Betsafe Announces Exit From Colorado Sports Betting Market

Betsafe joins ClutchBet as the second operator to announce an exit from the Colorado sports betting market this month, according to the sportsbook’s press release on Friday.

Betsafe will cease online operations in Colorado on Sept. 30, 2024

The sportsbook announced that its online operations would cease on Sept. 30 and the app would close permanently. This news comes just one day after Australian-owned ClutchBet announced plans to leave the U.S. market.

Additionally, Betsafe registrations and deposits will not be accepted after Sept. 6, and new bets cannot be placed after Sept. 16. Bettors are required to withdraw all funds by Sept. 27 as well.

Betsafe, owned by Betsson, launched its first U.S. sportsbook in March 2022 through a partnership with Dostal Alley Casino. The initial plan was for the operator to expand its services to other international markets.

Colorado and Canada are the only North American markets where Betsafe operates. However, the operator did expand to South America in June when it obtained a license in Peru.

Betsson owns over 20 gaming brands globally

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 on record, with revenue growing 15% year-over-year. Despite reaching that incredible milestone, the company has still struggled to compete with the industry giants in the U.S. market.

In May 2020, Colorado became the 18th U.S. state to legalize online sports betting. Sports wagering legislation allows for 22 online sports betting apps and expanding retail locations in the state.

The Centennial State, which currently boasts the highest number of sports betting operators in the U.S., will see its sportsbook roster decrease from 19 to 17 by month’s end.

Furthermore, the top sportsbooks in the state include bet365, BetMGM, BetRivers, Caesars, DraftKings, Fanatics, and FanDuel. ESPN BET and Sporttrade are still available for gamblers as well.