Neoprene is not meant to be folded for long periods of time. When folded and placed under pressure---as when stuffed in a drawer or box---neoprene can develop and hold wrinkles after compression or folding. The best way to store neoprene is flat. Hang neoprene wet suits up so that they're fully extended when they are not in use. Store neoprene covers on the items they are meant to cover. Keep them stretched over gaming and other tables when they are not in use.
Stretch the neoprene out. Stretch the cover out over the table it was designed to cover. Stretch neoprene wet suits out on a table.
Smooth the wrinkles out with your hands.
Wait at least 24 hours for the wrinkles to dissipate. The longer your fabric breaths, the more the wrinkles will come out.
Stretch the wrinkled neoprene fabric taut if the wrinkles do not relax. Keep it taut for at least 24 hours. If the wrinkles do not dissipate after one week, the wrinkles may be permanent. If the wrinkles (or bubbles) were present in the fabric when you first purchased it, they may be a defect. In this case, the wrinkles cannot be removed.
If your wetsuit wrinkles when you wear it, it may be too large. Try switching to a suit one size smaller. Stretch your neoprene fabric out flat when air drying it.