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Old 05-03-2020, 07:26 PM   #1
Whatever695
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Join Date: Jul 2008
Posts: 8
How to best take advantage of sign up bonus offers in Colorado (SB legal as of May 1st)

Sports betting just became legal in Colorado. Like the good old days of bonus whoring, I am excited. I just took advantage of FanDuel's free $500 bet (bet $500, if you lose they refund you, but I think you need to roll over the refund 1x).

I won this bet to the tune of $300 (-160) so I don't need to take advantage of the refund, but I am wondering how do I take advantage of these promotions going forward? Make a close to even money bet, if lose, do the same thing again, giving me an EV of $250? Is there a better way? Looks like I have Draft Kings, BetRivers, and BetMGM to work through still.
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Old 05-08-2020, 10:36 AM   #2
borg23
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Join Date: Nov 2012
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Re: How to best take advantage of sign up bonus offers in Colorado (SB legal as of May 1st)

you actually used the fanduel one super poorly. you should be betting huge underdogs with that risk free 500 dollar bet they offer.the ev is way higher this way.i know fd gives you as a pure refund that needs to be rolled over 1x.

if you have a +500 and bet 500 dollars on them you'll win 2500 1/6th of the time (ignoring juice for simplifcation) for an ev of 416 dollars. if you use it on a -110 your ev is 227 dollars.your ev is even worse on a -160. even if you waited and hedged a big dog elsewhere where you could do it paying low juice you come out way ahead using fan duel on big dogs.

not sure about colorado but with dk in new jersey you had to clear the initial bonus ( i got 1,000 might be different now) at i believe 12x and odds can't be higher than -300. this is a lot different than fanduel's bonus and you should just use it organically (if you bet sports) or you can arb/risk free bet across a different site to clear it.


draftkings does a lot of free bet promos where you don't get the free bet amount back when you win (ie +200 on a 100 dollar free bet you win 200 dollars, you don't get the 100 you were staked with.) with free bets you're way better off using the free bets on huge underdogs. if you want to cut down on the variance you can wait until you find games with narrow spreads across 2 sites (ie +500 on the site with the free bet, -550 on the favorite on another site) and you come out way better than using the free bets on even money bets (or even worse big favorties)

betmgm gives a risk free bet- same thing big dogs.

rivers is just a 1x rollover and is not triggered by losing like mgm or fanduel so just use it organically if you bet anyway. if not bet the other side somewhere else when it won't cost you any juice to do so (pretty easy to find games/props for this)

you can also just roll it through their casino 1x on blackjack. playing basic strategy to clear the 250 you're giving up less than 2 dollars in ev.
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Old 05-09-2020, 03:12 PM   #3
Whatever695
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Join Date: Jul 2008
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Re: How to best take advantage of sign up bonus offers in Colorado (SB legal as of May 1st)

Thank you borg23 and the person who PM'ed me. I will make sure to be smarter going forward. Looks like Colorado will have around 14 books by the end of summer.
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