Betfred announced on Thursday that it will cease its mobile sports betting operations in Arizona on November 4, marking the latest in a series of market exits for the UK-based sportsbook operator in the United States. This move follows Betfred’s withdrawal from Colorado at the end of August, and its earlier departures from Maryland and Ohio this year.
Despite Arizona ranking among the top seven states for sports betting handle, Betfred is the fourth mobile sportsbook to leave the state in 2024, joining WynnBET (February), Unibet (June), and Betway (June). Currently, Betfred maintains a mobile betting presence in Iowa, Virginia, and Pennsylvania, as well as physical sportsbooks in Louisiana, Nevada, and Washington State.
Betfred U.S. CEO Kresimir Spajcic had hinted at further downsizing earlier in the year. The sportsbook entered Arizona’s mobile market in February 2022 and initially experienced promising results, peaking with a $5.1 million handle in September 2022. However, the first half of 2024 saw a significant decline, with a total of $14 million in wagers and a 3.8% hold, resulting in $532,500 in gross revenue.
Betfred’s promotional spending in Arizona has also decreased sharply in 2024, with the operator spending $187,800 on promotions this year compared to $595,700 in 2023. Since entering Arizona, Betfred has spent more than $2.5 million on promotions, which accounted for nearly 75% of its $3.4 million in gross revenue.
The sportsbook posted its highest handle of the year in April at $3.8 million, but bettors ended the month with $50,400 more in winnings than Betfred had taken in wagers, marking one of its largest monthly losses.
In Arizona, Betfred operates through a partnership with the Fort McDowell Yavapai Nation, meaning another sportsbook operator could potentially assume the license. Earlier this year, Arizona’s Department of Gaming awarded two additional tribal-based mobile licenses to Sporttrade and Plannatech, which are tethered to the Quechan Indian Tribe and the San Carlos Apache Tribe, respectively.
Original article: https://www.yogonet.com/international/noticias/2024/09/24/79767-betfred-to-exit-arizona-39s-mobile-sports-betting-market-in-november
