Betfred USA CEO: Option to exit the market altogether is “on the table”

Betfred USA CEO Kresimir Spajic has admitted that the operator remaining in the US could depend on the outcome of several deals currently in the works.

The UK-based operator stopped taking bets in Ohio on August 14, which followed on from the shuttering of online wagering via Betfred’s website and apps in Maryland as of July 14 – less than a year after the brand’s launch there.

The brand is also set to cease online operations in Colorado on August 31 at 12 noon local time after securing an agreement with the Colorado Division of Gaming.

Colorado bettors will have until 10pm local time to initiate a manual withdrawal after the final day to wager passed on August 14.

It means Betfred’s digital offering is now available in four states: Arizona, Iowa, Pennsylvania, and Virginia, supported by retail sportsbooks in Louisiana, Washington, and Nevada.

Speaking exclusively to EGR North America about whether Betfred can survive in the long term in the US, Spajic said: “We are definitely trying but there are no promises, and I think it will boil down to whether can you make yourself a sustainable business.

“I truly believe that my team and I can create a sustainable business. The question is can you make a business profitable enough to make sense to continue operating in the US versus putting this effort and investment somewhere else that might yield a bigger return?”

Pressed on if this means more exits could be on the agenda, the Croat shared that “further downsizing” across states where Betfred USA does not feel they are the right fit can be expected.

While Spajic said he hopes this isn’t the case and is eager to see online gambling introduced in states where the brand is currently only operating on a retail basis, it’s possible that more operations could be shuttered.

Spajic added: “In other states, we are doing the same that we’ve been doing in Maryland and Ohio, trying to basically reassess our position, renegotiate some of the old agreements, and seeing if we can find a sustainable and profitable path.”

The US igaming veteran who was appointed Betfred USA CEO in September 2023 said the operator is working on several new “groundbreaking projects” as well as rehashing some existing partnerships that will be at the crux of the decision as to whether Betfred remains in the market.

Kresimir added: “I would say yes [it’s possible we could see more exits before the end of the year]. By the end of the year, we are going to know where all these deals that we are trying to negotiate are going.

“Are we able to find these new competitive advantages? Then we’re going to draw the line and make a decision on what we really want to do.”

And whether or not that means a complete exit, the CEO added: “It’s on the table as well, if we don’t have enough value that we can create within the US.”

However, he said: “But one very unique deal, even if it is in only one state, could make it happen because remember, many states here have sizable population and consequently large revenue potential.”

Betfred is not alone in announcing state exits, with Superbook declaring it would shutter its sportsbook across eight states while Betway will shift to an online casino-only approach.

Other operators to have left North America completely, or in the process of doing so, include evoke, Kindred Group and Wynn Bet

The full interview with Betfred USA’s CEO will be published in August’s edition of the EGR North America report.