Colorado’s Sports Betting Market Continues to Shrink as SI Sportsbook Exits

Colorado is about to lose its third sportsbook in the last month.

SI Sportsbook has announced that they are ceasing operations at Centennial State. The closure went into effect immediately, with customers no longer able to make deposits after the announcement. The sportsbook had been operating in the market since September 2021.

While details around the decision to shutter the SI Sportsbook have yet to be released, it isn’t hard to imagine the issue. The operator has struggled in markets across the US for years, leading to them exiting all but three markets over the years. On top of their platform’s poor performance, they also saw their partnership with 888Sport end in March, costing them access to significant resources.

Colorado does not release revenue numbers for each operator in its sports betting market, meaning we don’t know just how poorly SI Sportsbook was doing. However, given their poor performance in their other two markets, Virginia and Michigan, we can assume they have been struggling.

SI Sportsbook follows Betsafe and Clutchbet in exiting the Colorado market this month. The move leaves Colorado bettors with 15 online sportsbooks to choose from.

All SI Sportsbook customers in Colorado will need to withdraw funds as soon as possible before the platform disappears completely. 

Small Operators Continue to Struggle in the US

SI Sportsbook’s decision to exit the Colorado market is another example of how hard it is for small operators to succeed in the US. With FanDuel and DraftKings capturing over 80% of the market share, there is only a tiny amount left for the other dozens of operators to compete for.

Though the Sports Illustrated brand is well established in the US, it wasn’t enough to capture the interest of bettors. Other major brands, including Barstool, FOX, and Maxim, have tried to do the same and failed.