The Colorado online sports betting market has been strong, but not all sportsbooks are sharing in that success.
PlayColorado confirmed through both sportsbook’s websites that Maverick Sportsbook shut down its online operation and Sky Ute Sportsbook ended both its online and retail services.
That brings the number of online sportsbooks in Colorado to 21 after being as high as 26.
Maverick Sportsbook shuts down online operations
Players wagered nearly $418 million on sports in Colorado in April, which pushed the lifetime total over $12 billion. Since Colorado online sports betting began in May 2020, online wagers have made up 98.8% of the total handle. The Colorado market is mature, and with so many sportsbooks competing, some are rethinking strategies or closing all together.
As of June 30, Maverick stopped taking online wagers after deciding to disband its online presence. With so many power players in the Colorado online sports betting arena thriving, Maverick is stepping back to assess its options.
Any users of Maverick’s online sportsbook are being asked to withdraw their funds before Sept. 30. If bettors have futures bets placed, Maverick is honoring those wagers and keeping those specific accounts active for 90 days after the event date. If any balances are left after this process, a check will be mailed to the address associated with the account.
Maverick is encouraging bettors to use its retail locations in Colorado.
The Dragon Tiger Casino is owned by Maverick Gaming. There are several Maverick kiosks available. The casino in Central City features several table games and slot machines, as well as Dragon Tiger Noodle Co. for a bite to eat.
Maverick also owns the Grand Z Casino and Hotel in Central City, which has slots, table games, and live entertainment. It also sports Maverick kiosks for wagering.
This shutdown does not have an end date, but the Maverick website states it is continuing to investigate online sports betting options. Maverick is leaving a glimmer of hope for a return to an online platform for its customers.
Update: On July 20, PlayColorado called Z Casino, learning Maverick closed down the three retail sportsbook locations. Anyone with a winning ticket can bring to the casino cage to be reimbursed. That leaves Colorado with ten retail sportsbooks.
Sky Ute Sportsbook ends all sports betting operations
On June 30, Sky Ute announced it was shutting down effective immediately. This decision was due to challenging economic conditions, its struggles in the market, and the massive sports betting titans that operate nationwide eating up most of the pie.
Sky Ute is encouraging users to withdraw funds from their accounts no later than Aug. 31. Any outstanding tickets will be valid at the Sky Ute Casino Resort in Ignacio for up to one year from the date of the event.
The Sky Ute website also outlined how customers can withdraw their funds from wagering accounts into their Play+ account.
“Customers can also withdraw funds from their wagering account into their Play+ account using the mobile app through Aug. 31. The funds in a Play+ account will remain available for withdrawal until Feb. 29, 2024, and can be accessed using the Sky Ute Sportsbook Play+ Discover card at an ATM or for purchases wherever Discover is accepted.”
Any open wagers will be settled as per the Sky Ute Sportsbook House Rules until Aug. 31.
These sportsbook shutdowns are not the first in Colorado
Prior to Maverick and Sky Ute ending their online operations, there were three other mobile sportsbooks to shut down in Colorado.
Twinspires Sports and Casino was the first to remove itself from the online sports betting equation. Twinspires stopped accepting sports bets in Colorado on May 16, 2022. Its website was closed on June 15 of the same year.
On June 5 of this year, Elite Sportsbook stopped offering sports betting in Colorado. It voided all bets after June 19 and gave its users until June 30 to withdraw funds. Any remaining kiosk wagers will be honored for one year after the event date.
Bally Bet also stopped taking sports bets on its online platform on June 30, but it is the exception. Bally Bet plans to return to the market. Its shutdown is to merge with Kambi for access to better oddsmakers and create a more appealing online platform through a partnership with White Hat Gaming.
So now, there are 21 online sportsbooks remaining in Colorful Colorado.