Betfred shuts down Australia operations

Betfred closed its Australian-facing online sportsbook operations today a little over six months after launch, eGaming Review has learned.

The Warrington-headquartered firm revealed plans to enter the market in 2013, and began taking bets in May 2014 after securing a licence from the Northern Territory Gaming Commission.

However the highly competitive landscape and rising marketing costs forced Betfred to question its investment in recent months.

Staff in Australia were informed of the closure earlier today and customers were have been informed that funds will be credited to their accounts immediately.

“Following a review of the business it was felt that the market had become overpopulated, we have therefore decided that our marketing spend and ongoing infrastructure costs are best spent elsewhere,” John Haddock, chief executive Betfred Group, said.

Betfred Australia, led by former Centrebet marketing director Luke Brill, launched as a GTECH-powered mobile betting site ahead of the football World Cup and later added horseracing markets.

Its delayed launch coincided with a period of consolidation as William Hill snapped up both Tom Waterhouse and Sportingbet Australia in 2013, while Ladbrokes acquired Betstar and Bookmaker.com.au earlier this year.

And despite focussing on the mobile sports betting market as a “point of difference”, Betfred Australia failed to capture much market share from its big-spending rivals.