Betfred Leaves Nevada, US Exit May Be Imminent

Gaming company Betfred has just exited Nevada’s gaming market, leaving it operational in a single US jurisdiction. The operator has been gradually scaling down its American operations, hinting at a possible exit from the region.

All Outstanding Bets Will Be Respected

On its official website, Betfred confirmed the exit, warning patrons about its exit from Nevada’s retail betting market. The company, which powered the Mohegan Sportsbook at the Virgin Hotels Las Vegas, promised that all outstanding bets will be settled as the events occur.

Betfred pointed out that players who have winning wagers or cash vouchers should visit the Mohegan Sportsbook at the Virgin Hotels Las Vegas to claim their money. Alternatively, they can follow the Mail in Redemption process, which has been thoroughly explained on the back of their betslips. Betfred added that players who choose the latter option will have a check mailed to them within 30 days.

Betfred encouraged players to contact its customer support if they have any questions or concerns.

The Las Vegas sportsbook, for context, was launched at the beginning of 2023. While gaming in Nevada remains strong, despite seasonal fluctuations, Betfred has now decided not to compete with the local leaders.

Betfred Is Still Live in Pennsylvania

With its business in Nevada now defunct, the Betfred Sportsbook remains available only in Pennsylvania where it powers the Wind Creek Bethlehem Sportsbook. Offering 8 cutting-edge self-service kiosks, multiple windows and 21 screens, the book remains the company’s last bastion in the United States. Betfred also offers online betting to players in the Commonwealth.

The operator, which used to operate in multiple states, has been steadily pulling back from the American market. Originally, the company operated in the following 10 states:

• Arizona
• Colorado
• Iowa
• Louisiana
• Maryland
• Nevada
• Ohio
• Pennsylvania
• Virginia
• Washington

However, the highly competitive nature of the US market and Betfred Sportsbook’s suboptimal performance in the region pushed it to the difficult decision to cease its operations in most of the aforementioned markets.

Betfred Has Exited Most of the States Where It Operated

Recently, the company left Arizona, reflecting the ongoing downsizing of its US business. Shortly after that, it also departed from Virginia after failing to gain traction in the state.

In June, the company exited Maryland where it ranked 10^th in terms of handle in May. These results more or less reflected the overall financial difficulties the company has been experiencing in the US.

In July, the company published its FY 2023 financials, outlining significant losses despite a doubling in online revenue. The $91.7 million loss was a significant swing from the $25.1 million in profit in the prior fiscal year, spelling challenges for the operator.