Colorado’s Sports Betting Market Grows Smaller as SI Sportsbook Announces Its Exit
The rapidly evolving U.S. sports betting landscape has seen many shifts in recent years, and Colorado, one of the early adopters of legal sports wagering, is now experiencing a contraction in its market.
In a surprising development, SI Sportsbook (Sports Illustrated’s sports betting platform) has announced its decision to exit the Colorado sports betting market, citing strategic realignments. This move comes as a surprise to many, as Colorado’s sports betting industry has been flourishing since its launch in May 2020.
Evoke PLC, formerly 888 Holdings, also closed SI Sportsbook in Virginia on June 3, 2024, but informed users in the state that it was partnering with Hard Rock Bet.
A banner above the now-vacant SI Virginia betting menu features the Hard Rock Bet logo with a link that redirects users to their website. However, Hard Rock Bet is not an options for Colorado users as of now, which may come as terrible news for avid users.
The Rise of Colorado’s Sports Betting Industry
Colorado legalized sports betting in November 2019 through Proposition DD, and by May 2020, the state had launched its online and retail betting platforms. Since then, the Centennial State has become a vibrant sports betting hub, thanks to its open and competitive market. With more than 20 licensed operators, Colorado quickly attracted both local and national betting companies eager to capitalize on its booming sports culture and tech-savvy population.
In just a few years, the state’s monthly betting handle often surpasses $300 million, putting it in the top tier of U.S. sports betting markets. The competition among operators has been fierce, with companies like FanDuel, DraftKings, and BetMGM dominating the space.
SI Sportsbook’s Entry and Exit
Sports Illustrated (SI) launched its sportsbook in Colorado in September 2021, marking the brand’s foray into the world of sports betting through a partnership with 888 Holdings, a major international gambling operator. The launch was seen as a significant moment for both the legacy sports media brand and the U.S. betting market. SI Sportsbook’s unique value proposition was combining trusted sports content with betting, allowing users to place wagers directly alongside reading expert analysis and news coverage.
However, less than two years later, SI Sportsbook has announced its withdrawal from the Colorado market. The reasons behind this exit remain somewhat vague, but industry insiders speculate that the platform struggled to gain a foothold in the highly competitive Colorado market.
SI Sportsbook faced stiff competition from more established operators, and despite its strong brand recognition, it wasn’t able to carve out a significant market share.
Impact on the Colorado Market
SI Sportsbook’s exit signals a contraction in the Colorado sports betting space, though the overall market remains healthy. With more than two dozen licensed sportsbooks still operating, bettors in the state have no shortage of options.
Besides, there are already other sportsbooks aiming to fill the gap. Betr Sportsbook plans to enter the Colorado market, and its launch would raise the total number of sportsbooks in the state to 14.
What’s Next for SI Sportsbook?
SI Sportsbook’s exit from Colorado doesn’t necessarily mean the end of the platform. The brand is likely to refocus its efforts on other markets where it sees better growth opportunities. SI Sportsbook still operates in other states like New Jersey, and the company could expand into new states in the future as the U.S. betting market continues to evolve.
While it’s unclear whether SI Sportsbook will return to Colorado in the future, its departure highlights the challenges even established brands face in the fast-growing and competitive U.S. sports betting industry. With major players like FanDuel, DraftKings, and BetMGM continuing to dominate, smaller operators may find it difficult to compete without significant investment and differentiation.
Conclusion
The exit of SI Sportsbook from Colorado’s sports betting market marks a notable shift in the state’s wagering landscape. While Colorado’s market remains strong and competitive, this move suggests that consolidation could be on the horizon as the industry continues to evolve.
Bettors in Colorado will still have access to a wide range of operators, but SI’s withdrawal underscores the challenges of breaking into the highly competitive U.S. sports betting market. Going forward, it will be interesting to see how other smaller or newer entrants navigate these challenges in Colorado and beyond.
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