Safety Inspector 🕵️Jacob Ljunggren
BettingScanner's resident safety expert takes you through three key things to look out for:
Turnover requirements → Did you know you may have to win over twenty times in a row before the money is really yours?
'Risk-free' is not exactly as it sounds → These are still, mostly, great offers, but they do carry some risk.
Understanding the 'up to x amount' claim → Once you actually understand the bonus, it is unlikely that you'll wager over $1,000.
Colorado legalized sports betting back in 2019, unleashing a wave of excitement through the sports betting industry.
Here was a state with a population of six million and four major sports teams that had suddenly opened its doors to online sports betting. Applications from new sportsbooks came thick and fast, and soon there were several legal online sportsbooks available in the centennial state.
These sportsbooks aimed to pick up as many new Coloradan customers as quickly as possible. It is well known in the industry that once a bettor picks their sportsbook, they almost always stick with it. So, all these sportsbooks had to separate themselves from the competition. One way they were able to do that was through new customer bonuses.
What happened was that they all came out with some great promotions. In response, the marketing teams just kept on increasing them; no one wanted to be the sportsbook offering new customers $10 instead of the thousands offered by the others.
This has had a positive and a negative effect on Colorado sports bettors. The good news is that they have some of the best promos to choose from in the world - sportsbooks want their business, and they will offer huge incentives to secure it. Ok, so it's nice to be wanted, but the downside is that sometimes the sportsbooks can make slightly misleading claims.
Before we get started, let's quickly look at our top pick for the best Colorado Sportsbook Promo:
Best Colorado Sportsbook Promo
Best CO Sportsbook Promo
100% Deposit Match up to $1,500
An honest promo
This is one of the most honest promos in Colorado right now.
There is no silly turnover requirement, and the sportsbook allows you two attempts at a risk-free bet. As we mentioned earlier, there are three potential outcomes to a risk-free bet, one of which is a loss. This risk is further reduced when spread across two different risk-free bets.
Two types of risk-free bet
This is really two promos rolled into one.
First, you can place one fixed-odds risk-free bet of up to $500 and a points bet of up to $1,500. Points Betting is the sportsbook's unique type of wagering where there is a sliding scale to winning, where you can be either rewarded or docked points according to how right or wrong your bet was. This is a new way of betting for many people, so offering a risk-free wager is the perfect way to try your hand at it without risking everything.
The turnover requirement
The turnover, or play-through, requirement is the bane of many a sports bettor.
It means that you have to win with your bonus a certain amount of times before the money is actually yours.
So, if you receive x amount as a bonus and the turnover requirement is x10, then you will need to win ten times in a row to count that cash as yours.
Of course, any bonus includes a 1x turnover requirement since you will need to win once for the money before you will have the opportunity to withdraw; otherwise, the sportsbook might as well just transfer your cash! However, we really do not like higher turnover requirements for several reasons:
- They are always included in the small print, meaning they are very easy to miss.
- They encourage you to bet more than you might usually.
- If they are above a certain amount, they are of little value. How likely is it really that you'll win more than 20 times in a row, for example?
The DraftKings play-through requirement
If we look at the DraftKings offer here, we can see how misleading their initial claim is.
First, to qualify for the $500 deposit bonus, you will need to deposit $2,500 into your account because the bonus amount is equal to 20% of that deposit amount.
Then, DraftKings has added a 25 play-through requirement, so for every $25 wagered, you will receive $1 in bonuses. This means to collect the full $500; you will need to place $12,500 in wagers.
You also have to place all of these bets within 90 days.
Finally, they have added a -300 or longer odds requirement. This removes the possibility of you placing safe wagers.
All in all, we think this is a very different deal from the one emblazoned across their marketing.
So, what's the lesson? Always read the small print!
Let's start by pointing out that most risk-free promos are trustworthy and contain significant value to new customers. We just want you to be made aware that there is still a risk - albeit a reduced one - with these types of promos.
A risk-free bet means that you can place a wager, and if you lose, you will get your original wager back in the form of free bets. This is why it is called a risk-free bet because you can lose but still get your original stake back.
However, you are receiving your stake back as free bets, which means you still need to win with those free bets before the money is yours.
As you can see in the example above. There are three potential financial outcomes to this type of promo, two that are a win and one that is a loss.
So, in conclusion, we would recommend you see this type of promo as a reduced-risk bet, rather than an entirely risk-free bet.
Understanding the 'up to x amount' claim
It's only natural to be drawn to the biggest bonus.
Which promo is more appealing up to $500 or up to $2,000. The latter right? Well, it really should depend.
Almost every new customer promo will require you to place real money aswell. So a risk-free bonus will require you to place a real wager, and they will pay you back that wager if you lose. Here you have to ask yourself, would you really place a $2,000 wager, especially now that you know a risk-free bet is not really risk-free?
An example of this type of promo from BetRivers Colorado
The best way to think about this is to first work out how much you would be willing to wager. If it's $100 then worry less about the maximum amounts advertised and think about what promo suits you best.
However, if you are a big spender, then do take into account the maximum amount a promotion is willing to offer.