Owned and operated by Super Group Limited, Betway Colorado is a perfect example of the innovation smaller sportsbooks can provide. The app launched in June 2021, and players enjoyed high-quality and rewarding sports betting in Colorado. Unfortunately, with online sports betting growing increasingly competitive, Betway Colorado decided to call it quits.
Still, Betway isn't the only online sportsbook you can find in the state. There are 13 other licensed online sports betting apps to choose from. But Betway had a stronghold as far as sports betting markets go. Today, they continue operations in New Jersey and Pennsylvania with their online casino app.
Betway Sportsbook leaves but opens up room for other betting sites like Sporttrade and Novig to enter this state's betting markets. Only time will tell if these smaller sportsbooks have what it takes to fight against giants like ESPN Bet and BetMGM in Colorado.
Betway Sportsbook Calls It Quits in Colorado
Betway Colorado announced it would cease operations in July of 2024. The news came as a shock to loyal bettors in the state. The month prior, in June of 2024, they had to say goodbye to Tipico Sportsbook. With so many sportsbooks for people to choose from, Betway found themselves needing to catch up.
Super Group’s CEO Neal Menashe said of Betway's departure, “We have recently concluded an extensive review of our U.S. operations and, at present, we do not see a long-term path to profitability for the sportsbook product.” However, live betting on casino games is still a big and profitable part of Betway's business strategy. That's why they leave their iGaming side in New Jersey and Pennsylvania.
Reasons Behind Betway’s Exit from Colorado
Betway Sportsbook is one of many sports betting platforms with its fair share of struggles. A competitive market is just one issue plaguing potentially profitable sportsbook sites. Let's examine what factors might have impacted Betway's decision to call it quits in Colorado.
Regulatory Challenges
Running a sportsbook can be a challenge for internet operators. There are pages and pages of guidelines set by the Colorado Division of Gaming that Betway has to follow. From having a customer service team that can answer concerns right away to setting precise wagering requirements, it's time-consuming (and expensive) to follow regulations.
While more prominent sportsbooks can afford to comply with these regulations, smaller ones like Betway might struggle. After all, complying with state regulations means paying more employees and increasing expenses on the business side. And, of course, every employee also has to comply with regulations like background checks, fingerprinting, and additional fees. In short, it's expensive to be a reputable and licensed sportsbook, but 100% necessary to remain operational.
Financial Considerations
According to their CEO, the biggest reason for Betway's exit from Colorado is likely tied to finances. With higher operating costs due to regulations and a smaller market share, it might not be profitable enough to sustain its presence in the state. Marketing to promote their brand and signing an NHL deal still wasn't enough to get them the profits they needed.
According to their reports, Betway reported a staggering $61 million of profit loss for 2023. In the first quarter of 2024, Betway also reported $24 million in revenue loss. With yet another $50 million in costs to pull out of nine states, it's clear that operating in the U.S. is expensive and underperforming.
Market Competition
Perhaps one of Betway's biggest challenges was stiff competition from other online sports betting platforms. Giants like FanDuel and DraftKings are hailed as the best sportsbook operators Nationwide. What began as Daily Fantasy Sports (DFS) platforms quickly became successful sports betting sites in many states, including Colorado.
Endorsements with major leagues, celebrity endorsements like Jamie Foxx for BetMGM, and brand recognition of major sports betting sites stifle the competition of smaller sportsbooks. Perhaps being bought by one of these major sportsbooks is the solution for Betway. But, for now, it's simply too expensive and difficult to set up a profitable marketing strategy for Betway.
Impact of Betway’s Exit on Colorado Bettors
Betway's closing and exit from Colorado came on short notice. The site states that they followed all regulations with the state to refund customers and properly close accounts. Still, some customers who haven't used their accounts in a while might be caught off guard.
What Will Happen to Existing Accounts?
According to their website, existing accounts had their cash balance withdrawn after the site closed on July 31, 2024. These withdrawals were made using existing withdrawal methods.
However, for players who didn't set one up before midnight on July 31st, 2024, some options included a mailed check or a refund of deposits. If you didn't get a refund or set up a withdrawal before they closed down, it's best to contact their customer service.
What Other Options For Sports Betting in Colorado?
To date, there are 13 online sports betting options in Colorado. FanDuel and DraftKings are the two biggest names. Other sports betting sites like Fanatics and Bet365 offer more betting options and modern interfaces. Check the Colorado Division of Gaming's website to view all retail and online sports betting operators from which to choose.
Betway Colorado Review: Pros & Cons
Betway Colorado was well on its way to having a stronghold for bettors. There are things to love about this site and things it could improve. Here are a few pros and cons of Betway Colorado.
Pros
- Safe and licensed in Colorado and eight other states
- 15% odds boost for serious players
- Smooth and updated app interface
- Easy sign-up process
- Wide betting marketing
Cons
- No instant withdrawal process
- Limited availability in the US
What Were Betway Sportsbook Features for Colorado Users
Betway's online sportsbook did its best to appease customers and stand out. Several of its key features, which will be missed, are highlighted here.
