Betfred Sportsbook has announced that it is exiting the Ohio sports betting market, officially concluding operations at noon on Saturday, Aug. 31.
Betfred was one of the first online sportsbooks to go live in Ohio, opening operations on Jan. 1, 2023, the Buckeye State’s sports betting launch date. Now, it becomes the fourth sports betting app to announce its departure from the state.
Once those four operators complete their exits, Ohio will be left with 15 online sports betting options.
Betfred Sportsbook to fully exit Ohio by Aug. 31
Betfred sent its Ohio users an email on July 19 announcing its forthcoming closure. The notice thanked customers and said Betfred would cease operations in the state on Aug. 31.
Per its license agreement with the Ohio Casino Control Commission, the sportsbook’s message to customers laid out the timeline for its exit:
- Last day to deposit: July 31 at 11:59 p.m.
- Last day to wager: Aug. 14 at 11:59 p.m.
- Last day to initiate a manual withdrawal: Aug. 31 at noon
After Aug. 31, customers with a remaining account balance will receive a check at the address they have on file with Betfred within 30 days.
In the past month, four Ohio online sportsbooks have announced their intentions to leave the state. Tipico made its announcement in late June, followed by Betway in mid-July. SuperBook also recently announced the imminent departure of its online sportsbook from Ohio.
Cincinnati Bengals lose Betfred as official sports betting partner
Betfred was announced as the official sports betting partner of the Cincinnati Bengals in July of 2022. Since then, Betfred signage has been prominently displayed during press conferences and throughout the team’s Paycor Stadium.
Betfred played up its Bengals connection with special offers and promos. The U.K.-based sportsbook’s all-day launch party in Cincinnati was Bengals-themed and featured former players like Hall of Fame offensive tackle Anthony Munoz.
Betfred made headlines shortly after launching when it announced it was paying out all bets on the Bengals to win the 2023 Super Bowl. The sportsbook paid out the “winning” bets days before the AFC Championship Game, in which the Kansas City Chiefs defeated the Bengals.
Betfred has consistently underperformed in Ohio
Despite the early push, Betfred failed to gain much traction in Ohio. The sportsbook’s first month of operations was Betfred’s high point, with a respectable but underwhelming $371k in revenue.
After a topsy-turvy first year, Betfred has failed to crack six figures in revenue in 2024. In May, the most recent Ohio revenue reports available, the sportsbook had its lowest revenue total yet. For the month, Betfred took $476k in bets and posted just over $2k in revenue.
The only Ohio sportsbooks to see less revenue in Ohio in May were Betr and Prime Sports, neither of which reported any revenue for the month. Betfred’s May revenue was less than some of the state’s worst-performing online sportsbooks, including BetPARX and MVGBet, as well as the likewise departing Betway and SuperBook.
Other Ohio sports teams without online sports betting partners
Betfred’s exit means another Ohio pro sports team will be, at least temporarily, without an online sportsbook partner. That includes both of the state’s MLS teams. Tipico was partnered with the Columbus Crew, while SuperBook was the official partner of FC Cincinnati.
The Cleveland Cavaliers are seeking an online sports betting partner after the team’s initial partner, Fubo, shut down before the Ohio launch.
The Cincinnati Reds’ partner, Underdog, has yet to announce plans for its sportsbook to go live in Ohio.
There are currently three Ohio pro teams with active online sports betting partnerships:
- Cleveland Browns (Bally Bet)
- Cleveland Guardians (Bet 365)
- Columbus Blue Jackets (Fanatics)
Betfred remains active in eight states
The Betfred Ohio announcement was the second closure notice the company has given in recent months. In late July, Betfred announced that it would close all sports betting operations in Maryland by the end of July.
While Tipico and Betway’s departure from the Ohio market was a part of the ceasing of all U.S. sports betting operations by both sportsbooks, Betfred is not closing its doors entirely.
Betfred will continue operations in Arizona, Colorado, Iowa, Louisiana, Nevada, Pennsylvania, Virginia and Washington.
