Colorado currently has 17 sportsbooks, but that number will be reduced by one at the end of the month.
Betfred is set to close its Colorado sportsbook on Aug. 31, the same day it shutters its sportsbook in Ohio and a month after ceasing operations in Maryland.
It will be the fourth operator to exit the Colorado sports betting market this year.
Four out, one in
Betfred joins Betway, SuperBook, and Tipico in leaving Colorado during the first eight months of 2024. For now, Betfred will continue to offer online sports betting in Arizona, Iowa, Pennsylvania, and Virginia. It also has retail locations in Louisiana, Nevada, and Washington.
Betfred has struggled to compete in highly competitive states like Colorado, Ohio and Maryland. The Big Two, FanDuel and DraftKings, dominate sports betting in all three states.
Earlier this month, BetMonarch launched its online sportsbook in the Centennial State. It is affiliated with the Monarch Casino Resort Spa in Balck Hawk. The app will now contribute to the more than $18 billion wagered on sports in the state since its inception in 2020, generating over $800 million in revenue.
Through June, Colorado sports betting generated a handle of more than $3 billion, with this year’s monthly totals all showing year-over-year increases.
Withdraw funds before Aug. 31
If you have money in the Betfred app, now is the time to withdraw those funds.
According to the company’s website:
“Online patrons are encouraged to login and request withdrawals prior to this date. Balances not withdrawn by Aug. 31, 2024, at 10 p.m. Mountain Standard Time will be issued a check within 30 days. Should any check issued to a patron post mobile shutdown date not be cashed within 90 days of issuance, the funds will be deemed abandoned. Betfred will remit the funds to Colorado’s unclaimed property unit with all required documentation.”
Also, players who have placed bets scheduled to settle after Aug. 31 “are eligible to contact Player Experience via email at [email protected] to request a cashout offer. Requests must include your name, account number, and betting information.”
In Steve Ruddock’s Straight to the Point newsletter, he noted that the move out of Colorado might signal a further retreat from the US market for Betfred. He cited CEO Kresimir Spajic’s observation that “further downsizing” can be expected.
