“As of October 21, 2024, Betfred will no longer be available
for online sports wagering to players located in Virginia,” the company said in
an email to customers. The company set Oct. 1 as the last date available for
new account creation, deposits, and wagers for Virginia Betfred players.
“Please initiate a withdrawal of your funds, by your
preferred method from the app or our website by 10 p.m., Oct. 21,” BetFred said
in their email. “If you do not initiate a withdrawal by this time, all balances
will be issued by check to the address we have for you on file, within 30 days.”
BetFred Sportsbook went live in the Old Dominion on Feb. 1,
2023, providing some unique betting opportunities. The company provided betting
odds for football, basketball, hockey, tennis, soccer, and alternate sports
such as bare-knuckle fighting and bull riding.
In August, a Virginia Lottery report stated BetFred held a 0.10%
share of the online sports betting market in the state. FanDuel leads Virginia sports betting with a 39.91%
market share with DraftKings following at 27.44%.
Leaving U.S. Market Altogether
Earlier this month BetFred announced they plan to fully
close service in Arizona by Nov. 4. The news follows shortly after the company
exited the states of Colorado and Ohio.
In July, BetFred closed its retail sportsbook and online
services in Maryland.
“This was not the first time this has happened in Maryland.
I don’t think it’s gonna be the last time,” Maryland Lottery Director John
Martin said during a monthly meeting.
CEO For a Year
BetFred USA’s current CEO has been on the job for only a year.
A recognized online gaming industry leader, Kresimir Spajic was appointed
BetFred USA CEO in September 2023.
Spajic has decades of experience in domestic and
international online gaming. He has previously held various executive and
principal consulting roles with Great Canadian Entertainment, Apollo Global
Management, Hard Rock International, Rush Street Interactive, Borgata Hotel
Casino & Spa, and Bwin. Spajic said he looked to build a sustainable
business in the U.S., following his appointment.
The company entered the U.S. sports betting market in 2019
when Betfred USA was formed.
Even with the departure of several sportsbooks, Virginia’s
sports betting is very much alive and well.
Continued Growth in Virginia Sports Wagering
Virginia will be left with 11 online and three retail sportsbooks
once BetFred leaves later this month. Online sportsbooks currently activity in the
Old Dominion include Bally Bet, bet365, BetFred, BetMGM, Betr Sportsbook,
BetRivers, Caesars Sportsbook, DraftKings, ESPN BET, Fanatics, FanDuel, and
Hard Rock Bet.
Retail sportsbooks are located at Hard Rock Hotel & Casino
Bristol, Rivers Casino Portsmouth, and Caesars Virginia in Danville. There are
no legal online casinos in Virginia.
On Tuesday, the Virginia Lottery released its latest report
on sports wagering activity submitted by licensed operators for August.
Between Aug. 1 and Aug. 31, gamblers in Virginia wagered
$416,689,217 on sports. That $416 million is 30.6% higher than last August. In
return, winning bettors in Virginia won a total of $376,545,350 in August.
State law places a 15% tax on all sports betting activity. An
estimated $5,241,930.27 in taxes was paid to the Commonwealth from sports
betting in August.
