Betfred exits Nevada, leaving only one US market in play

The decision is part of its strategy to scale back its presence in the U.S. after pulling out of several other states due to underperformance in a highly competitive market.

US.- Betfred Gaming has officially exited Nevada’s gaming market, leaving it with operations solely in Pennsylvania. The move is part of the company’s broader strategy to scale back its presence in the United States, following a series of exits from other states.

The operator confirmed its Nevada exit on its official website, warning customers about its departure from the retail betting scene. Betfred assured that all outstanding bets would be settled, encouraging players with winning wagers or cash vouchers to visit the Mohegan Sportsbook at Virgin Hotels Las Vegas or follow the Mail-in Redemption process to claim their winnings. Betfred’s customer support is also available to assist patrons with any questions or concerns.

Nevada remains a strong market for gaming, but Betfred has decided not to compete with local leaders, leaving its presence in the state short-lived. The company has been gradually withdrawing from the U.S., having previously operated in ten states, but its performance in a highly competitive market has prompted this pullback. Now, its only U.S. operation remains in Pennsylvania, where it powers the Wind Creek Bethlehem Sportsbook.

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Despite an increase in online revenue, Betfred reported significant financial losses, contributing to the decision to scale back its American operations. In July, the company published its FY 2023 financials, outlining significant losses despite a doubling in online revenue. The $91.7m loss was a significant swing from the $25.1m in profit in the prior fiscal year, spelling challenges for the operator.