Betfred, the British sportsbook, continues to scale back its operations within the United States, marking significant shifts amid growing competitive pressures. Following its recent announcements, Betfred has officially closed its land-based betting operations at the Silver Reef Casino Resort located in Washington, effectively ending its presence in the Pacific Northwest. The shift was noted on Betfred’s website, alongside information indicating the temporary closure occurred on December 16, 2023, with the last bets accepted on December 15, 2023. According to the official announcement, the casino plans to reopen under different branding by spring 2025.
On its Instagram account, Silver Reef explained the situation, stating the closure stemmed from “unforeseen circumstances.” This news follows another significant development where Betfred confirmed it will cease all sports betting activities in Iowa come December 31, 2023, with the platform already halting the acceptance of new users and bets since November. Current customers are advised to withdraw their funds by the deadline, leaving Betfred poised to enter 2025 operating merely out of Nevada and Pennsylvania.
The news confirms Betfred’s earlier trend of contraction across various states, with its CEO, Kresimir Spajic, expressing concerns about the company’s long-term viability. Earlier this year, the company shut down betting operations across numerous states, including Colorado, Louisiana, Maryland, and Ohio, alongside taking its online sportsbook out of Virginia and Arizona last fall. Such moves raise eyebrows about the future of smaller sportsbooks sharing the market with much larger operators.
“A complete American exit is potentially on the table,” Spajic indicated during late summer discussions, acknowledging the struggle to develop a financially sustainable business model within the U.S. sports betting market. This contraction trend is echoed across the wider industry, where several online sportsbooks, including Betway, SI Sportsbook, and Unibet, have exited the U.S. market entirely, leaving smaller operators with dwindling opportunities against their more massive rivals.
Betfred’s current status finds it holding onto two remaining markets following drastic reductions—a stark illustration of changing dynamics within the sports betting arena. Previously, competition was fierce among sportsbooks, leading many to expand aggressively. Yet, as market realities set in, many operators like SuperBook and WynnBet have also scaled back their footprints, pulling out of all states but Nevada.
With these closures, analysts are questioning what lies next for Betfred. Will the drive for growth see them return to full-scale operations, or will they refocus their efforts more strategically? Each closure echoes concerns for local jobs, community engagement, and the sustainability of sportsbooks, binding together the narrative of pressure pushing these businesses to reassess their operational scale.
With only Nevada and Pennsylvania likely to greet Betfred at the start of next year, the stakes are growing grimmer. Indeed, as the company navigates these turbulent waters, questions surrounding its survival linger over its operations, prompting conversations about the future of smaller sportsbooks as formidable competitors remain poised to dominate the market.
