The first full Saturday of college football will also be the last day bettors can close out their accounts at Betfred Ohio Sportsbook.
The UK bookmaker will cease operations in Ohio on Aug. 31, which is also the date of Ohio State’s season opener against Akron.
Ohio sports betting customers should watch the following deadlines in the meantime:
- July 31 is the last day to make a deposit.
- Aug. 14 is the last day to place an online bet.
- Bettors have until noon ET on Aug. 31 to close out their accounts. (Akron-Ohio State kicks off at 3:30 p.m. ET that day.)
Ohio customers who miss the Aug. 31 deadline still receive any money remaining in their accounts. Betfred Ohio will mail a check within 30 days to anyone who fails to close out their account online.
Betfred Ohio customers will receive their W2 tax forms as usual. The sportsbook said the process will be “consistent with approved internal controls and standard operating procedures.” Users may contact [email protected] with any questions.
Stingy Market Share Hampered Betfred Ohio
Betfred was among the Ohio sportsbooks ready to launch on Jan. 1, 2023. The sportsbook partnered with the Cincinnati Bengals — Betfred New Year’s Day launch party included Bengals Hall of Fame offensive tackle Anthony Munoz at Fowling Warehouse in Cincinnati.
Finances didn’t keep up with the fanfare, however.
Betfred collected $803,872 in May 2024 online bets, which is .10% of the month’s $792.1 million Ohio online sports betting market.
The sportsbook also faced regulatory headwinds. Ohio HB 33 doubled the sports betting tax rate from 10% to 20%.
GOP Reps. Jay Edwards, Jeff LaRe, and Cindy Abrams criticized the tax hike in the July 12, 2024, “Report on the Future of Gaming in Ohio.”
“The General Assembly implemented a substantial tax increase on sports gaming companies who had already invested millions of dollars into kickstarting the industry in Ohio,” the commission members wrote. “This hampered the growth that was occurring and made other companies think twice about coming to Ohio to invest.”
Ohio has lost Betway, SuperBook Sports, and Betfred so far in July. Once Betfred exits, the state will be down to 13 sportsbooks.
Betfred Remains in Other US Markets
Betfred considers itself “one of the largest independent bookmakers in the UK,” with 1,350 retail locations and 800,000 online customers.
The company isn’t following Betway, Unibet, or 888 out of North America yet. It still has online sportsbooks in:
- Arizona
- Colorado
- Iowa
- Louisiana
- Nevada (retail only)
- Pennsylvania
- Virginia and
- Washington (retail only)
Betfred recently added betting halls in South Africa as an alternative to the ultra-competitive US market.
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