Bet Fred Struggles in US Market, Plans to Exit Virginia
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00:00Betfred, a sports betting operator very popular outside of the United States, tried to come
00:08into the United States and have the same success.
00:10It appears that's not going to be the case, Matthew, as they depart another state.
00:14Yeah, and Betfred has been interesting in this way, Craig, because we haven't really
00:19seen a slow state-by-state exit, right?
00:24We've seen brands just kind of say, okay, it's not working for us, we're going to shut
00:28it down.
00:29Okay, it wasn't working for us, we sold our technology, and that's what it'll be.
00:34Betfred has kind of let this thing bleed for a couple of months.
00:38They've been pulling the Band-Aid off quite slowly, and now they're leaving Virginia.
00:44And Virginia is one of those markets where they can actually monetize that license, Craig,
00:49because Virginia only has so many licenses.
00:52And now that they're giving that up, we'll have to see who comes into Virginia, who tries
00:57to buy that license and make their way onto it.
01:00But yeah, Betfred was one of those brands, when sports betting started in the U.S., that
01:06said, yeah, we're coming to the U.S.
01:07And we knew they could do it in the U.K.
01:11We knew they could do it in Europe, but it was always that question of how well is the
01:16European sports betting experience going to expand into the U.S.?
01:23And it just didn't come that easily, Craig.
01:27And so Betfred is another one.
01:29Now, they have a couple of states left.
01:32They run mobile in Pennsylvania for Wind Creek Casino, and they run mobile on their own brand
01:39for Iowa.
01:40And then they also have retail operations in Washington and Nevada.
01:44Don't know how long we're going to be looking at the rest of that, but it seems like a full
01:48pullout is coming for Betfred.