Betfred to shutter operations in Iowa to leave Pennsylvania as sole OSB state
British bookmaker stopped accepting bets in The Hawkeye State on November 5, with full exit planned for December 31, 2024
Betfred will shutter its operations in Iowa on December 31, 2024, leaving it live in only one online sports betting (OSB) state.
The British bookmaker stopped accepting deposits, online wagers, and new customers on November 5, a day after it ceased operations in Arizona.
All outstanding bets that settle on or before December 31 will be handled as usual, Betfred said in a FAQ posted on its website.
Stakes and winnings will be credited to customers’ accounts, which can then be withdrawn.
On bets that settle after the exit date, the operator said: “We are working with regulators for approval of a plan that will determine settlement of wagers after December 31, 2024.”
Players are still able to use bonuses and ongoing promotions until the expiry of the offer or when Betfred shutters its operations in Iowa, whatever date comes first – remaining bets and offers will be forfeited and will hold no cash value.
Any balances not withdrawn by December 31, 2024, will be returned to customers via a check within 30 days of that date.
Iowa was the first US state that Betfred moved into as part of its initial sports betting push stateside. The firm partnered with Elite Casino Resorts in a market-access deal in the summer of 2019.
The exit from Iowa will leave Betfred live in one final OSB state, Pennsylvania.
The operator also holds a retail presence in Pennsylvania and continues to operate the Betfred Sportsbook at the Silver Reef Casino Resort in Washington and the Betfred Sportsbook at Mohegan Casino inside Virgin Hotels Las Vegas in Nevada.
Betfred added: “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.”
In addition to the Iowa and Arizona exits, Betfred also left Virginia in October.
The business also pulled out of Colorado and Ohio after Betfred USA CEO Kresimir Spajic told EGR North America that leaving the US sports betting market on the whole “was on the table.”