Sports betting in Virginia: Betfred to cease operations
The company has announced that it will cease sports betting operations on October 21.
US.- Betfred has announced that it will cease sports betting operations in the state of Virginia on October 21. The firm ceased accepting online deposits, wagers, or new registrations on October 1.
Any Fred Bets, bonuses, or ongoing promotions may be used until their expiration or the closure date if that is sooner. Any remaining Fred Bets or offers will be forfeited and retain no cash value. Operations will officially close on October 21 at 10pm local time.
Betfred launched online sports betting in Virginia on February 2, 2023. The company also became the sports betting partner of Loudoun United FC, with the back-of-jersey sponsor of the home and away kits for the 2023 USL Championship Season.
In September, Betfred announced that it would cease sports betting operations in the US state of Arizona. The company ended operations in Colorado and shut its sportsbook in Ohio on August 31. It has also ceased operations in Maryland.
See also: Nick Cockerill named chief product officer at Betfred
Virginia’s sports betting handle was $416.7m in August, up 30.6 per cent compared to August 2023, and also 10 per cent ahead July of this year. Mobile wagers reached $414.7m, while bettors wagered $1.9m at retail locations.
Sportsbook operators posted a 9.6 per cent hold for $40.1m in gross revenue. After promotional deductions, federal excise tax and operator loss carryover, the state taxed $35m in adjusted gross revenue.
Gross revenue increased 24.1 per cent compared to last August and declined 10.7 per cent from July since the August win rate was nearly 2.3 percentage points lower. Adjusted revenue was up 25.4 per cent year-over-year and down 13.3 per cent versus July.
