Betfred Chief Executive Ponders Potential US Exit
Following Betfred's withdrawal from mobile sports betting in Maryland, Ohio, and Colorado's regulated market, the company's US CEO has hinted at further downsizing in the States. As of August 31, Betfred will no longer accept wagers in Colorado, leaving its betting app available only in Arizona, Iowa, Pennsylvania, and Virginia. The sportsbook operator also runs brick-and-mortar sportsbooks in Louisiana, Nevada, and Washington State.
When asked about the company's longevity in the US, Betfred USA CEO, Kresimir Spajcic, expressed optimism about creating a sustainable business but questioned whether it would be profitable enough to justify continued operation in the US over other more profitable ventures. Spajcic also mentioned plans for groundbreaking projects and efforts to renegotiate agreements in other states to find a sustainable path.
Spajcic suggested that the company's future in the US would become clearer by the end of the year, with a potential complete domestic exit on the table if insufficient value can be created within the US market. The executive's remarks come as part of an ongoing trend of consolidation in the US sports betting industry, with the departures or winding down of operations for companies such as SuperBook Sports, WynnBET, Betway, Tipico (now under BetMGM subsidiary LeoVegas), PointsBet (acquired by Fanatics), MaximBET, FOX Bet, and Fubo Sportsbook.
Betfred, despite ceasing sports betting operations in Colorado, remains a significant player in the expanding US sports betting market, where states are legalizing sports betting, and existing operators are expanding their reach.
Sports betting operations in the US might see further downsizing from Betfred, as expressed by the company's CEO, Kresimir Spajcic, who also hinted at potential renegotiations in other states to sustain their business. The executive's remarks are an indication of the ongoing consolidation trend in the US sports betting industry.
