Betfred to exit ‘overpopulated’ Australian market

Betfred to exit ‘overpopulated’ Australian market

Tuesday, December 2, 2014 Totally Gaming

Independent UK bookmaker Betfred is to withdraw its services from Australia as a result of the national market having become ‘overpopulated’, according to chief executive John Haddock.

The bookmaker only began operations in the country in May of this year, operating through its Betfred Australia subsidiary under a licence from the Northern Territory Gaming Commission.

Under the guidance of Luke Brill, who oversaw operations in the country as managing director of the national subsidiary, Betfred launched in Australia with a mobile sports betting product powered by GTECH.

However, during its six months of operation in the country, Betfred reported an increase in competition from rival operators such as Paddy Power, William Hill and Ladbrokes – all of which invested heavily to establish themselves in the market.

Speaking about the decision to exit the market, Haddock issued a statement to TotallyGaming.com in which he said the move was based on the Australian market having become overpopulated with operators.

“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,” Haddock said in the statement.

The bookmaker has already started to shut down its operations in the country, with customers visiting the Betfred.com.au website now met with a message confirming the company’s exit from the market.

The message said: “We are sorry to announce that from Monday 1st December 2014 our Australian operation will cease trading. All monies will be returned to the card registered to your account.” The statement also went on to thank customers in the country for their business.

 

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