’ current welcome bonus is perfect for newbies. No promo code is required to get in on the bet $5, win $150 in bonus bets welcome offer.

• You must deposit and place a qualifying wager of $5 or more on any pre-game moneyline
• If your bet wins, you'll get the $150 reward
• The bonus funds will come in six (6) $25 increments to be used on future wagers
• Bonus funds must be used within seven days

What does the promo mean for you?

A $5 deposit and first bet generates $150 in bonus funds if you win the wager.

How much money can be earned with the promo?

The money you can earn via this promo depends on your success as a bettor. You can make a considerable amount if you win your qualifying wager and subsequent bets with the provided bonus funds. If, however, you lose your initial wager, you won't earn anything.

Why this bonus is better than others

Unlike many other welcome offers, DraftKings’ bonus is a low-risk play. Staking a mere $5 allows new users to give the platform a try and decide if they want to stay long-term. And, if they happen to win, they'll get $150 in bonus bets to further wager with the sportsbook.

BetMGM CO welcome offer

BetMGM continues to lean on its four-figure first bet insurance as its preferred welcome offer to new players. The “King of Parlays” will stake your first bet up to $1,000 should it lose. You won’t need a promo code at the time of the first deposit.

• Minimum deposit of $10
• Your first bet must lose to earn welcome bonus insurance funds. If your first bet wins, no bonus monies are received
• The $1,000 will be credited within 24 hours of your first bet settling
• Bonus credits are divided into five equal bonus bets. So, a $1,000 first bet loss would be converted into five (5) $200 bonus bets. If less than $49, bonus bets will be issued in one credit
• You must use the bonus within seven days

What does the promo mean for you?

BetMGM’s promo means Colorado bettors can be more aggressive with their first wager because of the safety net valued at up to $1,000, ready to catch them should the first bet lose.

How much money can be earned with the promo?

If you win your first bet, you can earn no money via this promo. If your first bet loses, you’ll receive five equal bonus bets, which you can use to grow your bankroll and earn unlimited profits.

Why this bonus is better than others

Exceptionally few welcome bonuses — be it deposit matches, first bet insurance, or bonus bets — are valued at $1,000 or more. BetMGM doesn’t make you risk all your insurance bonus money on a single wager.

BetRivers CO welcome offer

BetRivers has shifted its welcome bonus a little in recent months. Rush Street Interactive’s top-rated sportsbook offers a second chance bet of up to $500, and Bettors must enter promo code SPORTS at the time of first deposit.

• Minimum deposit of $10 is required
• First bet must lose to earn first bet insurance
• Bonus funds will be added to your account within a day
• Odds restrictions do apply when using bonus funds
• Must be wagered on events with odds -200 or longer

What does the promo mean for you?

BetRivers will stake Colorado bettors up to $500 on their first bet. If the first wager is a loss, BetRivers will credit up to $500 in insurance funds to your account within a day.

How much money can be earned with the promo?

If your first bet wins, you can earn no money via this promo.

If your first bet loses, you can earn money by winning future bets using promo funds. Remember, the insurance funds themselves can’t be withdrawn as cash, but you can utilize them to your advantage and make money by winning future bets.

Why this bonus is better than others

It allows new players to be slightly more aggressive as BetRivers insures their first bet up to $500.

Caesars CO welcome offer

Caesars Sportsbooks must embrace the mantra of if it’s not broke, don’t fix it because their welcome bonus remains the same: first bet insurance up to $1,250 with thousands of Caesars Rewards to new players. You must enter the promo code SBRFULL at the time of the first deposit.

• Minimum deposit of $10
• Must make the first bet within 30 days of opening the account
• First bet must lose to unlock first bet insurance
• Bonus funds will be credited to your account within 48 hours of the first losing bet settled
• You must use ALL bet insurance bonus funds in a single wager
• You must use the bonus fund within 14 days

What does the promo mean for you?

In short, it means Caesars protects new players from a first bet loss of up to $1,250. They are rewarded for their loyalty simply by signing up because Caesars provides 1,000 Caesar Rewards and 1,000 Loyalty Tiered Rewards off the jump. Redeem those for bonus credits and exclusive experiences.

How much money can be earned with the promo?

If your first bet wins, you can earn no money with Caesar’s first bet insurance promo.

If your first bet loses, the amount of money you can earn in the future depends solely on the success of your second bet. Caesar’s terms and conditions require you to wager all your insurance bonus funds on a single bet. So, you must win your second bet to earn money with this promo.

Why this bonus is better than others

Aside from the fact that new players can enjoy a $1,250 safety net on their first bet, you can earn thousands of Caesars Rewards at Caesar properties for hotel stays and VIP experiences.

