Betfred Reassesses U.S. Sports Betting Operations and Considers Full Exit

19.08.2024

British bookmaker Betfred has halted its sports betting offerings in Maryland and is set to withdraw from Colorado and Ohio by the end of the month. These could be a serious signal of a broader reassessment of its U.S. market strategy, as the company faces profitability challenges in the Untied States.

Betfred Scales Back U.S. Operations

When Betfred ceases its operations in Colorado and Ohio, it will maintain its mobile sports betting presence in only four states: Arizona, Iowa, Pennsylvania, and Virginia. The company also operates retail sportsbooks in Louisiana, Nevada, and Washington State.

In a recent interview with EGR North America, Betfred USA CEO Kresimir Spajcic emphasized the need for profitability, stating that the company is evaluating whether it can create a sustainable and profitable business in the U.S.

Challenges in the U.S. Market

Spajcic acknowledged that the company is exploring options to strengthen its market share, but highlighted that the decision to continue in the U.S. hinges on achieving profitability.

“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?” he said.

Betfred’s CEO suggested that the company would likely have a clearer sense of its future in the U.S. by the end of the year, noting that an outright exit is possible if sufficient value cannot be generated.

For now, Betfred appears committed to maintaining its presence in the remaining states where it operates. Spajcic also noted that the company is working on new agreements and revisiting existing deals to bolster its U.S. business. However, he did not rule out the possibility of further state withdrawals by the end of the year if the company is unable to turn a profit.