Betfred to Exit Virginia Amid Broader US Market Challenges

Virginia Operations to End by October 21st

In a formal statement, Betfred confirmed that it will cease accepting deposits, wagers, and new registrations in Virginia by October 21st.

Existing customers in the state have until 10 PM ET on that date to withdraw any remaining funds from their accounts.

The company’s decision to leave Virginia follows similar exits in other states, raising questions about its US business strategy.

Series of Exits Across Key States

This announcement comes just months after Betfred halted operations in Maryland, Colorado, and Ohio.

The company cited difficulties in gaining significant market share as the primary reason for these departures.

In Ohio, Betfred also pointed to a recent tax increase as a major factor undermining its profitability in the state.

In Maryland, Betfred’s exit was particularly striking, coming less than a year after its launch.

During its brief tenure, the company handled less than $500,000 in bets, placing it near the bottom among the state’s 12 licensed operators.

Remaining Presence Shrinks Further

With its departure from Virginia, Betfred’s online presence in the US is now limited to three states: Arizona, Iowa, and Pennsylvania.

However, this number is set to decrease further as the company has also announced plans to end its Arizona operations on November 4th.

While Betfred’s online ventures have faced significant hurdles, the company maintains a foothold in the US through its retail sportsbook operations, which continue to operate in Louisiana, Nevada, and Washington State.

CEO Hints at Full US Exit

Betfred USA CEO Kresimir Spajcic has hinted at the possibility of a complete withdrawal from the US market if the company cannot find a sustainable business model.

In a recent interview, Spajcic reflected on the challenges of operating in the US, stating, “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?”

Future Uncertain but Optimistic

Despite the challenges, Betfred remains open to exploring new opportunities in the US market.

Spajcic indicated that the company is currently negotiating several potential deals that could enhance its presence in select states.

He expressed cautious optimism, stating, “By the end of the year, we are going to know where all these deals that we are trying to negotiate are going.”