Published
OnlineFinancialSports BettingIndustry

Betfair to withdraw from NJ betting market

UK gambling brand Betfair has announced its withdrawal from the New Jersey (NJ) gambling market due to disappointing financial results. 

Betfair

Betfair, a subsidiary of Flutter Entertainment, will no longer offer its services to US consumers from 1 October. This forms part of Flutter’s global restructuring efforts following its merger with The Stars Group earlier this year.  

In addition to Betfair’s market exit, Flutter said it would be withdrawing its PokerStars brand from Macau, Taiwan and China, but listed no specific reason for the decision.

According to US Betfair Exchange owner Kip Levin, the online betting exchange, while very popular in the UK and other regions, unfortunately did not appeal to US consumers.  

“The exchange did not manage to reach the critical mass necessary to make the operation profitable and efficient,” Levin said in a statement.  

“There are several reasons for [our] decision to withdraw from the NJ market, including a customer base used to exotic wagers and a reluctance by major US racing associations to embrace [a] different business model.” 

In addition to market resistance, Betfair failed to enter agreements with key players such as Churchill Downs, Del Mar, Keeneland, the Stronach Group and NYRA to offer exchange betting for races at their tracks.  

 

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Nederlandse Loterij
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...