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Betfred to exit Virginia soon
After ceasing its operations in other states, Betfred will now exit from Virginia by October 21.
Betfred is a UK-based bookmaker established in 1967. The bookmaker owns and operates over 1500 betting shops in the UK.
As a result of the company’s poor financial performance, Betfred is constantly targeting different states and stopping its operations there. In July, Betfred ceased its operation in Maryland. And now, the company plans to exit Virginia by October 21 after officially halting bets, deposits, and new registrations.
Despite a robust $3.29 billion in online wagers from locals within the first seven months of 2024, Betfred managed to capture $3.8 million in handle, representing a 45.8% decline year-to-date.
These numbers highlight the company’s difficulties in establishing a strong market presence against industry leaders. Back in August, Betfred had already announced the potential to completely exit the US market.
Virginia as a target
While many operators, including Betr and Wynn, targeted the state to start their operations, other operators targeted the state to cease their operations. In this year alone, Virginia is proving to be a tough environment for operators. Despite its exit from Virginia, Betfred continues to serve customers in Pennsylvania and Iowa while maintaining traditional sportsbooks in Nevada, Louisiana, and Washington.
FAQs
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.
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