Betfred Continues U.S. Pullback, Exiting Washington and Iowa
Betfred is continuing to reduce its footprint in the U.S. with closures in Washington and Iowa, marking the latest in a series of market exits. By the start of 2025, the company will be active in only two states—Nevada and Pennsylvania.
Washington Closure, Iowa Operations End Soon
Betfred recently shuttered its sportsbook at Silver Reef Casino Resort in Washington. The sportsbook stopped taking bets on December 15, with operations officially ceasing the following day.
According to the casino, the sportsbook is expected to reopen under different branding in spring 2025, with “unforeseen circumstances” cited as the reason for the closure.
In Iowa, Betfred announced that it will fully exit the market by December 31. Customers have until New Year’s Eve to withdraw any remaining funds. This follows the company halting new registrations and wagers in the state last month.
With these latest closures, Betfred’s presence in the U.S. will be reduced to just two markets:
- Nevada, where it operates a land-based sportsbook.
- Pennsylvania, where it offers online betting.
A History of Market Challenges
Betfred’s pullback is part of an ongoing trend of underperformance in key U.S. markets.
In Virginia, Betfred ceased online operations in October, following months of limited market share.
In Arizona, the company exited in November after failing to secure significant traction since its launch in 2022. Arizona remains a top U.S. betting market, but Betfred joined other operators like WynnBET, Unibet, and Betway in leaving the state due to competitive pressures.
In Ohio, a tax increase on betting revenue added to the financial strain, prompting Betfred to exit in August.
In Maryland, Betfred’s departure came less than a year after launching, with less than $500,000 in total wagers handled during its tenure.
CEO Hints at Full U.S. Exit
Betfred USA CEO Kresimir Spajic has openly discussed the challenges of operating in the U.S. and the possibility of a complete withdrawal from the market. In a summer 2024 interview, Spajic stated:
“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?”
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