Online bookmaker Betfred announced yesterday that it was closing registrations for new account in the state of Arizona with immediate effect.
The news follows shortly after the company exited the state of Colorado in August and both Ohio and Maryland earlier in 2024. According to the message displayed on the Arizona website, the sportsbook will be fully closed in the state by November 4th, 2024.
Betfred has reduced its US operations to its mobile sportsbook in Iowa, Virginia, and Pennsylvania. It also operates retails sportsbooks in Washington State and Nevada but has closed its Louisiana sportsbook.
Speaking earlier this summer, Betfred U.S. CEO Kresimir Spajcic suggested that a full American exit was “on the table … if we don’t have enough value that we can create within the U.S.”
BetFred launched in Arizona in March of 2022 when it partnered with Fort McDowell Yavapai Nation and its We-Ko-Pa Casino Resort to become the state’s eleventh mobile sports betting operator.
But 2024 saw the company struggle to improve its position in the state without relying heavily on promotions and bonuses. The first six months of 2024 saw the sportsbook take in a total of $14 million in wagers significantly less than the peak of $5 million in September of 2023.
Following its exit, the Fort McDowell Yavapai Nation can now partner with another sports betting operator.
Arizona Exits Continue
Arizona ranks among the top seven sports betting markets in the United States. However, despite this, Betfred is now the fourth sportsbook operator to exit the state in 2024.
WynnBET closed its sports betting operations in Arizona in February with Unibet and Betway following in June.
Despite sportsbooks exiting the state, Arizona has awarded two tribal-based sports betting licenses to Sporttrade and Plannatech via the Quechan Indian Tribe and San Carlos Apache Tribe, respectively.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.
Betfred Sportsbook, a popular sports betting platform, has recently announced its decision to exit the Arizona market. This move comes as a surprise to many, as Betfred was one of the leading sportsbooks in the state. The decision to leave Arizona is part of a larger trend in the sports betting industry, as more and more companies are reevaluating their presence in certain markets.
The reason for Betfred’s departure from Arizona is not entirely clear, but it is likely due to a combination of factors. One possible reason could be changes in the regulatory environment in the state. Arizona recently passed legislation that legalized sports betting, but it is possible that the regulations put in place were not favorable to Betfred’s business model.
Another possible reason for Betfred’s exit could be competition. With more and more sportsbooks entering the Arizona market, Betfred may have found it difficult to compete with larger, more established brands. In a crowded market, it can be challenging for smaller companies to stand out and attract customers.
Regardless of the reasons for Betfred’s departure, this move highlights the volatility of the sports betting industry. Companies must constantly adapt to changing regulations, competition, and consumer preferences in order to stay relevant and profitable. While Betfred’s exit may be disappointing to some customers, it is ultimately a business decision that the company believes is in its best interest.
As Betfred Sportsbook exits Arizona, it will be interesting to see how the sports betting landscape in the state evolves. Other sportsbooks may choose to fill the void left by Betfred, or new companies may enter the market altogether. In any case, one thing is clear: the sports betting industry is constantly changing, and companies must be prepared to adapt in order to succeed.
