Betfred set for second US market departure in two months with Ohio exit
The operator will cease online operations in the Buckeye State by the end of August, a month after announcing intentions to pull out of Maryland
Betfred has announced it will exit the Ohio market and stop all online operations within the state.
The UK-based operator stated on its website that it will cease online operations at 12 noon (ET) on August 31, 2024.
Players will be able to deposit money into their accounts until July 31, with the last day for wagering being August 14, while the final day for players to initiate a manual withdrawal from their accounts will be August 31.
Betfred first entered the Ohio market in January 2023, when mobile sports betting was first legalized in the state.
The operator signed a multi-year partnership to be the official betting partner of NFL franchise, the Cincinnati Bengals.
The Buckeye State becomes the second US state in the last two months which Betfred has announced its intentions to exit.
In June, the operator confirmed it would stop business in Maryland after running in the state for less than a year.
Maryland Lottery and Gaming director John Martin cited a “mutually agreeable parting of the ways” between Betfred and its retail sportsbook partner Long Shot’s.
Betfred’s US CEO Kresimir Spajic had previously signalled the company’s intention to be the “last man standing” out of the smaller operators in the US market.
The operator is now live in eight states: Arizona, Colorado, Iowa, Louisiana, Nevada, Pennsylvania, Virginia, and Washington.
The company recorded losses of £71.7m ($92.6m) in fiscal year 2023 as its operating costs skyrocketed.