Betting Markets
Betway had a good share of sports betting markets. In addition to football and college football, niche sports were also available. You could bet on darts, cycling, badminton, and major league sports.
Live Betting and Streaming
Live betting allows bettors to place bets on a game after it has started. It also offers an opportunity for bettors to take advantage of changing odds. Betway offered live betting and live streaming to sweeten the deal, allowing users to view their bets and real-time updates.
Betway App Experience in Colorado
Betway had a dedicated mobile app on both iPhone and Android devices. This app was available on the Apple Store and Google Play store. The app provided easy access to customer service, lag-free live streaming, and mobile optimization. A dedicated app makes the betting experience much more convenient and streamlined.
User Interface and Navigation
The app was also thoughtfully designed, with tabs on the homepage navigating to major league sports and betting boosts. A search feature also made it easy to navigate between different sports. Highlights and popular leagues on their homepage also made it easy for beginners to look for different wagers.
Competitive Odds and Bet Options
Betway provided competitive odds, especially with its 5% to 15% odds boost. This odd boost varied depending on the number of selections on your parlay, with a higher 15% boost for bigger parlays. Players could access all games' spreads, over and under bets, and money lines. Futures and player props also provided a wide range of bet options.
Customizable Notifications and Alerts
Betway Colorado app users could customize their notification settings based on live betting events, new odds boosts, and promotions. This feature helped bettors stay updated with real-time game changes and use the latest boosts. Push notifications are available for both iPhone and Android users.
What Were Betway Colorado Signup Bonus and Promotions
All sports betting markets need to attract and keep customers with stellar bonuses and promotions. Betway Sportsbook is no exception. They offered new and existing customers different promotions and bonuses to improve their betting experience. Here are some of their most popular.
Welcome Bonus
Centennial State players had access to a welcome bonus that ensured their first wager was a sure winner. Betway's $250 bonus bet awarded players even if their first wager lost. The wager amount was matched up to $250.
Ongoing Promotions for Colorado Players
Ongoing promotions were given in addition to their welcome offer. Ongoing promotions included an odds boost with better profit on money lines, a parlay boost of up to 15% depending on how many legs you had, and sports event-specific profit boosts.
How to Claim Betway Colorado Bonuses
Bonuses and promo codes were also easy to get. All you need to do is put the minimum deposit for each promotion (such as a $10 deposit for their welcome offer). Then, use the bonus or promotion before it expires. Wagering and playthrough requirements must also be met before withdrawing your winnings.
What Were Betway Colorado Payment Options
Betway had a wide range of banking options for players to choose from. These banking options included both cash options through a prepaid card and PayNearMe. Here's a breakdown of payment options you could explore with Betway.
Deposit Methods
Depositing through Betway was simple after signing up and verifying your account. Deposit methods were available instantly, with simple banking options for easy access. Their deposit methods included:
- Credit and Debit Cards
- PayPal
- Discover
- Betway Play+
- Skrill
- Apple Pay
- PayWithMyBank
- PayNearMe
Withdrawal Methods
Withdrawals were also straightforward. Players could withdraw their winnings after a period of review and processing. While withdrawals were slower, they varied in terms of banking options. Withdrawal options for players include:
- Debit Card Withdrawal
- Check Withdrawal (PA Only)
- Withdrawal Information
- PayPal Withdrawal
- Venmo Withdrawal
- VIP Preferred Withdrawal
- Skrill Withdrawal
- Betway | Play+ Withdrawal
Tips for Safe and Secure Transactions
Many transactions, such as a prepaid card with Play+, can protect your information by keeping your personal banking information private. But, if you're using a credit or debit card, you can stay safe online.
Deposit only if the platform you're using, like Betway, has SSL encryption. A lock symbol on the URL bar means SSL encryption is up and running. If you're unsure whether a site is encrypted or get messages that appear to be spam, stay away from these sites.
Finally, make sure the site you visit is fully licensed. This ensures any issues with your funds, like lost payments, can be addressed by regulators.
License and Security - Is Betway Legal in Colorado?
While most online betting sites operate in a legal gray area, Betway is a fully licensed sportsbook. It holds an operator license issued by the Colorado Division of Gaming. Betway also kept up with regulations and renewed its license after first launching in 2021.
It's important to note that Betway transitioned out of the sports betting markets in the US due to financial, not legal, issues. They are still highly reputable and licensed in NJ and PA for casino gaming.
Betway Customer Support for Colorado Users
Betway's online support site is still strong and can be found here. It has a list of common FAQs for players in Colorado, including what happens to their funds, information on rewards, and state-specific questions for the other sports betting markets.
Their site also allows you to submit a question for additional support. Alternatively, you can contact chat 24/7 at the bottom right corner of the page. The best way to answer your questions is to visit their support site and reach out to their customer support.
Other avenues include forums like Reddit and Quora. While the site doesn't regulate them, other players can give you valuable information if you ask a question on the appropriate subreddit or forum.
