Betfred Pulls the Plug on Nevada Operations
Betfred has officially shut down its operations within the state of Nevada, leaving the sportsbook active in only one remaining state in the US.
LISTEN TO THIS ARTICLE:As of September 2023, Betfred was operational in 10 states across the US. However, by August last year, the company had started winding down operations in several states, including Maryland, Ohio, and Colorado.
At that time, Kresimir Spajcic, CEO of Betfred USA, indicated that the company is likely to continue scaling back its US presence. True to his words, Betfred's US retreat continued through 2024, with the operator withdrawing from more jurisdictions, including Arizona in September and Virginia in October.
Betfred’s Struggle for Market Share
Although the company didn't provide a detailed explanation for its US withdrawal, it's clear that the decision is closely tied to the intense competition and shifting landscape of the US sports betting industry.
In virtually all the states where it exited, Betfred failed to capture significant market share. For instance, in Virginia, the operator handled roughly $3.8 million in sports bets over the first seven months of 2024, representing about 0.1% of the total $3.29 billion wagered online in the state.
Also, in Arizona, during the first half of 2024, Betfred processed $14 million in wagers, with a small hold of 3.8%, yielding $532,500 in gross revenue.
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Last Stand in the US
Now, Pennsylvania is the only state where Betfred’s offerings remain available. The jurisdiction will be the focal point for the operator's US strategy, with the company facing a choice between expansion and a potential exit.
Pennsylvania is home to 12 licensed online sportsbooks, including FanDuel, DraftKings, Fanatics, ESPN Bet, and Caesars.
In November 2024, which was considered to be a record month for Pennsylvania in terms of iGaming and sports betting revenues, Betfred, in partnership with Wind Creek Casino in the state, posted $1.49 million in handle and $132,200 in total sports betting revenue.
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