Betfred operating markets continue to dwindle.
The sports betting operator announced it’s ceasing online operations in Arizona, the third state Betfred’s exited since July.
Thursday is the last day the sportsbook will allow the creation of new accounts, deposits, and wagers. Online operations will cease at 10 p.m. on Nov. 4.
“We are working closely with regulators to ensure this process is handled securely, correctly and done in accordance with all state regulations and guidelines,” the company stated. “We strive to meet player and regulatory needs and expectations.”
Outstanding wagers will be “settled on a fair market value as an early cash out” on Sept. 20. Any remaining stakes or winnings will be credited to accounts for withdrawal. Any balance left in accounts after Nov. 4 will be mailed to customers via a check within 30 days after closure.
Customers can contact Betfred at supportaz@betfred.com.
Recurring theme
Betfred announced in June that it was leaving Maryland and decided to close shop a few weeks later in Ohio. It quit taking bets at the end of July in both markets.
The sportsbook continues online operations in Colorado, Iowa, Louisiana, Pennsylvania, and Virginia and retail sports betting in Nevada and Washington.
Arizona has been a revolving door when it comes to sports betting companies. Betfred is the seventh operator to receive a license and then later exit. It’s also the third sportsbook to shut down in the state since July, joining SaharaBets and SuperBook.
The Arizona Department of Gaming, which can offer up to 20 sports betting licenses, replaced UniBet and WynnBet with Plannatech and Sporttrade earlier this summer.
Tough time in Arizona
Betfred partnered with the We-Ko-Pa Casino Resort and held a soft online launch in January 2022. The U.K.-based company’s mobile app launched in full in March 2022.
Arizona sports betting has been a difficult market for Betfred to find solid ground.
In the ADG’s June revenue report, the latest released, there were 17 online sportsbooks operating. Betfred hds the 10th lowest handle at a little over $2 million, and the operator hauled in just under $160,000 in revenue.
FanDuel and DraftKings, the two market leaders in Arizona, combined to generate a handle of more than $300 million in June alone, and the two online giants produced more than $33 million combined.
Betfred accepted around $14 million in wagers, 10th-most in Arizona and generated more than $532,000 of revenue in the first six months of 2024. From the 2022 launch through June 2024, Betfred has collected more than $77 million in wagers and made more than $3 million in revenue.
