Betfred scales back US sports betting to just two states by 2025
Betfred continues to scale down its business-to-customer operations in the United States, with the company confirming that it will no longer be operational in Washington, and only run operations in two states at the turn of the year, a look at the company's website suggests.
Betfred makes a sudden exit from Washington
The closure of the Betfred Sportsbook in the state was due to "unforeseen circumstances," but the Silver Reef Casino Resort operations ought to resume taking sports wagers under a different brand early next year.
"We would like to inform you that our current sportsbook partner, Betfred, will depart the state as a provider. We are grateful for our partnership with Betfred," the casino informed.
Besides Washington, Betfred has confirmed that it will cease operations in Iowa, where it has already stopped taking bets. A complete shutdown of operations will come on December 31, 2024.
This means that presently Betfred will only remain operational in two states - Nevada, where the company runs its land-based sportsbook, and Pennsylvania, where the brand is leveraging its mobile betting technology and platform.
Betfred has not yet confirmed that it intends to exit the market in the United States completely, but earlier indications by the company, and its CEO, Kresimir Spajic, suggested that a potential complete withdrawal from the market was indeed one of the explored scenarios.
Betfred falters where many others have already failed
Betfred is hardly the only brand to face challenges when it comes to its operations in the North American market, with many others following a similar path. Among those that have wound down operations in recent months and years are Super Group's Betway, Sports Illustrated Sportsbook, and Kindred Group's Unibet.
Others have expanded in the market, including ESPN Bet and Fanatics Betting & Gaming. The market, however, remains heavily dominated by the virtual duopoly, DraftKings and FanDuel. At the same time, privately-held bet365 is continuing to drive forays hoping to continue establishing a robust position in the market owing to strong cash flows in the market and abroad.
Image credit: Unsplash.com
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