Betfred, an online casino and sports betting firm, has signed a deal with the Cincinnati Bengals of the National Football League as the operator prepares to offer its services in Ohio. 

The legalization of sports betting in the Buckeye State is pending and is scheduled to begin on January 1, 2023.

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Betfred app for mobile devices soon to debut in Ohio

Betfred will release a mobile app that will enable Ohio residents to make wagers from any location inside the state as soon as sports betting becomes legal in Ohio. 

Of course, regulatory clearances will be required for the application. Betfred now operates in six U.S. states: Colorado, Iowa, Pennsylvania, Arizona, and Louisiana. Additionally, it operates 1,400 betting shops across the United Kingdom.

 Betfred will become the official sports betting partner of the Cincinnati Bengals, and the team’s CMO and vice president, Brian Sells, claimed that the Bengals are always looking for “new ways to improve the fan experience. This is precisely what the multiyear collaboration with Betfred will provide, which is why the Bengals are excited to engage with the operator, concluded Sells. 

Mark Stebbings, chief operating officer of Betfred Group, also expressed his opinion on the situation. As the operator continues to grow throughout the United States, he said that a partnership with the Bengals offers an incredible opportunity. Stebbings lauded the Bengals, describing them as a “great team with passionate fans” whose values align with those of Betfred. 

Stebbings said that fan involvement would be expanded via free-to-play options, promotions, and other activities, despite the fact that just a few specifics of the arrangement have been disclosed.

In 2021, Betfred had enormous profit losses

Betfred was able to produce $8,398 billion in total wagers in its annual report for the 12 months ending September 26, 2021. However, after tax deductions, the company’s profit was $6.4 million, a significant decrease from the $198 million profit declared in 2020. 

Betfred’s closure of 4 percent of its betting shops is one of the primary causes for its significant financial losses. In its 2020 annual report, the firm said that it had 1,529 stores, however in its 2021 report, Betfred had 1,470 locations. 

This did not prevent Betfred from going all-in in 2022, though. Due to the fact that the operator identified a local partner for its Maryland debut at the beginning of July, clients will be able to immediately make in-person wagers provided the necessary permits are granted. In addition, Betfred is eager to grow internationally, as seen by its contract with LottoStar. The relationship with LottoStar will enhance the company’s South African footprint.

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