Evoke plc is continuing with its plans to shutter sports betting operations in U.S. markets.
The gambling company, formerly 888 Holdings, has closed its SI Sportsbook business in Colorado as part of its shuttering of operations in North America. Earlier this year, Evoke initiated a strategic review that led to the company parting ways with SI Sportsbook owner Authentic Brands Group. As part of the shuttering, Evoke agreed to pay an initial $25 million termination fee. It is also responsible for an additional $25 million by 2029.
In addition to Colorado, SI Sportsbook also secured market access in Michigan, New Jersey and Virginia. Evoke cited direct costs and low profit margins for its U.S. exit.
Despite shuttering SI Sportsbook, Evoke is poised to profit from the business. The company announced plans to sell some of its U.S. B2C assets to Hard Rock Digital.
No details of which assets Hard Rock Digital will acquire or of the specific terms of the transaction have been disclosed but the sale is expected to be close by Q1 2025.
SI Sportsbook is not alone in Colorado
The dwindling operator joins Betsafe, SuperBook Sports and BlueBet as gambling brands that have recently exited Colorado.
In July, SuperBook notified customers of its plan to shutter online operations in eight states to focus on its Nevada business. The states included Colorado, Arizona, Iowa, Maryland, Ohio and others. A month later, Australian operator BlueBet announced it was exiting Colorado as part of a larger plan to cease all operations in the U.S.
BlueBet also operated in Iowa and Louisiana.
Earlier this month, a Betsson spokesperson confirmed to SBC Americas that the company is pulling its Betsafe brand out of Colorado by the end of September 2024. Colorado was the first North American B2C launch for Betsson. It also expanded business to Ontario.
