Betfred set to exit Virginia to leave the operator in just two OSB states
UK-based bookmaker follows up Arizona withdrawal in the summer with plans to shutter operations in Virgina this month
Betfred is set to exit the Virginia online sports betting market on October 21, leaving the challenger brand live in just two online sports betting (OSB) states.
The British bookmaker confirmed operations in the Old Dominion State would close in the coming weeks on a staggered basis, a process which has already begun.
As of 10pm ET on October 1, Betfred is no longer accepting online deposits, online wagers, or new registrations from customers in Virginia.
All outstanding bets were aimed to be settled based on a “fair market value” as an early cash-out yesterday, October 2.
Balances will remain available for customers to withdraw until 10pm ET on October 21, the company said.
Balances that are not withdrawn by the deadline will be issued via a check to the address used by customers when online accounts were registered.
Those checks are expected to be issued within 30 days of Betfred ceasing operations in Virginia.
Virginia does not break down sports betting revenue by operator contribution, although Betfred has struggled to achieve cut-through on a significant scale in the US.
Betfred only went live in Virginia in February 2023, after securing a partnership with USL franchise Loudoun United FC.
The operator said: “We are working closely with regulators to ensure this process is handled securely, correctly, and done in accordance with all state regulations and guidelines.
“We strive to meet player and regulatory needs and expectations.”
The decision to exit the market comes just weeks after Betfred confirmed it was pulling out of Arizona.
The operator will shutter its online business in the Grand Canyon State on November 4, with deposits, wagers, and registrations having been shut off since September 19.
The exit from Virginia leaves Betfred live in just two online sports betting states: Iowa and Pennsylvania.
The business also retains retail operations in Washington and Nevada.
In August, Betfred USA CEO Kresimir Spajic told EGR North America that a full exit from the US sports betting market “was on the table.”
Those comments came as the brand struggled to compete in a market where, according to a note published recently by investment bank JMP, the top seven companies control around 98% of US sports betting revenue.
Since that interview, Betfred has closed online operations in Colorado, Ohio, Arizona and now, Virginia, having previously left Maryland.