Betfred has secured a partnership with NFL’s Cincinnati Bengals as the operator is getting ready to launch its services in Ohio. Sports betting legalization is currently pending in the Buckeye State and it is set to launch on January 1, 2023.
A Mobile Betfred App Is Set to Debut in Ohio
As soon as sports betting goes live in Ohio, Betfred is set to launch a mobile app that will allow punters to place bets from any location within the state. Of course, the app will be subject to regulatory approvals.
At the moment, Betfred operates in 6 US states – Colorado, Iowa, Pennsylvania, Arizona, Nevada, and Louisiana. It also has 1,400 betting shops across the UK.
The partnership with the Cincinnati Bengals means that Betfred will become the official sports betting partner of the franchise and the CMO and vice president of the Bengals, Brian Sells, stated that the Bengals stated that the team is continuously working to find “new ways to enhance the fan experience.”
That is exactly what the multi-year partnership with Betfred will give birth to and that is why the Bengals are looking forward to working with the operator, Sells concluded.
Mark Stebbings, Betfred Group’s COO, also shared a few thoughts on the development. He said that partnering with the Bengals is an amazing opportunity as the operator continues to expand across the US. Stebbings praised the Bengals and described them as a “premier franchise with a passionate fanbase” and that the club’s culture is in line with Betfred.
Although a few details on the agreement were released, Stebbings noted that fan engagement will be increased via free-to-play opportunities, promotions, and other activities.
Betfred Suffered Massive Profit Losses in 2021
In its annual report for the 12 months ended on September 26, 2021, Betfred was able to generate $8,398 billion in total wagers. However, after tax deductions, the profit of the company was $6.4 million, which is a massive drop compared to the $198 million profit reported in 2020.
One of the main reasons why Betfred suffered such losses is the fact that it closed 4% of its betting shops. In 2020, the company reported that it operated 1,529 shops, but in its 2021 annual report, it states that Betfred had a total of 1,470.
However, this did not stop Betfred from going all-in in 2022. At the start of July, the operator found its local partner for its Maryland launch, and thanks to that fact, customers will be able to place in-person bets quickly once the approvals are given. Not only that, but Betfred is also keen on expanding on a global level as seen with its LottoStar deal. The partnership with LottoStar will boost the company’s presence in South Africa.