As competition hots up in the Colorado online gambling market, customers will have opportunities to take advantage of the bonuses on offer.

Sportsbooks in Colorado will be offering players a vast array of bonuses and offers to encourage them to sign up. Typically, sportsbooks offer bonuses in three different formats.

Best online sportsbook offers for Colorado

1.
BetMGM Sportsbook BetMGM Sportsbook

Risk Free Bet Up To $500

Ages 21+ | T&C's apply

2.
BetRivers BetRivers

Get A 100% Bonus Up To $250

Ages 21+ | T&C's apply

3.
DraftKings Sportsbook DraftKings Sportsbook

Risk Free & Deposit Bonus $1,000 Offer

Ages 21+ | T&C's apply

4.
William Hill CO William Hill CO

Get Up To A $500 Free Bet On 1st Deposit

Ages 21+ | T&C's apply

5.
Fanduel Sportsbook Fanduel Sportsbook

Get A Risk Free$500 Bet

Ages 21+ | T&C's apply

Which Colorado online sportsbooks offer the best free welcome bonuses? Here is the list:

First, the most common method is free bets. A free bet bonus is essentially a voucher that players can use to make a bet. Next, sportsbooks will offer players bonus dollars. There are very similar to free bets, the only difference being they can be divided and wagered individually, while free bets can’t. Additionally, a sportsbook may decide to give a bonus out in cash. In that case, players can choose to do what they like with it, which includes withdrawing it to their bank account.

Here, you will find an overview of the different bonus offers available at Colorado sportsbooks.

Types of Sportsbook Bonuses

Sportsbooks will offer bonuses in numerous formats. They will vary in terms of generosity and wagering requirements. Players will often encounter fantastic offers, such as free money or free bets or another considerable benefit. However, some aren’t that great. It is often the case that the terms and conditions associated with some bonus offers may make them nor worth playing.

Players must understand the different types of bonuses, the terms and conditions associated with them, and how to meet the requirements.

No-Deposit Bonuses

A no-deposit bonus is likely to be one of the best offers players come across. A no-deposit bonus is free money that a sportsbook puts into your account, so it is undoubtedly one of the best out there. A no-deposit bonus will often appear as an incentive for new customers to test out the site. It gives players the chance to make a few bets with funds provided by the sportsbook, rather than their personal cash.

No-Deposit bonuses appear as bonus dollars, free bets, or straight cash. Typically, players will have to wager the bonus to make anything eligible for withdrawal. Customers can activate these bonuses by entering a promotional code when they register.

If a sportsbook gives out bonuses to everyone who registers, all you need to do is complete the sign-up process and start betting. You can sign up on the regular site, or using one of the mobile sports betting apps available in the state.

Insurance/Cashback Bonuses

Players who are familiar with betting know it comes with an element of risk. There is by no means a guarantee your bet will come in. However, occasionally sportsbooks take some of that risk away. Sportsbooks will often offer insurance or refund bonuses on specified bets, which encourage players who may be hesitant to gamble.

With this type of bonus, the sportsbook will select a particular bet or bets as eligible for a refund. If a bettor wins on this type of bet, they collect their winnings as usual. However, if the bet loses, the sportsbook will refund the amount that the player initially wagered.

There are factors around this bet that customers need to be aware of. The first being the offer is only valid for bets up to a certain amount. This means any amount wagered over the maximum will not be refunded to the player. It is not a great situation to be in if you placed a losing bet worth $500 and were only refunded $25.

Another factor is that the refunds usually come in the form of bonus dollars or free bets. This means you will need to bet through them at least once to convert them back to regular dollars.

Deposit Match/Reload Bonus

Deposit bonuses occur when a sportsbook matches a percentage or portion of your next deposit into your account. A lot of sportsbooks will match as much as 100%, although some may only match 25% of the deposit.

A deposit bonus will come with a cap on the amount of bonus money that can be secured from them. Anything beyond that cap doesn’t benefit the player. A deposit bonus can appear as either bonus dollars or free bets and are not eligible for withdrawal.

Moreover, deposit bonuses will come with a wagering requirement. Before any bonus dollars appear in your account ready for withdrawal, you must place bets equivalent to a certain multiple of the bonus amount. The most generous deposit bonuses will mean multiple is a one-time turnover. However, some bonuses will see requirements up to 50 times the bonus amount.

Odds Boosts

Odds boosts are regular in all online sportsbooks. You can typically find them as a feature on most sites. An odds boost is when a sportsbook increases the potential payout of various wagers. For example, a team listed at +100 will now have odds of +125. Essentially, bettors who take part in these offers are attempting to win extra dollars with no additional risk.

The majority of sportsbooks will identify multiple bets and markets for odds boosts daily. A great way to stay up to date and find the latest odds boosts is by following the operators on Twitter. They always throw out some great promos on their social platforms, so why not give @DKSportsbook or @PointsBetUSA a follow.

