A second sports betting operator announced over the weekend that it’s pulling out of the Colorado market.
Betsafe Sportsbook informed customers on Friday that online operations would cease on Sept. 30 and the app would close permanently. The news came just one day after Australian-owned ClutchBet announced plans to leave the U.S. market entirely.
Feel like I get at least one of these a week now pic.twitter.com/xNLFexJd4v
— Jackson Blackwell (@JB_FuturesKing) August 30, 2024
Deposits and new accounts will no longer be allowed as of Sept. 6, and no wagers will be accepted after Sept. 16. Players have until Sept. 27 to withdraw all funds from their accounts, which will close on Sept. 30.
Betsafe provided no information on how future wagers will be settled, and customers are asked to contact customer support with any questions.
Colorado, which has the most sports betting operators of any state, will go from 19 to 17 by the end of the month.
Out of market
Colorado and Canada are the only North American markets where Betsafe operates, although the brand expanded to South America in June when it obtained a license in Peru.
The Betsson-owned sportsbook launched its first U.S. sportsbook in March 2022 through a partnership with Dostal Alley Casino. The initial ambitions were to expand Betsson’s proprietary sportsbook technology in other markets.
Founded in Sweden and operating out of Malta, Betsson owns over 20 gaming brands globally, including NordicBet, Europebet, and Casinoeuro. Betsson’s second quarter of 2024 was its most profitable ever, and revenue grew 15% year-over-year.
However, stiff competition in the U.S. has recently forced out smaller B2C operators. Colorado regulators don’t publish revenue for individual operators, so Betsafe’s market share is unknown.
Fewer Colorado options
Betsafe is following ClutchBet out of the Centennial State.
The sportsbook announced last week that it will shut down mobile operations in Colorado, Iowa, and Louisiana on Sept. 16, the final day to place wagers.
The Australian-owned sports betting company underwent a strategic review and determined leaving the U.S. market allowed for the reallocation of capital into its home market.
“The decision to exit the U.S. comes as slower than expected regulation has hampered total market growth and hindered interest in the Company’s B2B SaaS platform, which BlueBet viewed as a significant opportunity,” the company wrote in a statement.
