Betfred Could Completely Withdraw From The US, CEO Reveals
Operator is already exiting three states, and coming months will determine if the rest follow
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A new interview with EGR North America revealed that a full exit from the U.S. market could be on the cards for U.K.-based operator Betfred, following a series of state exits in recent months.
“I would say yes [it’s possible we could see more exits before the end of the year]. By the end of the year, we are going to know where all these deals that we are trying to negotiate are going,” said Kresimir Spajic, CEO of Betfred USA. “But one very unique deal, even if it is in only one state, could make it happen because remember, many states here have sizable population and consequently large revenue potential.”
Three state exits
This statement comes less than a week after Betfred announced its last day of wagering in Colorado and Ohio, as the company struggled to gain a reasonable market share in either state. The operator will fully withdraw from these states by Aug. 31 at 10 p.m. local time.
Betfred also ceased operations in Maryland a month earlier, on July 14, ending its partnership with off-track betting parlor Long Shot’s. Around the same time, two new sportsbooks announced their arrival in the state, including Bally Bet and the Veterans Services Corporation.
“In other states, we are doing the same that we’ve been doing in Maryland and Ohio, trying to basically reassess our position, renegotiate some of the old agreements, and seeing if we can find a sustainable and profitable path,” commented Spajic.
Betfred background
Betfred was founded in 1967 by Fred Done as a single betting shop in Salford, England.
Betfred USA was created in 2019, a year after the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA), allowing states to decide whether to legalize sports betting within their borders. As of 2023, Betfred was available in 10 states across the U.S. However, once its currently planned market exits are complete, Betfred will be available in just seven.
The company’s online wagering options are now available in four states: Arizona, Iowa, Pennsylvania, and Virginia. Betfred also has retail locations in Nevada, Louisiana, and the state Washington.
Betfred is not the only sports betting operator making exits in the United States, with SuperBook also recently announcing the closure of its online sportsbook operations in eight states. Unibet also wound down its U.S. operations in the spring.
