Colorado sports betting has been around for a while, but as the state’s partner sportsbooks evolve, so, too, does the answer to how to bet on sports in Colorado. With books available including sports betting promos as well!
How to Bet on Sports in Colorado & Best Sportsbook Promos
All information is current as of April 20, 2024.
Best Colorado Sportsbook Promos
How to Bet on Sports in Colorado
The advent of legal online sports betting has revolutionized how people place their bets in the United States. Gone are the days of calling in your bet to a not-so-legal bookie — now, simply by g up, placing a deposit and ing an app (or firing up your desktop), you can start betting on sports in Colorado.
Let’s walk through the steps for placing a sports bet in Colorado. We’ll use BetMGM for this example. Simply click through each step in the process of g up, depositing and placing your first bet in Colorado:
BetMGM isn’t the only sportsbook available in Colorado, so if you want to get started betting on sports in Colorado, you have a wide array of choices at your fingertips. Let’s break down the top online sports betting sites available to players in Colorado. To see their specific promotional offers, simply click on the sportsbook’s name!
Bally Bet
Bet Monarch
BETRIVERS
Betsafe
Betway
Caesars
Circa Sports
ClutchBet
DraftKings
ESPNBet
Fanatics
SI Sportsbook
Smarkets
Sporttrade Colorado, LLC
Superbook
Tipico
Making Money by Betting on Sports in Colorado
The below text is repurposed from our guide to using our sports betting tools. Our tools are compatible with the NBA, MLB, NFL, NHL and more — so even if your favorite sport isn’t in season, you’ll still have plenty of picks to make!
Why You Should Use a Positive Expected Value (+EV) Betting Model
At OddsShopper, we’re here to make you the best sports bettor you can be. Sharp sports bettors understand and can quantify their edge (or advantage) over the sportsbooks. Here, we call edge Positive Expected Value, or +EV.
If you want to be a profitable bettor over the long term, you’ll need to understand both when you have an edge on the books and how much edge you have. If you’re just flipping coins or betting with your heart (or, you know, betting 10-leg parlays), you may win sometimes, but you probably won’t be making a profit.
OddsShopper’s tools have helped our subscribers become profitable gamblers. If you don’t believe me, check out the testimonials embedded above or simply review our results page.
How Does OddsShopper’s Model Work?
Before we talk about how to use OddsShopper’s +EV betting tools, let’s talk about how they work. Our model indexes the odds from across the sports betting market, adjusts for hold, book sharpness and other factors, then generates a breakeven price called “true odds” against which all publicly available odds are compared.
When a wager is trading for longer odds than the true odds, we know that a bet is a +EV bet. How do we know this? Our model is carefully backtested to ensure we have a positive return on investment. Again you can check out our results — or the results of our subscribers, some of which are included in this article.
While you can arrive at a +EV bet by other means, OddsShopper’s market-based approach is a great way to build your bankroll. It relies on the presupposition that some sportsbooks are sharper than others, especially Pinnacle, a high-limit, low-hold offshore book.
Because Pinnacle has higher limits and lower hold than domestic books, also called public books, they have more of an incentive to post more efficient odds. We can use their lines to beat public books, who often price up overs (and price down unders) in hopes of pocketing more money from public bettors.
How to Use OddsShopper’s +EV Betting Tools
Now let’s talk about how to use +EV bets today. It should look something like this:
You’ll find bets from variety of sports and on a variety of markets. In this screenshot alone, we’ve got several NBA player prop bets, a few MLB player prop and home run bets, as well as a golf tournament matchup.
Our shop pages are customizable. You can change your state, which will lead to only wagers available to you rendering as +EV bets. You can customize your bankroll, which will change the recommended bet sizing. You can also filter by league, sportsbook, type of bet and when the game, match or tournament in question will occur
Next, let’s take a quick look at an example wager and how our product team describes each of the key .
Bet Size: The recommended bet size as a percentage of your bankroll. This metric is based on a fractional Kelly Criterion approach that leads to a reasonable balance of minimizing risk of ruin while maximizing potential reward.
EV: An abbreviation for “expected value,” this metric estimates the long-term profitability of a wager by taking into the probabilities/payouts associated with each potential outcome.
xWin: The probability of winning the bet implied by the Sharp Sportsbook Algorithm true odds.
OS Rating: The OS rating provides a rating for each +EV bet. An OS rating above 20 signifies an exceptional bet. Ratings between 10 and 20 are highly favorable bets. Finally, a rating between 0 and 10 indicates a solid bet. We factor in the EV, expected win, bet size, and negative geometric drag to calculate this rating.
Hold: The synthetic hold across the entire market, which is the loss a bettor would sustain if he bet both sides of the market to win equal amounts. The larger the hold, the more difficult it is to beat that market.
OddsShopper’s Sports Betting Tools & Tips
New to sports betting? positive expected value (+EV), and you can unlock more +EV plays by g up for OddsShopper !
