Betfred signs and logos. Source: Shutterstock

Betfred will leave the US betting market

Betfred is poised to withdraw from the U.S. betting market due to disappointing profits, which have led to a downturn compared to the previous year. The company is expected to cease operations in Ohio and Colorado by the end of August.

Furthermore, Kresimir Spajcic, the CEO of Betfred USA, has indicated that a complete exit from the U.S. market may be on the horizon. This would entail shutting down online services in Arizona, Iowa, Pennsylvania, and Virginia, along with retail operations in Nevada, Louisiana, and Washington state.

Over the past six years, numerous sports betting companies have faced closure, primarily due to the dominant market presence of DraftKings and FanDuel, which held a combined 73% market share as of April.

Companies like Tipico, Fubo, PointsBet US, WynnBET, FOX Bet, and MaximBET have all ceased operations. Additionally, Super Group, the parent company of Betway, has also stated its intent to exit the U.S. sports betting sector, while Westgate, the owner of SuperBook, has announced it will terminate mobile betting services in all states except Nevada.

20 August 2024, 09:05

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