Betfred Set To Withdraw From U.S. Sports Betting Market After Ohio Exit

Betfred has announced it will exit the Ohio market and cease all online operations within the state. According to the website, the U.K.-based operator will stop online operations at noon ET on Aug. 31, 2024, the first full Saturday of college football.

Betfred players can deposit money into their accounts until July 31, while the final day for players to initiate a withdrawal is Aug. 31

Players will be able to deposit money into their accounts until July 31. The last day for wagering is Aug. 14, while the final day for players to initiate a withdrawal from their accounts is Aug. 31. Balances not withdrawn by Aug. 31 will be issued by check within 30 days of ceased operations.

Betfred first entered the Ohio market in January 2023, when mobile sports betting was first legalized in the state. The operator signed a multi-year partnership to be the official betting partner of the NFL’s Cincinnati Bengals.

However, the sportsbook struggled to keep up with BetMGM, Caesars, DraftKings, and FanDuel. Among 19 sportsbooks still operating in the Buckeye State, Betfred ranks 14th in the year-to-date handle of $3.4 million.

Ohio becomes the second U.S. state in the last two months which Betfred has announced its intentions to exit. In June, the operator confirmed it would exit Maryland after serving patrons in the state for less than a year.

Maryland Lottery and Gaming director John Martin cited a “mutually agreeable parting of the ways” between Betfred and its retail sportsbook partner Long Shot’s.

“This is not the first time this has happened in Maryland. I don’t think it’s going to be the last time,” Martin said about the operator’s departure during a meeting last month.

Operator remains live in eight U.S. states

Betfred still operates live in eight states: Arizona, Colorado, Iowa, Louisiana, Nevada, Pennsylvania, Virginia, and Washington. Though, the company reported losses of £71.7m ($92.6m) in fiscal year 2023.

The operator also recently sold part of its investment portfolio for a total of more than £60 million ($76.7 million). It continues to hemorrhage money in the U.S. market, and that’s not changing any time soon.

FC Cincinnati sports betting partner SuperBook, based in Las Vegas, Nevada, exited the Buckeye State on July 19. SuperBook was FC Cincinnati’s sports betting partner since January 2023.

In May, SuperBook ranked 14th out of 19 mobile sports betting providers in Ohio. SuperBook handled $642,000 in online bets during the month. Betfred handled just $476,000.

Last week, SuperBook announced it would end its operations outside of Nevada. Betfred could very well be joining Betway and SaharaBets in the future, as both companies announced their permanent closures earlier this month.

Betway is ceasing its sports betting operations in nine U.S. states, and SaharaBets immediately ceased its Arizona operations on July 9. Betway cited a lack of U.S. profitability for its impending closure.

SaharaBets closed its operations because of its partner, the NHL’s Arizona Coyotes, relocating to Utah. Although the Betway sportsbook is shutting down, Super Group announced Betway’s iGaming casino services will continue in New Jersey and Pennsylvania.