Colorado will see its number of sportsbooks decrease from 17 to 16 as Betfred prepares to close its operations in the state on August 31. This closure coincides with the shutdown of its sportsbook in Ohio and follows its exit from Maryland just a month prior. Betfred’s departure marks the fourth operator to withdraw from the Colorado sports betting landscape this year.
Competitive Challenges Prompt Exit
Betfred joins the ranks of Betway, SuperBook, and Tipico in leaving Colorado in the early months of 2024. While Betfred continues to operate online sports betting in Arizona, Iowa, Pennsylvania, and Virginia, it has faced stiff competition in Colorado, Ohio, and Maryland. The market is predominantly controlled by giants FanDuel and DraftKings, making it difficult for smaller operators to gain a foothold.
In a positive development for Colorado’s sports betting scene, BetMonarch recently launched its online sportsbook, affiliated with the Monarch Casino Resort Spa in Black Hawk. This new entry will add to the impressive figures of over $18 billion wagered in the state since sports betting became legal in 2020, contributing to more than $800 million in revenue. As of June, Colorado’s sports betting handle exceeded $3 billion, with monthly figures showing consistent year-over-year growth.
Urgent Action Required for Betfred Customers
Betfred customers are urged to withdraw their funds from the app before the August 31 deadline. According to the company’s guidelines, balances not withdrawn by 10 p.m. Mountain Standard Time on that date will be issued a check within 30 days. Any checks not cashed within 90 days will be classified as abandoned and turned over to Colorado’s unclaimed property unit.
Players with bets scheduled to settle after the closure can contact Betfred’s Player Experience team via email at [email protected] to request a cashout offer. This email should include their name, account number, and relevant betting information.
Industry analysts, including Steve Ruddock in his Straight to the Point newsletter, suggest that Betfred’s exit from Colorado may indicate a broader retreat from the U.S. market. CEO Kresimir Spajic has hinted at potential “further downsizing” in the company’s operations.
Sourse : https://www.playcolorado.com/betfred-leaves-colorado-august-31/