When June 2023 started, Colorado had 24 licensed online sportsbooks. By the time the month ended, there were only 21. Three Colorado online sportsbooks announced they would end operations in June.
An anonymous Twitter account first reported all three closures. We verified the news with each company.
Elite Sportsbook leaves Colorado and Iowa
Elite Sportsbook was the first to exit Colorado. It was partnered with Red Dolly Casino in Black Hawk. On June 1, 2023, Elite Sportsbook posted on its website that it was leaving the Colorado market as of June 5. Any online or mobile bet that did not conclude by June 19, 2023, was voided. This included all futures bets. Kiosk wagers made at Red Dolly are honored for a year after the event date.
On July 1, 2023, Elite Sportsbook announced that it was leaving the Iowa online sports betting market on July 5. This appears to be more orderly than what happened in Colorado. Betfred is assuming Elite’s Iowa operations. Elite players receive a deposit offer from Betfred. Elite’s retail and kiosk operations are open pending the acquisition.
This appears to be the end for Elite Sportsbook in the US. It only operated in Colorado and Iowa.
Sky Ute ceased all sportsbook operations
Sky Ute Sports was operated by US Bookmaking, which was acquired by Elys Game Technology in 2021. It announced on June 30, 2023, that all sports betting operations would cease immediately. This includes retail, kiosk, and online betting. House rules would settle all pending bets before August 31, 2023. This presumably means any MLB or football futures are void. Tickets bought at the Sky Ute Casino are valid for one year.
Maverick Sports ceases online operations
Maverick Sports closed its online and mobile operations on June 30, 2023. Its kiosks remain open at Dragon Tiger, Grand Z, and Z Casino. The Grand Z sportsbook’s seating and viewing area are also open. There will be ticket writers at the desk during major events.
Unlike the other two online sportsbooks that closed in June, Maverick Sports will honor all futures tickets.
Warning about betting futures at smaller online sportsbooks
This is not the first time regulated sportsbooks folded. In every instance, players got paid. However, pending futures bets were usually voided. This presents a problem for bettors. While it may have bailed out some players with tickets likely to lose, others had tickets that were favorites that now push with no recourse.
Retail tickets seem to survive longer than ones bought online in the above examples of sportsbook closures. Bettors should consider placing these wagers on kiosks or at counters if there is a concern about the size of the operations.
There are still 21 online sportsbooks in Colorado. The market probably needs less than half that number. It seems likely there will be more closures before the industry finds its proper size. This is true in many other states where DraftKings and FanDuel run away with the market while a dozen or more competitors split the other 10% or 20%.