Betway Colorado vs. Competitors
Betway sportsbook has left the Centennial State. But, in its wake are 13 other sportsbooks and counting for bettors to choose from. Here are just a few.
Fanatics
Fanatics is widely known to sports enthusiasts for its merchandise and gear. In 2023, it entered the online sportsbook world, making it one of Colorado's newest sports betting sites.
One thing that sets them apart is their FanCash. Players can redeem FanCash for discounted merchandise on their Fanatics store. They offer spreads, money lines, and easy-to-construct single-game parlays.
Fanatics also offers live betting 24/7. They're a great option for former Betway players who want an easy-to-use app with live updates for their bets.
BetMGM
BetMGM is a casino giant that has become a sportsbook giant. It's known for its competitive odds and perks like cash-out early options.
BetMGM also allows players to build a single-game parlay quickly. You can trade futures in addition to regular bets on spreads, money lines, over and under parlays, props, and much more.
BetMGM currently has a welcome bonus of up to $1,500. With live in-game betting and a smooth app, they're an excellent alternative for Betway players.
Bet365
Bet365 is often regarded as the best online sports betting platform. Their app is easy to use, and streams live games with minimal lag.
They also offer live betting and early payouts like BetMGM. Bet boosts, super boosts, parlay, and profit boosts ensure you get the most out of your bankroll.
Responsible Gambling Measures in Colorado
All Colorado sports betting sites allow self-exclusion, which you can do by visiting your account settings or contacting customer support. During your self-exclusion time, be it weeks or months, you won't be able to access your account and place bets.
Betway also offered deposit limits, where users set maximum deposit amounts. Deposit amounts can be done daily, weekly, monthly, or per transaction.
Colorado bettors always have access to help if they feel they have a gambling problem. You can call or text 1-800-GAMBLER 24 hours a day, 7 days a week. The Colorado Division of Gaming takes pride in providing resources to help bettors take control of gambling, be it with games or sports betting.
If you feel your gambling is out of control, remember to take advantage of self-exclusion options and reach out for help. Some signs that you may have a gambling problem include:
- Spending more money than you intended to on gambling
- Feeling the need to bet more and more frequently to get the same excitement or rush
- Neglecting other responsibilities or interests in favor of gambling
- Trying to recoup losses by betting more
If you identify with any of these signs, it's important to seek help before your gambling becomes a serious issue. Remember, responsible gambling is about enjoying betting as a form of entertainment, not letting it control your life.
Betway Colorado FAQs
Why Did Betway Decide to Exit the Colorado Sports Betting Market?
Factors including low profits, stiff competition, and a focus on casino gaming led Betway to withdraw from the US sports betting market.
What Happens to My Existing Betway Account in Colorado?
If you plan to visit or move to New Jersey or Pennsylvania, you can still have a Betway casino account. However, your existing account will be closed, and all cash will be refunded.
Will I Lose Any Funds or Rewards Due to Betway’s Exit?
Any cash in your account will be refunded. But, you will forfeit any rewards that expire after July 31st, 2024.
Are There Any Other Sportsbooks That Offer Similar Features to Betway in Colorado?
Yes, other sportsbooks like BetMGM and BetRivers offer welcome bonuses that protect your first bet even if it loses. Promotions from FanDuel offer profit boosts similar to Betway's odd boosts.
Is Betway Planning to Exit Other States in the U.S.?
Yes, Betway has pulled out of all nine states in the U.S., including Arizona, Colorado, Indiana, Iowa, Louisiana, New Jersey, Ohio, Pennsylvania, and Virginia.
What Should Colorado Sports Bettors Expect in the Future Regarding Market Changes?
Sports betting competition in Colorado has been steadily increasing since it became legal in May 2020. Expect to see big-name casinos buying up more of the smaller, independent sportsbooks and more marketing to local bettors.
Are There Alternatives Recommended for Betway Users in Colorado?
Yes, there are 13 other online operators to choose from. Bet365 and FanDuel are among the top picks. DraftKings, BetMGM, and BetRiver are other options.
Can I Still Contact Betway Customer Support After They Leave Colorado?
Yes, you can still submit a request online through their support center. Fill in your contact information, and someone will get back to you.
Will Betway Return to Colorado in the Future?
For now, their CEO has said a return is only possible if it makes financial sense. But, with profit losses reported in 2023 and 2024, it seems unlikely for Betway to return to the US sports betting market soon.
Final Thoughts: What’s Next for Betway in the US Market?
While Betway may no longer be available in the Colorado sports betting market, there are still many other options for bettors in the state. Fanatics, BetMGM, and BetRivers are just a few of the smaller alternative platforms offering similar and even better features and services than Betway.
Of course, there are also time-tested giants like FanDuel and DraftKings from which players can choose. With new sportsbooks also entering the market, like Sporttrade, bettors can rest assured they'll have a sports betting app to help them enjoy their favorite sports and win big!