Occurrence Bonus

This type of bonus provides bettors with great entertainment. Any player who claims this bonus will receive a payout each time an event occurs in a game or match. When there is a touchdown, a goal is scored, or a home run made, the sportsbook might give you $1 in site credit. So, a high scoring game would suit the bettor.

Cashback Bonuses

These are similar to insurance bonuses in that they both offer refunds on losing bets. However, a cashback bonus covers bets made within a certain timeframe or bets made using a particular deposit method. A cashback bonus is a sportsbook saying they will cover any net losses a player encounters during a specified period.

If you are lucky, you may even find some sportsbooks offering a risk-free time period for new players. So, whatever net losses you have during that time, the sportsbook will recoup for you. It is no surprise that with this bonus as others, there are limits. A book will only guarantee losses up to a certain amount. Furthermore, a cashback bonus will not typically apply to any losses incurred within the period of time. It is a refund on net losses, which means you must have all your wagers add up to a loss to receive cashback.

Leaderboards/Sweepstakes

A leaderboard or sweepstake promotion is more commonly found in casinos rather than sportsbooks. However, particular sportsbooks do offer them, so it is worth knowing what they entail. The more you bet and the higher the stakes, the more points you will earn. This transfers to a leaderboard and adds a competitive edge among players.

Such leaderboards usually run weekly or monthly. Once that time period ends, the sportsbook will award those at the top with prizes. A leaderboard promotion is only worth it if you are willing to visit a sportsbook and place wagers regularly.

Some sweepstakes may reward bettors based purely on the volume of their betting activity. If they have made over a certain number of bets, they may be entitled to a prize.

Free Plays

Certain promotions on sportsbooks don’t require putting down any money. Sportsbooks will regularly run competitions that are free to enter. These competitions typically involve players making a large set of predictions. As getting a large number of forecasts correct is unlikely, many players will be out of the running for prizes early on.

The sportsbook will recognize the odds of someone being completely correct are low, so isn’t too worried about paying out to a lot of people. Even so, with these competitions being free, it is worthwhile taking part. If you have time, the phrase ‘nothing ventured, nothing gained’ applies here.

How to Determine if a Bonus is Worth Playing

Bonus offers are a great added benefit when playing at a particular sportsbook. Ultimately, receiving something for no extra cost is fantastic. However, not all bonuses are worth your time. Indeed, some may even turn out to be losing propositions.

Sportsbook House Advantage

Sportsbooks need to make money too. They do this by charging a premium on the winning side of each bet. This premium is known as vigorish, or more commonly in the industry, ‘vig.’ The vig of a winning bet is 10%. Players can discover how much they are charging by looking at the three-digit number next to point spread and totals bets. 11% = -111, 15% = -115 etc.

So, if two bettors go head to head and bet against each other, they might each pay $11 for the chance to win $10. Once the bet ends, the sportsbook pays out $21 and keeps $1 for itself. As the sportsbook has paid out $21 of $22 bet, the overall house advantage of the sportsbook works out at 4.55% (22/21 – 1). This translates to every $100 that you bet at this vig; you will receive $95.45 and lose $4.55.

How Does House Advantage Affect Bonuses?

This is where wagering requirements come into play. So, you have to every time you have to wager through the bonus amount; you give up 4.55% of the wagered amount back to the sportsbook. For example, a 100% bonus comes with a 20x playthrough requirement. That dictates players will have to bet $2,000 (20 x $100) to free the money up as cash. On average, it is expected you will lose 4.55% of that $2,000, which works out at $91. This means the actual expected value of your bonus dollars is only $9 and not $100, as you had to give up $91 to receive $100.

Should you Claim the Bonus?

Indeed, $9 does not sound a lot; it is still a positive expectation. Looking at this purely from a mathematical point of view, you should claim this bonus. Moreover, you should claim any bonus that you predict will have a positive value. This will work out well in the long-run.

Conversely, if that same $100 bonus came with a 25x requirement, you would need to bet $2,500 to clear it. That would mean surrendering $113.75 as you try and clear the bonus. Ultimately this would mean you are losing money on the bonus. You will get the $100 back, but you will be $13.75 out of pocket. We would say if a playthrough requirement goes above 20, it is not worth it.

Time Limits

Please bear in mind that there are time limits associated with most bonuses. If a bonus requires you to wager a high amount, for example, $2,000, and you only bet $5 at a time, it is probably not viable. Typically, a bonus will state you need to clear it within 30 days. Depending on the playthrough requirement, it may mean you have to bet more regularly or up the value of your bets.

Please remember some bonuses may not be worth your time. Always read the terms and conditions of any bonus offer before you accept it.