Betway Sportsbook Calls It Quits In Colorado

Written By T.J. McBride on 07/11/2024 - Last Updated on July 12, 2024
A white sticky tab with

Betway Sportsbook, which is operated by parent company Super Group, is ceasing all sports betting operations in Colorado and the rest of the US.

Super Group has been reporting massive losses recently. That, combined with Betway’s tiny percentage of market share across the country, led to the decision.

Betway leaves the Colorado sports betting market after four years.

Betway ceasing operations in 9 states

The sportsbook’s pullout from Colorado and across the US is another instance of a small operator unable to become profitable in a maturing sports betting industry.

Along with Colorado, Betway is exiting nine states:

  • Arizona
  • Colorado
  • Indiana
  • Iowa
  • New Jersey
  • Ohio
  • Louisiana
  • Pennsylvania
  • Virginia

Several other small operators have made the same decision. WynnBet recently vacated Massachusetts and Indiana. It also closed its online app in Arizona, Colorado, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia.

Tipico Sportsbook was recently sold to MGM Resorts, which plans to use only Tipico’s technology and not its sportsbook. That means Tipico no longer operates anywhere in the US, including in Colorado, Iowa, New Jersey, and Ohio.

Colorado has lost two sportsbooks in the last month

Between Betway and Tipico, Colorado sports betting has lost two operators in the last month. That means the state is down to 18 active mobile sports betting operators:

  • Bally Bet
  • Bet Monarch
  • Bet365
  • Betfred Sports Colorado
  • MGMBet
  • Betrivers
  • Betsafe
  • Caesars
  • Circa Sports
  • ClutchBet
  • DraftKings
  • ESPN Bet
  • FanDuel
  • Fanatics
  • SI Sportsbook
  • Smarkets
  • Sporttrade Colorado
  • Superbook

Betr and Novig plan to enter Colorado market soon

The fact that smaller sportsbooks are ceasing operations is not scaring off others from trying to break into the market.

Betr Sportsbook plans to launch in Colorado ahead of the upcoming NFL season. Additionally, Novig has been approved to launch its sportsbook with hopes of expanding to exchange wagering.

Novig CEO Jacob Fortinsky recently spoke about his excitement over launching in Colorado.

“We’re thrilled to introduce our commission-free sports betting app to the vibrant community of Colorado. Novig is committed to delivering a seamless and cost-effective platform that enhances the enjoyment of sports betting. Using Novig really should be a no-brainer for sports bettors. We’re offering the same betting experience users are accustomed to, but better prices, faster in-game trading, more transparency, and a number of innovative features like liquidity screens, position tracking, and partial cash outs.”

Super Group to keep its online casino platform for now

Colorado does not report how individual operators are performing. However, Ohio does. It could serve as a good example at just how badly Betway was struggling in the Centennial State.

Ohio operators took in $595.2 million of wagers in May. That figure was a 38.2% improvement compared to May 2023. Betway, though, only took in around $450,000 of wagers during the month. That is less than 1% of the statewide handle.

This is likely to be the same circumstance for Betway in Colorado. In a more mature sports betting market, the titans of the industry, like DraftKings and FanDuel, have risen to the top and command most of the market share. That leaves tiny percentages of market share to be fought over by smaller operators like Betway.

Additionally, Super Group has been bleeding money at a rapid pace. In Fiscal Year 2023, Super Group realized $61 million of profit loss. In the first quarter of 2024, the company reported $24 million in revenue loss.

Despite that, Super Group is not disappearing from the US. It still operates its online casino platform, Spin, which has been the most profitable division of its US business. Of the $404 million in revenue generated during the first quarter of 2024, 79% of that total came directly from online casinos.

Super Group CEO Neal Menashe said the company will now focus on its online casino product.

“The vast majority of Super Group’s revenue is generated in iGaming and, in line with that strategy, we will continue to offer our leading casino product in New Jersey and Pennsylvania. We are open to expanding our US footprint if the right investment or strategic opportunities arise.”

Photo by Shutterstock
T.J. McBride Avatar
Written by
T.J. McBride

T.J. McBride is a Denver-based writer and reporter with an extensive background in covering the NBA and Denver Nuggets. T.J. is Southern California native who provides news and analysis on the legal gambling industry across a number of Catena Media's regional US sites.

View all posts by T.J. McBride