Betfred to Exit Virginia Too as Its Departure from Arizona Looms

Betfred has announced its exit from yet another US market amid an ongoing downsizing of its business in America. The latest state where the sports betting operator’s products will no longer be available is Virginia where it officially stopped taking bets on Tuesday.

The Company Struggled in Virginia

Betfred has been gradually exiting the US betting market state by state amid suboptimal performances and failure to compete with the leaders in the sector. Virginia is thus the fifth state market where the Betfred Sportsbook will no longer operate. October 21 is set to mark the official end of the company’s operation in the Old Dominion.

On Tuesday, the company stopped accepting bets, deposits and new registrations. The company promised its clients that all outstanding bets will be settled based on a fair market value as early cash out on October 21. The company added that any stake or winning eligible will be credited to customers’ account and will be accessible for withdrawing.

The decision to put an end to Betfred’s business in Virginia was likely prompted by the company’s failure to secure a significant market share. While the first seven months of the year saw locals spent $3.29 billion on online bets, Betfred recorded only $3.8 million in handle. To make matters worse, the British operator’s year-to-date handle had experienced a dramatic 45.8% decrease.

Last year, Betfred was allowed to deduct promotional spend against its GGR but still finished with negative adjusted GGR in nine months in 2023. The sportsbook’s adjusted gross revenue had reached -$372,824 in December, highlighting its struggles. The only time Betfred had sufficient revenue to pay monthly taxes was in January 2023 when it recorded $1,024 in adjusted gross revenue.

Since February 2024, Betfred was no longer allowed to count promotional deductions, further adding to its woes.

Betfred Has Been Winding Its US Business Down

Betfred isn’t the first sports betting business to exit Virginia. In fact, it is the fifth online sportsbook to leave the Old Dominion in 2024, following the example of Unibet, Sports Illustrated, Betway and SuperBook.

And, Virginia is also not the only market Betfred has exited this year. The company recently unveiled its upcoming departure from Arizona and has already ceased operation in the states of Colorado, Maryland and Ohio.

As of the time of this writing, Betfred’s products are still available online in Pennsylvania and Iowa. The company also operates traditional sportsbooks in Nevada, Louisiana and Washington.