US Sports Betting Market Continues Shrinkage: Betfred Joins List of Departing Operators
Betfred Bids Farewell to the US Sports Betting Market
After a tumultuous four-year journey, Betfred, the British gambling giant, has decided to exit the US sports betting market. The decision comes as the company struggled to gain a significant foothold and build sufficient market share, leading to unprofitability and financial losses.
Betfred initially entered the US market in December 2020, partnering with the Wind Creek Bethlehem casino in Pennsylvania. Over the next few years, they expanded their operations across ten states, including Nevada, Arizona, and Maryland. However, the competitive landscape proved challenging, with established operators like FanDuel, DraftKings, Caesars, and BetMGM dominating the market.
The complexities and costs associated with navigating varying state regulations, licensing requirements, and tax obligations further compounded Betfred's difficulties. Despite attempts by the company's management to continue operations in at least one state, it ultimately wasn't possible.
Starting in late 2024, Betfred began a gradual shutdown of its operations across multiple states. It first exited retail operations in Nevada in January 2025 and subsequently closed online sportsbooks in Arizona, Virginia, Washington, Iowa, Colorado, Ohio, and Maryland. By July 2025, Pennsylvania was the last state with a Betfred online sportsbook, which will cease operations on Thursday, marking the company's complete withdrawal from the US market.
Even during the wind down, existing bets will be settled, and payouts will continue via player accounts or by check after closure. Betfred's exit aligns with a broader pattern of European sportsbook operators withdrawing from the US, citing high operational costs, regulatory burdens, and extended timelines to reach profitability.
This departure leaves a more consolidated market, with FanDuel and DraftKings, among the major players, continuing to dominate the US sports betting landscape. Other European operators like Betway, Tipico, and 888 Holdings have also exited or scaled back their US operations for similar reasons.
[1] Betfred to exit US sports betting market
[2] Betfred Shutting Down US Sportsbooks
[3] Betfred Exits US Sports Betting Market
[4] Betfred to Close Online Sportsbook in Pennsylvania
[5] European Sportsbook Operators Exit or Scale Back US Operations
[1] Betfred is shutting down its casino-and-gambling operations in the sports sector across the United States, marking its complete withdrawal from the US market.
[2] Despite initial expansion into ten states, Betfred can no longer sustain its sportsbooks due to the competitive landscape and regulatory challenges, leading to unprofitability.
