For the third time in less than a month, an online sports betting operator has called it quits in Colorado.
SI Sportsbook announced on its website that it ceased operations Wednesday, and deposits are no longer accepted. The big-media brand name joined Betsafe and Clutchbet, which exited the Centennial State in early September.
No other information was given by SI Sportsbook, and customers were asked to contact support with any questions.
SI Sportsbook’s operating markets are down to Virginia and Michigan.
The latest mobile operator closure also comes on the heels of Betfred’s decision to exit Arizona.
Background in Buffalo State
Colorado was SI Sportsbook’s first launch in September 2021, 14 months after online wagering began in the Buffalo State. At that time, SI Sportsbook had a partnership with 888 to use the renowned sports betting company’s platform.
However, 888 and Authentic Brands Group-owned SI mutually ended the agreement in March.
“In the U.S., the intensity of competition and requirement for scale means huge investment is required to reach profitability,” 888 Holdings CEO Per Widerström said earlier this year.
The Colorado Division of Gaming doesn’t release individual operator revenue, so it’s hard to know exactly where SI Sportsbook stands in a state with currently 16 online sportsbooks listed on its site.
Dwindling competition
Colorado sports betting regulators recently announced a gross revenue haul of $32.5 million on a $320.3 million handle in July, but the competition in a state that once boasted the most sports betting operators is dwindling as smaller sportsbooks are getting pushed out of markets by bigger companies.
Australian-owned ClutchBet accepted its last wagers on Monday as parent company BlueBet announced last month it was exiting the U.S. market, including Louisiana and Iowa.
“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.
Betsafe stopped allowing deposits on Sept. 6 and quit taking bets on Monday. The Swedish-based Betsson-owned Betsafe mobile app will remain active until Sept. 30.
