Betfred – FairOdds Network

January 13, 2025

Weekend Report: Entain confident on FY24 earnings, Betfred exits Nevada, Concacaf seeks first betting partner

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Entain confident on FY24 EBITDA guidance, Betfred exits Nevada and Concacaf seeks first betting partner.

Entain reiterates EBITDA guidance for FY24

Entain said it remains confident of EBITDA guidance for FY24 despite taking a hit in the latter part of the year from customer-friendly sports results in the US.

Entain set out full-year targets during its Q3 trading update in October. Here, it said group EBITDA would be at the upper end of a range between £1.04 billion (€1.24 billion/$1.26 billion) and £1.09 billion.

Now, Entain has repeated this guidance despite its BetMGM joint venture in the US being impacted in Q4. Unfavourable sports results meant players won more during the period, which in turn impacted performance.

Entain said BetMGM still expects to post EBITDA of negative $250 million for the full year. This is in line with earlier guidance issue..

January 7, 2025

What will it take to return UK retail betting to growth?

UK retail betting is in decline. Can the sector take inspiration from a high street betting stalwart and Serbia’s thriving social scene to turn the channel’s luck around?

UK retail betting continued its slow long-term decline in Q3 2024 with the channel’s gross gambling yield (GGY) falling 1% to £533 million in the UK, according to UK Gambling Commission data. Entain reported a drop of 2% in retail betting revenue in the market, while Evoke observed a 9% fall in revenue across its international retail portfolio.

Meanwhile online gambling is surging in popularity due to ease of access and improving technology. The Gambling Commission reported an overall Q3 GGY of £1.32 billion (€1.6 billion/$1.7 billion), with online real event betting GGY rising by 6% year-on-year to £453 million.

In its Q3 results, Evoke said it had hired a new retail managing director in September who had identified and actioned a series of measures to improve trading in the short term. This included the rollout ..

October 21, 2024

Weekend Report: US sportsbooks switch up prop bet rules for NBA, row erupts over Betfred shop signage

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: US bettors face new rules on NBA player prop bets, new betting shop signage comes under fire and Conor McGregor loses big-money bet.
US sportsbooks to halt prop betting on lower-paid NBA players
First up, major sportsbooks in the US will no longer allow players to place a prop-style bet on the lowest-earning NBA players, sources have told The Athletic.

Quoting the article, the New York Times reported that the decision comes after months of talks between the NBA and its gambling partners. These include both FanDuel and DraftKings. From now on, no “under” bets will be offered on players on a two-way or 10-day contract.

While NBA players make several million dollars a year, players on shorter contracts earn far less. As such, they potentially face greater threats over match and betting manipulation.

The New York Times highlights one case last year when the ..

July 26, 2024

State of the Union: Texas exploratory group, a look at online gambling support in Addabbo’s district

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
Texas group to “explore” legal gambling
A group of North Texas business and community leaders formed a coalition to explore legalising casinos in the state. Former Dallas Mavericks majority shareholder Mark Cuban sold a portion of his shares to two families associated with Las Vegas Sands earlier this year. Should gambling be legalised, the entity plans to build a casino resort in Dallas.

The North Texas Commission “will study the implications of destination gaming and make recommendations regarding issues like economic development, workforce demands, infrastructure requirements, transportation and public safety impacts,” the Dallas Business Journal reported on Wednesday (24 July).

The commission was formed ahead of the 2025 legislative session, when lawmakers are expected to again consider the issue. Las Veg..

June 21, 2024

Maryland: Betfred to exit, Bally’s and VSC to enter wagering market

Digital wagering operator Betfred Sportsbook revealed that it will be exiting the state of Maryland at Thursday's (20 June) Maryland State Lottery & Gaming Control Agency meeting.

Betfred’s US business, partnered with Long Shot’s (off track betting) OTB in Frederick, has struggled to gain traction and will shutter its retail and digital sportsbooks over the summer. Betfred will close its brick-and-mortar location on 30 June and take down its digital platform on July.

Maryland’s wagering law allows for more than 15 “Class B” licences, which are for OTBs, bingo halls and similar businesses. The idea was to spread the opportunity to participate in sports betting beyond the professional sports teams and casinos.

Long Shot’s was vocal during the legislative process, which also included using what lawmakers called a “lens of inclusion”. This was designed to help small businesses and women- and minority-owned businesses to enter the market.

Maryland Lottery & Gaming director John ..

June 18, 2024

How the sector is tackling competition this sporting summer

A packed sporting schedule means there are plenty of opportunities for gambling companies this summer to engage and target new customers. iGB spoke to a few industry leaders on targeting new betting markets and unique products helping them to stand out from the crowd.

Operators Betfred and Paddy Power and betting engine supplier Kambi are among those looking to capitalise and make significant revenue and customer gains throughout the packed summer sporting schedule, which is certain to excite sports fans.

The Euro 2024 kicked off on Friday and the Copa América starts this week, while the Olympic Games is set to take place in Paris as of 26 July with Wimbledon and the US Open to come in July and August.

