Swift on the heels of Betfred’s decision to cease accepting mobile sports bets in Maryland, Ohio, and Colorado, the company’s U.S. CEO told EGR that “further downsizing” can be expected in the States.
Once Betfred stops accepting wagers in Colorado on Aug. 31, its betting app will remain available for mobile wagering in four states: Arizona, Iowa, Pennsylvania, and Virginia. (Additionally, Betfred operates brick-and-mortar sportsbooks in Louisiana, Nevada, and Washington State.)
When asked by whether he felt like the UK-based sportsbook operator could survive in the U.S., Betfred USA CEO Kresimir Spajcic told EGR, “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?”
Spajcic added that while Betfred has some “groundbreaking projects” in store, it is also seeking to “renegotiate some of the old agreements” in other states in hopes of “seeing if we can find a sustainable and profitable path.”
He said he felt like he would have a clearer notion of Betfred’s path forward in the U.S. “by the end of the year,” conceding that a complete domestic exit was “on the table as well if we don’t have enough value that we can create within the U.S.”
Spajcic’s remarks come amidst a wave of consolidation in the U.S. sports betting industry within the past two years. Among the sportsbooks that have recently either sold their U.S. business, shut down operations (outside of Nevada, anyway), or announced their intent to wind down U.S. operations are: SuperBook Sports, WynnBET, Betway, Tipico (bought by BetMGM subsidiary LeoVegas), PointsBet (bought by Fanatics) MaximBET, FOX Bet, and Fubo Sportsbook.
