Betfred has announced that its online sportsbook will cease operations in Virginia on Oct. 21.
In a post on the company's website, Betfred confirmed that as of Tuesday, it was no longer accepting online deposits, wagers, or new registrations in Virginia. Existing players have until Oct. 21 at 10 p.m. ET to withdraw any remaining online balance.
Covers reached out to Betfred for comment but had yet to hear back at the time of publication.
Is a full US exit on the horizon?
The news comes amid ongoing rumors that the sportsbook could be planning a complete exit from U.S. markets.
In July, the sportsbook put a stop to sports wagering offerings in Maryland. The company went on to halt operations in Colorado and Ohio the following month.
Betfred’s Ohio departure was attributed to the difficulty the company faced in gaining a significant market share in the state. It also cited challenges such as a recent tax increase, which took an additional 10% out of its revenue.
The company’s exit from Maryland came less than a year after its launch in the state. Figures released earlier this year revealed that Betfred had handled less than $500,000 in Maryland, lagging behind competitors as the 10th most popular of the state’s 12 legal sportsbooks.
The wave of recent departures will leave just three states in which Betfred still has online sports wagering operations: Arizona, Iowa, and Pennsylvania. However, that number will soon go down to two, as Betfred announced last month it would cease operations in Arizona on Nov. 4. The company also has retail sportsbooks in Louisiana, Nevada and Washington State.
CEO discusses US exit possibility
Betfred USA CEO Kresimir Spajcic has previously hinted at a full U.S. exit, should its profitability prove inadequate stateside.
“I truly believe that my team and I can create a sustainable business," Spajcic said in an interview with EGR North America earlier this year. "The question is: can you make a business profitable enough to make sense to continue operating in the U.S. versus putting this effort and investment elsewhere that might yield a bigger return?”
Discussing whether or not Betfred would remain in the US long-term, Spajic said, “We are definitely trying but there are no promises, and I think it will boil down to whether you can make yourself a sustainable business.”
Betfred seeks to improve profitability in the US
Betfred’s recent announcements might paint a gloomy picture of its U.S. expansion plans, but all isn’t lost quite yet.
Spajcic recently revealed that the sportsbook remains committed to the negotiation of several different deals that could see it boost its presence in select states.
When asked about the deals, Spajcic said: “By the end of the year, we are going to know where all these deals that we are trying to negotiate are going," Spajcic explained. "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.”
