UK Bookmaker Betfred has announced the closure of its Nevada operation, with only Pennsylvania remaining as the sole state where the sports betting brand operates in the US. The decision to exit Nevada’s retail sports betting market is part of Betfred’s strategy to scale back operations in response to mixed financial results for FY2023. The company reported significant deficits, with losses of $91.7 million for the period, a sharp contrast to the previous year’s profit of $25.1 million.
Betfred had also closed its operations in Maryland in June and Arizona in September, followed by Virginia in October. This move is part of a trend where several online sportsbooks have reduced exposure or exited the US market in recent months, including Betway, SI Sportsbook, and Unibet. International betting operators like Evoke (formerly known as 888Sports) have also left the US market.
Betfred has encouraged customers with winning tickets or cash vouchers in Nevada to redeem their winnings at the Mohegan Sportsbook in Virgin Hotels Las Vegas or through the Mail-in Redemption process. Customer service representatives will be available to assist patrons during this process. With the continued changes in the US sports betting landscape, Betfred’s decision reflects a strategic shift to focus on operations in Pennsylvania, where it remains an active player in the market.
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