British bookmaker Betfred will close its operations in Virginia from October 21st, according to the Betfred Sportsbook website. As a result of its imminent closing, the brand is no longer accepting new users, online deposits, or wagers throughout the state as of 10:00 PM EDT on Tuesday.
Betfred aims to settle all outstanding wagers as an early cash out based on fair market value on October 21. Balances not withdrawn by that date will be issued via check within 30 days of closing.
Virginia is the fifth large-state market where Betfred has opted not to continue doing business. Last month, the operator announced plans to cease operations in Arizona. Betfred will close up shop in Arizona on November 4th after falling short of increasing market share and driving profits.
Despite Arizona ranking among the top seven states for sports betting handle, Betfred is the fourth mobile sportsbook to leave the state in 2024, joining WynnBET (February), Unibet (June), and Betway (June).
Betfred has also decided to exit the online betting markets of Ohio, Colorado, and Maryland. Currently, it maintains a mobile betting presence in Iowa, Virginia, and Pennsylvania, as well as physical sportsbooks in Louisiana, Nevada, and Washington State.
Betfred failed to gain traction in Virginia despite its growing sports betting market. According to Virginia Lottery data, the state’s sportsbooks accepted $377.6 million in wagers in July 2024, up from $293.6 million for the same month last year.