U.K. sports betting operator Betfred closed its Nevada operation, leaving Pennsylvania the lone U.S. state where it currently operates.
Betfred finalized plans to exit the state as an official announcement on the operator's website explained to customers it's making a full exit from Nevada's retail sports betting market. At the same time, the sportsbook guaranteed customers their outstanding bets remain valid.
The company encouraged players with winning tickets or cash vouchers to redeem their winnings at the Mohegan Sportsbook located within Virgin Hotels Las Vegas or use the Mail-in Redemption process. Betfred also said customer service representatives would be on hand to answer any patron queries as the process unfolds.
Although observers saw some online growth, Betfred’s FY2023 results highlighted the need to scale back its U.S. operations. A July report showed significant deficits, generating losses of $91.7 million for the period.
These results were in sharp contrast to Betfred's $25.1 million profit during the previous fiscal year. The loss, along with rising operational costs, was part of the company's strategic decision to scale down its presence within the U.S. market.
A Slow and Methodical Exit
In September 2023, Kresimir Spajic, then-appointed CEO of Betfred USA, sounded very bullish about the operator’s North American future. He reiterated how the company was committed to offering customer value and creating a sustainable business in the U.S. Kresimir said the emphasis on responsible gaming would form one of the cornerstones of the company's strategy.
However, optimism didn’t last long, as closures started earlier in 2024 when Betfred folded its Maryland operations in June. This was among many states where the operator had to withdraw after a somewhat short tenure.
In September, Betfred announced it was folding its operations in Arizona, and in the following month, it also pulled out of Virginia where it had operated for less than two years.
Continuing to press on responsible gaming, in March 2024, Betfred agreed with US Integrity to offer solutions dedicated to preventing coaches, student-athletes, and staff from compromising their integrity via prohibited sports wagering activity.
However, that hasn't been enough for the company to develop a foothold. In late summer last year, Spajic stated a full withdrawal from the U.S. market was possible if the company couldn't establish a viable and sustainable business strategy in the country.
Betfred is one of numerous online sportsbooks that have reduced exposure or left the U.S. market in recent months as the company struggles with being a smaller marketplace operator. It joined Betway, SI Sportsbook and Unibet, among others, in leaving the U.S. online betting market. Other international betting operators that have left the U.S. market include Unibet, Betway, and Evoke (formerly known as 888Sports)
Meanwhile, operators like SuperBook have confined their operations to Nevada only.
