British bookmaker Betfred is exiting another North American market.
According to Betfred Sportsbook’s website, the operator is planning to cease online operations in Virginia on Oct. 21. As a result of its imminent closing, Betfred is no longer accepting new users, online deposits or wagers throughout Virginia as of Tuesday evening.
It plans to settle all outstanding wagers as an early cash out based on fair market value. Balances not withdrawn by Oct. 21 will be issued via check within 30 days of closing.
Virginia adds to a growing list of exited North American markets for Betfred.
Last month, the operator announced plans to cease operations in Arizona. Betfred will close up shop in Arizona on Nov. 4 after failing to increase market share and drive profits.
In June, Betfred reported a $2 million handle but paid players $1.8 million. By comparison, the operator closed June 2023 with a $2.2 million handle while playing players $2.1 million.
Betfred also decided to leave Maryland’s online sports betting market after partnering with off-track betting parlor Long Shot’s to secure a wagering license in the state.
Betfred has also stopped accepting online wagers in Ohio and Colorado. The European operator maintains brick-and-mortar operations in Louisiana, Nevada and Washington.
Missed opportunity for Betfred
Betfred failed to gain traction in Virginia despite its growing sports betting market.
According to data provided by the Virginia Lottery, the state’s sportsbooks accepted $377.6 million in wagers in July 2024, up from $293.6 million for the same month last year.
Virginia, which levies a 15% tax rate on adjusted gross revenue, saw its online operators combine for $40.1 million in revenue in July 2024 compared to $27.6 million in July 2023.
The Virginia Lottery does not disclose individual operator figures for handle or revenue.
