Betfred’s US Exodus Continues, Pulls Out of Washington & Iowa

British bookmaker Betfred has been unable to gain traction in the US market, and its most recent closures in the state of Washington and Iowa are unsurprising based on the company’s recent history. Betfred remains active in only Nevada and Pennsylvania.

Closing Up Shop

Betfred’s steady march out of the US mobile sports betting’s tumultuous waters continued as the company announced it would be pulling the plug on its Iowa and Washington state operations. Betfred’s website noted that its retail operations at Washington’s Silver Reef Casino Resort would cease on December 16th with the last wagers accepted on December 15th.

As for the Silver Reef Casino, it has posted the following:

“We would like to inform you that our current sportsbook partner, Betfred, will depart the state as a provider. We are grateful for our partnership with Betfred and the services they provided during our time together.

“We are excited to share that we will introduce a new sportsbook partner in the Spring of 2025. We are committed to ensuring a seamless transition and delivering an enhanced sports betting experience. We look forward to welcoming you to a new and improved sports betting experience in the Spring of 2025.”

Ostensibly, the Silver Reef Casino will be partnering with a new sports betting operator, but who that will be remains to be seen.

Iowa Exit and Future Operations

As for Iowa, the site stopped taking bets in November, and New Year’s Eve will be the last day in which Betfred customers can withdraw funds. Betfred continues to operate in only two markets, a retail location at the Hard Rock Hotel & Casino Las Vegas, Nevada, and a mobile presence in Pennsylvania.

Murky US Future

The latest exits from Iowa and Washington are merely the most recent of a discouraging pattern of failures in the US market for a concern that has had success across the pond. The company website claims, “Betfred is one of the largest independent bookmakers in the UK, with 1,350 betting shops and an online business with over 800,000 active customers.”

October marked the end of the company’s operations in Virginia and Arizona following exits in Maryland, Louisiana, Colorado, and Ohio. The writing has been on the wall for quite a while, and Betfred’s USA CEO, Kresimir Spajic, spoke earlier this year about the possibility that the company would pivot and focus its energies somewhere else besides the US market.

“I truly believe that my team and I can create a sustainable business. 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?” Spajic said.

A Glimmer of Hope?

But the veteran CEO wasn’t completely giving up on the US as a viable market, stating, “By the end of the year, we are going to know where all these deals that we are trying to negotiate are going. But one very unique deal, even if it is in only one state, could make it happen because remember, many states here have sizable populations and consequently large revenue potential.”

Betfred has yet to comment on whether any of those deals have been struck.