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Tag: BETFRED

  • Betfred to Exit Arizona in November as US Downsizing Continues

    Betfred to Exit Arizona in November as US Downsizing Continues

    Betfred is continuing the downsizing of its American business, which is in line with the company’s earlier announcements. The operator has now confirmed that it will leave Arizona before the end of the year.

    Betfred to Put an End to Its Operation in the Grand Canyon State

    On Thursday, Betfred said that it will exit Arizona’s mobile sports betting market on November 4. This marks yet another step in the company’s gradual exit from US markets, prompted by suboptimal performance.

    Arizona, which launched mobile betting a few years ago, was expected to be one of America’s top betting markets. However, as leading brands continue to dominate the overall sector, smaller brands struggle to achieve sufficient profitability. In fact, Betfred is the fourth mobile sports betting operator to exit Arizona in 2024 alone.

    For context, WynnBet, Unibet and Betway departed from The Grand Canyon State earlier this year.

    Berfred’s US Business Has Been Struggling

    Betfred entered Arizona in February 2022 and was ambitious on securing a larger market share. The company spent significant sums on promotions in hopes of attracting more customers. Betfred has so far spent more than $2.5 million on promotion in Arizona, although its promotional spend drastically declined in 2024.

    The operator recorded a peak monthly handle of $5.1 million in September 2023 but has been struggling to live up to this figure ever since. Its highest handle for the current year was recorded in April and stood at $3.8 million. However, this figure was offset by a multitude of winning bets, resulting in a loss for the company.

    Betfred proceeded to record an even more significant loss in June, further adding to its woes.

    The Operator Departed from Other US Markets Too

    Once Betfred exits Arizona, its local partner, the Fort McDowell Yavapai Nation, would be able to form a partnership with another operator, potentially inviting another company to The Grand Canyon State.

    Arizona is not the first market Betfred has departed from this year. Several weeks ago, the company ceased operation in Colorado, following exits from Maryland and Ohio.

    As of the time of this writing, Betfred still operates mobile betting in Iowa, Pennsylvania and Virginia, as well as retail betting in Louisiana, Nevada and Washington.

    Fiona Simmons

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  • Betfred Extends Epsom Partnership, Pledging Enduring Support

    Betfred Extends Epsom Partnership, Pledging Enduring Support

    Betfred, the renowned UK-based bookmaker, has extended its partnership with The Jockey Club, further solidifying its support for The Derby Festival, set at Epsom Downs. The renewed collaboration secures Betfred’s involvement with The Jockey Club until at least 2026 and should be welcome news for fans of the sport.

    The Two Parties Strengthen Their Collaboration

    Betfred and the Jockey Club, the UK’s largest commercial horse racing organization owning 15 of the country’s famous racecourses, first announced their collaboration in April 2023. The deal saw the leading independent bookmaker in the UK become the new sponsor of The Oaks and The Derby at Epsom Downs, setting the stage for future collaboration.

    According to the newest sponsorship deal, starting in 2024, the iconic two-day flat race will officially be known as The Betfred Derby Festival as the operator strengthens its commitment to one of the most prestigious events in the racing calendar. Fred Done, Betfred Group chairman, emphasized the company’s eagerness to elevate the festival’s prominence.

    We are delighted to further develop our support of the Betfred Derby Festival and… keep the fixture at the forefront of world racing.

    Fred Done, Betfred Group Chairman

    The partnership extension secures Betfred’s involvement with The Jockey Club until at least 2026. In addition to the naming rights for the festival, Betfred’s agreement includes bolstering their support for the event by backing an extra race on each day of the Festival. This augmentation brings the total sponsored races across the two days to six, enhancing the racing experience for participants and spectators.

    Horseracing Remains at the Core of Betfred’s Business

    Betfred, founded in Salford in 1967 by Fred Done, has grown into the largest independent bookmaker in the UK with 1,400 high street shops. Beyond its significant presence in the UK, the company operates globally, expanding into South Africa and the USA. The operator’s willingness to expand into new verticals has also bolstered its considerable momentum.

    This newest collaboration extension follows Betfred’s sponsorship involvement in major racing events, including The Oaks and The Derby at Epsom, demonstrating its continuous commitment to supporting British horseracing. Amy Starkey, managing director at Jockey Club Racecourses, also hailed the extended partnership as a significant development, expressing enthusiasm for the future collaboration.

    Our relationship with Betfred spans many years and many major races, and we are delighted to be strengthening our partnership at Epsom Downs.

    Amy Starkey, Jockey Club Racecourses managing director

    The extension of the partnership between Betfred and The Jockey Club underscores a shared dedication to enhancing the quality and prestige of The Derby Festival, promising an exciting future for racing enthusiasts worldwide. It also further bolsters the operator’s leading position in this vertical, serving as an exciting start to 2024.

    Deyan Dimitrov

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  • Betfred’s profits reach $21.9M in 2022, driven by reopening of UK betting shops | Yogonet International

    Betfred’s profits reach $21.9M in 2022, driven by reopening of UK betting shops | Yogonet International

    UK-based sports betting operator Betfred has reported a substantial increase in profits and customer activity. The gambling company made profits after tax of nearly £20 million ($21.9 million) in the year ending on 25 September 2022, up from just over £5 million ($9.8 million) the year before. This surge is largely attributed to the unrestricted reopening of its high street betting shops following 2021’s lockdown restrictions. 

    Gambling shops were among the last to reopen in the UK during the pandemic. However, since then, their sales have risen sharply. According to the newly published accounts at Companies House, Betfred’s turnover grew by nearly £200 million ($219.3) to reach £723 million ($793 million).

    Betfred customers wagered £8.8 billion ($9.6 billion) in 2022, a sharp increase on nearly £7 billion ($7.6 billion) the year before. However, despite this growth, these figures remain below the £10.1 billion ($11.07 billion) wagered in the 2018/2019 period, before the onset of the global pandemic. 

    Accounts show that the Done Family, Betfred’s owners, withdrew a £51 million dividend from the company in November 2021. The accounts also revealed a £2.9 million ($3.06 million) payment made to the UK’s Gambling Commission (UKGC) in settlement over failures related to customer care and anti-money laundering (AML) controls.

    Corporate expenses witnessed an increase as Betfred paid a higher machine-gaming duty of £54 million ($59.2 million) in 2022, compared to £31 million ($34 million) in the previous year.

    The annual accounts also showed that Betfred closed 51 shops during the period, leaving it with a network of 1,419 locations. In 2019, the group had 1,578 shops. Betfred said it would continue to review loss-making shops and consider them for closure.

    Moving into the 2022/2023 fiscal year, Betfred’s leadership noted that units are making contingencies for an expected rise in operational costs related to stricter compliance and regulations. Beyond the UK, the company continues seeking expansion opportunities in North American and South African markets.

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