How we rate & review sports betting promotions

Sportsbook Review’s editorial team independently reviews and rates each Colorado online sportsbook and sports betting app for quality, safety, and user experience. SBR’s experts apply the same rigorous evaluation when critiquing the sports betting promotions operators offer new and veteran players. We want everyone to do their due diligence and make an educated decision before signing up with a new online sportsbook, and the quality of the sites’ and apps’ promotions is a big part of the puzzle. Some areas we concentrate our attention on are:

• The sign up offers minimum and maximum value
• If the welcome promo is guaranteed or if bettors must perform another action like a minimum first bet amount
• If the operator is pushing a deposit match bonus, bonus bets, or first bet insurance
• If a promo code is required at the time of deposit
• Details on playthrough requirements and terms and conditions of the sign-up offer or what needs to occur before payout
• How quickly the expiration date is on the bonus funds or bonus bets

Types of Colorado betting sign-up offers & bonuses

Colorado is one of the few states where three operators do not offer new players sign-up offers or bonuses. BetMonarch, Circa Sports, and Sky Ute have an uphill climb to compete with FanDuel, DraftKings, and others, with loyalty rewards as their most player-friendly promotions. As for the other 21 online sportsbooks, the three most common sign-up bonuses are bet bonuses and first bet insurance.

Deposit match bonus

The deposit match bonus is the most attractive of all sign-up offers because new players earn bonus funds no matter if their first bet wins, loses, or even if they bet at all.

For example, a 100% deposit match up to $500 would mean a new player who deposits $500 would earn a $500 bonus for $1,000 in available funds in their account wallet. A 50% deposit match up to $1,000 would mean a $2,000 deposit would earn $1,000 bonus funds for $3,000 to start. This bonus is the most satisfying of all sign-up bonuses, but becoming more challenging to find as more operators enter the market.

Bonus bets

Some industry leaders, like DraftKings and FanDuel, prefer bet bonuses over a deposit match or first bet insurance. In these scenarios, new players must make a minimum deposit — typically around $10 — and sometimes make a small first wager to unlock the bonus bet funds. Sometimes these bonus bets will be chopped up into increments of, for example, eight (8) $25 bets on a $200 bet bonus, or, in other cases, you can use the entire value of the bonus bets on a single future wager.

For example, if operator X offered a bet bonus of $200, the new player may first be required to deposit $10 and then make a $5 first-time wager. After that initial bet clears, the $200 will be credited to your account. You could risk the $200 on any future bet as the new player. Remember that terms and conditions, and playthrough requirements, may apply before you can request a payout.

First bet insurance

First bet insurance is becoming more common as operators look for new ways to entice new players to sign-up. The bottom line is that to earn any welcome bonus monies, your first bet has to lose. However, this also means you can be more aggressive in your first bet than you would if there was no safety net insurance.

For example, Caesars Sportsbooks offers first bet insurance up to $1,250. So, if you wager $1,250 on your first bet and it wins, you get a significant boost to your bankroll. Conversely, Caesars will credit your account with $1,250 in insurance funds if the first bet loses. Just know that Caesars requires you to wager the total amount on a future bet within seven days.

Colorado online sportsbooks

Did you know Colorado offers the most legal online sportsbooks in the United States, with 24 active sports betting sites and apps? Interestingly, when the first batch of operators launched their products in May 2020, state law allowed 33 licenses to be issued. So, nine more online sportsbooks and sports betting apps can still enter the market in the near future. With so much competition, sports betting site operators often work to create a unique user experience in the state, making the entry point more accessible and welcome bonuses and ongoing promotions the most attractive to new players.

Colorado online & mobile sportsbooks

Colorado betting resources

For those new to Colorado sports betting, before you dive too deep into the best sports betting promos in the state, you’ll want to check out some other guides. SBR’s team of experts produced several helpful guides that break down the best sportsbooks, sports betting apps, and best sportsbook promos.  

Responsible sports betting with Colorado promos

The governing body of Colorado’s sports betting industry is a little unique compared to the rest of the country. The Colorado Division of Gaming (CDOG) is part of Colorado’s Department of Revenue – Specialized Business Group. The CDOG is responsible for ensuring the integrity of sports betting within the state while reviewing operator applications, issuing licenses, performing regular audits, enforcing laws, and handing out fines when necessary. The CODG also provides problem gambling resources for those in need.

Here are some of the problem gambling programs and options available:

• National Council on Problem Gambling hotline (1-800-522-4700)
• Problem Gambling Coalition of Colorado (303-662-0772)
• Self-exclusion programs