Gambling company Betfred has withdrawn from the Australia after just seven months, citing an “overpopulated” market.
It has already begun to shut down its Australian facing operations, player accounts have been refunded and staff members have been informed of the closure of business.
Betfred Australia began operations in May 2014 after securing a licence under the Northern Territory Gaming Commission.
Since May, UK-based Betfred found that marketing and operational costs rose sharply as rivals such as William Hill, Paddy Power and Ladbrokes spent heavily in order to establish market share.
Betfred Australia, which had recruited former Centerbet head Luke Brill as managing director, had chosen to focus on its mobile sports betting offering, however the GTECH-powered offering was hit by delays to its launch.
John Haddock, chief executive of Betfred Group, said in a statement: “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.”
