Betfred Virginia stopped accepting bets on Oct. 1 as the company continues to pull back its presence in the U.S. market.
Starting Oct. 2, Betfred Virginia settled outstanding wagers based on fair market value as an early cash-out. The company deposited stakes and winning-eligible bets into user accounts as part of the close-out process.
Customers can still access their online sports betting app to withdraw funds up until 10 p.m. ET on Monday, Oct. 21. Anyone who misses the deadline will receive a check for the balance in their account. Betfred will send checks to the user addresses they have on file within 30 days.
Why Betfred Virginia is Leaving
Betfred tried to break through in a state where FanDuel (40%) and DraftKings (27.4%) gobble up about two-thirds of the Virginia sports betting market. By comparison, the British book captured just 0.01% of the VA market share through the first half of 2024.
The company set up its US operations in 2019. At its peak, Betfred operated sportsbooks in 10 states:
- Arizona
- Colorado
- Iowa
- Louisiana (retail only)
- Maryland
- Nevada (retail only)
- Ohio
- Pennsylvania
- Virginia
- Washington (retail only)
Betfred still powers Wind Creek Sportsbook, which is a Pennsylvania sports betting app through Wind Creek Bethlehem Casino. Likewise, the company accepts retail Nevada sports wagers through Mohegan Sun Sportsbook inside Virgin Hotels Las Vegas.
They remain in the state of Washington with betting stations and kiosks at Silver Reef Casino Resort in Ferndale.
With the Virginia exit, Betfred Iowa and Pennsylvania’s Wind Creek-branded app are Betfred’s only remaining online options in the U.S.
Betfred’s Hopeful Beginnings
Sportsbooks can partner with sports franchises to access a Virginia sports betting license, and Betfred Virginia found a match with Loudoun United FC on Feb. 1, 2023. The franchise competes in the United Soccer League, which is a step below Major League Soccer in the United States.
In addition to market access, Betfred was a back-of-jersey sponsor for Loudoun United.
“We are excited to finally begin online operations in the Commonwealth of Virginia and look forward to activating our partnership with Loudoun United,” Betfred USA Sports COO Bryan Bennett said at the time.
With Betfred Virginia’s exit, the commonwealth is down to 11 sportsbooks:
- Bally Bet
- bet365
- BetMGM
- Betr
- BetRivers
- Caesars
- DraftKings
- ESPN Bet
- Fanatics Sportsbook
- FanDuel and
- Hard Rock Bet
The sports betting industry is consolidating even while sports betting is at an all-time high. Joining Betfred Virginia out the door so far in 2024 are Unibet, SuperBook Sports, SI Sportsbook, and Betway.
Virginians placed $416.7 million in August 2024 bets, which is 30.6% higher compared to the same month in 2023.