iGaming giant Betsson has made the decision to pull its Betsafe Sportsbook out of the Colorado market, leaving Canada as the only North American market where the sportsbook will remain available. The announcement was made to customers, informing them that the app and online operations will cease in Colorado on September 30th.
This move comes as a surprise to many, as Betsson had initially entered the US market in March 2022 with hopes of expanding into other markets using their proprietary sportsbook technology. However, the competitive nature of the US sports betting market has proven to be challenging, with many brands struggling to maintain a foothold.
One such brand is ClutchBet, an Australian-owned sportsbook that recently announced its exit from the US market due to “slower than expected regulation.” This trend of brands leaving the US market highlights the difficulties that companies face when trying to establish a presence in the highly competitive sports betting industry.
Sports bettor Jason Blackwell expressed his frustration with the frequent exits of sportsbooks from the market, stating that he receives exit notices “at least once a week now.” This sentiment is shared by many customers who have seen a number of sportsbooks come and go in the US market.
As Betsafe prepares to leave Colorado, they have outlined a timeline for their withdrawal from the market. They will stop opening new betting accounts on September 6th, cease accepting wagers on September 16th, and give players until September 27th to withdraw their funds. This process aims to ensure that customers are not left with any outstanding balances once the sportsbook exits the market.
Overall, the decision by Betsson to pull Betsafe Sportsbook out of Colorado reflects the challenges that companies face in the US sports betting market. As the industry continues to evolve and regulations change, brands must carefully consider their strategies and market presence to ensure long-term success.