A legal sports betting operator is shuttering retail operations in the Centennial State.
Play Maverick Sports announced that it closed its retail sportsbooks amid an exit of boutique operators in the state. The ceasing of Maverick’s retail offerings across three casinos in Colorado, first reported by US Casino Advantage earlier this month, comes after the gambling operator closed its online betting sites in the state on June 30.
Despite the end of mobile wagering, Maverick continued to operate retail kiosks at Z Casino, Grand Z, and Dragon Tiger casinos but the operator has now completely ceased all operations.
The exit of Maverick leaves Colorado sports betting with 11 retail sportsbooks, down from at least 20 during the emergence of legalized wagering.
Widespread issue
The end of Play Maverick in Colorado adds to a growing list of operators exiting the state.
In June, Elite Sportsbook shuttered operations in Colorado in partnership with Red Dolly Casino in Black Hawk. The sportsbook voided all online wagers and futures placed before June 19. That same month, Sky Ute Sports ceased all offerings of its sportsbook. Sky Ute, which launched online sports betting in 2020, plans to settle all pending wagers placed before August 30.
PlayUp Sportsbook could also leave Colorado. PlayUp has announced plans to temporarily shutter its online offerings in Colorado after the sportsbook had transactional waivers revoked by the New Jersey Division of Gaming Enforcement earlier this month. The gaming regulator believed that PlayUp displayed an ability to comply with requirements. PlayUp only has licenses to operate in New Jersey and Colorado.
Behind the numbers
Colorado experiencing an exit of retail sportsbooks is the result of dwindling profits.
According to the Colorado Department of Revenue, the state’s retail sportsbooks generated $216,433 in gross gaming revenue in May 2023 compared to $267,457 for the same month last year. The state has also reported a large discrepancy in revenue and total betting handle between retail sportsbooks and online wagering sites.
In May 2023, Colorado reported an online betting handle of $382 million while retail wagering had a $3.1 million handle. Between May 2020 and April 2023, Colorado had taken in $11.9 billion in online bets compared to $146.8 million in retail wagers for a total handle of $12 billion. During that span, gross gaming revenue reached $817 million behind $8.1 million in retail bets.
