Betfred Exits Nevada, Retreats Further from US Market
Betfred, a prominent UK-based sportsbook, has announced a significant withdrawal from the American market. The company, which once operated in multiple US states, is now only active in Pennsylvania. This move follows a period of suboptimal performance and intense competition in the US stock market today.
Betfred's exit from Nevada, its latest departure from the US market, was confirmed recently. The company launched its Las Vegas sportsbook in 2023 but has since decided not to compete with local market leaders. All outstanding bets with Betfred in Nevada will be honored and settled as events occur. Players with winning wagers or cash vouchers can claim their money at Mohegan Sportsbook at Virgin Hotels Las Vegas or via mail-in redemption.
Betfred's retreat from the US market is not new. The company has been steadily pulling back, leaving Arizona, Virginia, and Maryland in recent months. Its only remaining operation is in Pennsylvania, powering the Wind Creek Bethlehem Sportsbook. This downsizing reflects the company's struggles in the highly competitive US stock market today, despite a doubling in online revenue in FY 2023. The company reported significant losses during the same period, indicating challenges for the operator.
Betfred's exit from Nevada marks another significant step in its withdrawal from the American market. The company's struggles in the competitive US stock market today, coupled with its suboptimal performance, have led to this strategic retreat. With operations now limited to Pennsylvania, Betfred's future in the US market remains uncertain.
