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Betfred considers a fulls exit from the US market
Due to poor financial performance, Betfred plans to cease its operations in the US market.
Betfred, a UK-based bookmaker established in 1967, owns and operates over 1500 betting shops in the UK. Last month, it ceased its operation in Maryland. If it stops its operations in Colorado and Ohio later this month, Arizona, Iowa, Pennsylvania, Virginia, Louisiana, Nevada, and Washington State will remain the only states where it offers online sports wagering.
Betfred USA CEO Kresimir Spajcic said regarding the news:
“I truly believe that my team and I can create a sustainable business. 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?.”
Recently, many sportsbooks stopped their operations in the US, including Fubo Sportsbook, FOX Bet, MaximBET, PointsBet US, Tipico, WynnBET, and many more.
Moreover, the parent group of Betway, Super Group, also highlighted its exit with mobile betting in any state outside of Nevada.
The main reason behind this is that no other operator, rather than DraftKings and FanDuel, has found it easy to compete against the duopoly and challenges that come together with the competition among US bettors.
According to Mr. Spajcic, Betway is looking for ways to improve its financial performance in the US market, and there is a chance that instead of a closure, the company will boost its presence in the US market by reworking some old agreements that benefit the gaming firm.
FAQs
In what states does Betfred currently offer its operations?
Colorado, Ohio, Arizona, Iowa, Pennsylvania, Virginia, Louisiana, Nevada, and Washington State are the states where Betfred offers online sports wagering.
What is the current issue Betfred faces in the US market?
Poor financial performance is the main issue Betfred faces now in the US market.
How does Betfed plan to proceed?
Betfrad plans a full exit from the US market.
What’s next for Betfred in the US?
Despite exit discussions in the air, there is a chance that Betfred will not cease its operations in the US and instead will boost its presence.
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