Betfred Group Ltd. has at long last been granted a legal sports betting license to operate in Nevada.
On Thursday, the Nevada Gaming Commission (NGC) gave its approval to the UK gaming giant to open its sportsbook at the Virgin Hotels in Las Vegas, which is located a few blocks off the main strip.
The NGC voted 4-0 at its regular monthly meeting in favor of Betfred's bid to launch in the Silver State. The unanimous approval was the final regulatory hurdle that Betfred needed to clear after it had been recommended for licensing on Wednesday by the Nevada Gaming Control Board.
Significantly, the Gaming Commission approval comes in the nick of time for the UK operator to begin taking bets in advance of the upcoming Super Bowl, which is easily the most heavily wagered-upon sporting competition in the U.S.
Last year, an all-time high of 31.4 million Americans bet a record $7.61 billion on the big game, according to the American Gaming Association.
License approval follows a two-year delay
Betfred had been waiting for license approval in Nevada for nearly two years, a delay caused by the pandemic and the resulting travel restrictions that made it for Betfred management to travel to the U.S.
The UK operator will now be working feverishly to put the finishing touches on its sportsbook, which will be providing sports betting in Nevada out of a modest 1,300-square-foot location at the Virgin property — formerly the site of the Hard Rock Casino.
The new Betfred sportsbook will feature five 80-inch screens and seating arrangements for up to 100 bettors. Additional amenities include a state-of-the-art IGT betting system with four betting windows and multiple self-serve betting kiosks.
Betfred expects to launch in six more states in 2023
Nevada is the 10th U.S. state in which Betfred is licensed to accept wagers, joining Arizona, Colorado, Iowa, Louisiana, Maryland, Ohio, Pennsylvania, Virginia, and Washington.
Fred Done launched his bookmaking outfit in 1967 together with his brother Peter, and the gaming empire is now the second-largest bookmaking operator in the country, trailing only Entain.
Betfred has signaled that it is planning on launching in six additional states in 2023: Oregon, Indiana, Oklahoma, Missouri, Alabama, and Kansas.
Betfred pays grants Bengals bettors early payout
In an unrelated matter, Betfred announced that it was paying out all bets placed on the Cincinnati Bengals to win the AFC championship before they even play their Sunday game against the Kansas City Chiefs.
Betfred is the official sports betting partner of the Bengals, and it decided to authorize the advance payout as a goodwill gesture to Betfred customers and Bengals supporters.
"After the team's huge win on the road in Buffalo last week, we had seen enough to believe they're the best team in the league, said Betfred COO Bryan Bennett. As a result, we made the decision to pay existing championship bets early as a goodwill gesture to fans and customers."
Betfred is also offering very favorable +300 odds on the Bengals to win the AFC for bettors who missed out on the early payout. The wager will be made available on the Betfred platform prior to Sunday's kickoff in Kansas City.
