Betfair has announced that it is pulling out of its market in New Jersey.
The decision is part of cost-cutting measures for the company across the globe.
Bad Business Affairs for Betfair
Since operators began to join the online casino market in 2013, none have dropped out.
Betfair will stop servicing the market on October 1. The company has made the announcement with all its customers. This is for both online casinos and online sportsbooks.
Betfair’s Global Pull-outs
The Stars Group had formerly owned Betfair, When Flutter Entertainment bought out The Stars Group, they initiated some global restructuring.
This follows upon a series of global withdrawals. Betfair pulled out from its Russian market in May (although it was operating there without a license). Betfair also withdrew from the Japanese horseracing market in June.
This follows upon the 2019 pull-out from India’s market.
What is New Jersey’s most successful online casino? Golden Nugget!
No share in the riches?
Betfair’s news follows a monstrous July 2020 for online casinos in New Jersey. They had their biggest month ever.
But Betfair did not get a good mouthful of this lion’s share.
What now for Betfair?
Betfair will now be focusing on its more successful markets. It is still one of the major sportsbooks in many countries, including the U.K. So it will be focusing its attention on its more lucrative areas.