Last week, UK-based Betfred agreed to a partnership with Elite Casino Resorts. Betfred will take over and operate the company’s sports betting operations at its three gambling facilities located throughout Iowa.
Iowa legalized sports betting back in May. Governor Kim Reynolds signed a sports betting bill into law that set a licensing fee of $45,000 with a 6.25 percent tax rate. Both retail and mobile/online sports betting is legal in the state.
Betfred is a British company that dates back to the 1960s. They are one of Europe’s biggest sports betting operators, with over 1,600 betting shops as well as a very successful online presence.
Betfred is waiting on approval from the Iowa Racing and Gaming Commission. Once granted approval, Betfred will begin with land-based sports betting before launching mobile betting. Their first sportsbook will most likely come at the Grand Falls Casino & Resort before expanding to Elite Resorts’ two other locations.
There is no current timeline as to when they will launch their online sportsbook, but they will most likely be targeting an early September launch in time for the start of the NFL season.
This partnership is a big step for Betfred as they are looking to not only just enter the U.S. gambling market, but compete with the biggest names in the business. As expected, both companies are excited about the new partnership and the possibilities that it creates.
Fred Done, CEO and co-founder of Betfred, said: “I’m delighted to partner with Elite Casino Resorts in Iowa, and we look forward to working with our new partners and sharing our joint expertise in what is a very exciting opportunity and market for Betfred.”
Dan Kehl, CEO of Elite Casino Resorts, said: “We are excited to offer our guests another world-class product. With Betfred, Grand Falls Casino and Resort will be the best place in Iowa for sports betting at our casino and on a safe and secure platform.”
Iowa is a great location for Betfred to get its U.S. operations going. The state shares a border with six other states, only one of which (Illinois) has legalized sports betting. Once Betfred gets its online betting platform launched in Iowa, they will be able to enjoy not only Iowa sports betting handle but will see out-of-state bettors travel to Iowa to place their bets on their phones or other devices.
Iowa has a chance to be one of the biggest sports betting states in the Midwest due to its location to other states without sports betting. Betfred realizes the potential that Iowa holds and will use their success in Iowa to branch out to other states.
Competing with the likes of FanDuel, DraftKings, and William Hill, Betfred will look to become as successful in the U.S. as they are in the UK.