Betfred’s continued scaleback plunges US future into further doubt

Article by : Charles Perrin Dec 26, 2024

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Betfred’s retreat from the US is not abating as it has pulled out of two more states ahead of the holiday season.

The established British sportsbook published news on its website that it is closing down its land-based betting operations at Washington’s Silver Reef Casino Resort.

It was noted on the casino site that last Betfred bets were placed on December 15 and it will reopen in the spring of 2025 under a new brand.

On Instagram, Silver Reef simply put Betfred’s exit down to “unforeseen circumstances”.

Not only that, but Betfred will leave Iowa officially on December 31, but the sports betting site had stopped taking bets from players as of last month. New Year’s Eve will be the last chance that Iowa customers can withdraw any outstanding funds.

Although Betfred has a land-based option in Nevada and boasts mobile betting in Pennsylvania, its presence in the US has been stripped back significantly over the past 12 months.

For example, Betfred’s involvement in Maryland lasted less than a year, and in May 2024, the company reported it handled just $500,000 in the state.

Colorado also bid farewell to Betfred in August, and it seems the company has struggled to provide a sustainable business model in the US.

Betfred’s US CEO Kresimir Spajic said: “The question is: Can you make a business profitable enough to make sense to continue operating in the US versus putting this effort and investment elsewhere that might yield a bigger return?”

In many respects, Betfred is one of the largest smaller-sized betting businesses in the state, with brands such as Betway and WynnBet also downsizing.

Betfred, which was founded in 1967, launched in the US in 2019.

Although Spajic had hinted at “groundbreaking projects” for Betfred, things are hanging in the balance in 2025, and they could well say goodbye to the US for good.