The opportunity for the sports betting sector is clear, as more traction from these events will lead to increased activity across betting sites and ultimately more financial gain.

According to French gaming regulator L’Autorité Nationale des Jeux (ANJ), the country could see close t..

September 14, 2023

Spajic tapped as Betfred USA CEO

Kresimir Spajic will lead Betfred USA as its new chief executive.

Spajic will oversee the sportsbook’s strategy and operations across 10 US states. Betfred is licensed to operate in Nevada, Pennsylvania, Colorado, Louisiana, Arizona, Iowa, Washington, Virginia, Ohio and Maryland.

Read the full article on iGB North America

May 5, 2023

Betfred to sponsor St Leger Festival

Betfred, the Arena Racing Company (ARC) and Doncaster Racecourse have entered into a new partnership in regards to the St Leger Festival, which will see Betfred become the title sponsor.

This year’s edition of the Betfred St Leger Festival will take place on 14-17 September.

The sponsors will also have branding tied to other races, including the May Hill Stakes, the Doncaster Cup and Champagne Stakes.

“To have the Betfred name attached to the St Leger Festival is not just a sponsorship but a privilege,” said Fred Done, CEO of Betfred. “I am proud to be associated with the world’s oldest classic which is obviously synonymous with great horses like Triple Crown winner Nijinsky, Dunfermline for the Queen and Oh So Sharp for Sir Henry Cecil.”

Martin Cruddace, CEO of ARC, said the company was pleased to have Betfred involved in sponsoring the St Leger Festival.

“We are absolutely delighted to welcome Betfred as the headline sponsors of the St Leger Festival and of the Betfred St Leger ..

April 11, 2023

Betfred to sponsor the Oaks and the Derby at Epsom Downs

In a three-year deal, Betfred has announced it is to be the new sponsor of the Oaks and the Derby at Epsom Downs.

The operator will also sponsor two other races over the two days of the Derby in June, however these are yet to be determined. Betfred notes that this is the first of a series of announcements regarding the partnership to be released in the forthcoming weeks.

Betfred has previously been involved in British racing as the sponsor of a number of racing events, including the Cheltenham Gold Cup from 2012 to 2015, as well as the Group One Sprint Cup at Haydock Park.

Betfred founder Fred Done said he was “immensely proud” to be sponsoring the races.

Done said that “for me, the Derby remains the greatest flat race in the world”.

“When you look at some of the horses and characters that have won this great race, Sea-Bird, Mill Reef, Nijinsky, Sir Gordon Richards, Lester Piggott and Frankie Dettori, it has an amazing history, and I am delighted to become a part of it for at l..

March 17, 2023

Playtech extends partnership with Betfred

Betfred and Playtech have expanded their partnership in a multi-year extension deal that sees Playtech products in Betfred shops.

The two businesses have a 12-year history of working together.

Included in the extension is an increase in the amount of Playtech Self Service Betting Terminals (SSBTs) in Betfred shops. Playtech reports that terminal numbers have grown by 50% in the previous two years and installing more will help meet customer demand for sports betting SSBTs.

Additionally, the terminals will also feature horse and dog racing for the first time.

“This new deal demonstrates the importance of our ongoing relationship with market leader Playtech,” Betfred group chief operating officer Mark Stebbings said. “The importance of betting terminals to our retail offering continues to increase, becoming an increasingly essential gaming component for our customers and, therefore, a crucial part of the future of our company.

“Looking ahead, there is scope for further development..

February 14, 2023

IGT expands in Nevada via sports betting partnership with Betfred

International Game Technology (IGT) has announced its expansion throughout the Nevada sports betting market in a new partnership with Betfred.

Through a multi-year agreement, Betfred will be utilising IGT’s PlaySports technology to support both mobile and retail sports betting at the Mohegan Sun Sportsbook inside Virgin Hotels Las Vegas.

Betfred plans to launch retail betting first and introduce its mobile fixture at a later date.

This partnership marks the first IGT-powered Betfred sportsbook in the US.

“IGT PlaySports’ remarkable reputation and influence in the US sports betting market, coupled with their ability to navigate complex regulatory environments, give Betfred supreme confidence in our choice to partner with IGT in Nevada,” said Bryan Bennett, COO of Betfred USA Sports.

“IGT PlaySports’ experienced, in-market team and proven technology will enable Betfred to scale our operation in parallel with market opportunities, and to establish a competitive and engaging betting..

February 10, 2023

Betfred secures online sports betting licence in Maryland

Betfred has become the eighth operator to secure a licence to offer online sports betting in Maryland, while the group also opened a new retail sportsbook in Nevada.

Issued by the Maryland Lottery and Gaming Control Commission, the licence will enable Betfred to roll out its Betfred Sportsbook mobile wagering app in the state.

Maryland opened its regulated online betting market in November last year, with Barstool, BetRivers, BetMGM, Caesars, DraftKings, FanDuel and PointsBet among the other operators licensed in the state.

Read the full story on iGB North America

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