This three-year deal was reported to be worth Sh3 billion.
Africa-based gambling firm's name first appeared on Everton shirts in 2017 but, following negotiations with the club, it was decided the deal would end two years early.
Barret-Baxendale said: "In an ideal world, moving forward, we would look to have a different type of sponsor on the front of our shirts like all football clubs would, but that is a commercial decision that we make as a football club".
Gaming company SportPesa has suffered another setback with English Premier League side Everton announcing they will end their partnership.
"This has been a complicated selection but a person that permits us to very best deliver on our business prepare and to grasp the new prospects now open to us", a club spokesperson claimed.
"The club would love to say thanks to SportPesa for every one of the job that has actually been done with each other".
"Ireland then now England is terminating all contracts with SportsPesa. This has allowed us to grow our own footprint in Africa and further strengthen our special relationship with the continent", Everton said in a statement.
In March 2019 the FAI announced its deal with SportPesa stating that the gambling firm would partner with it on a programme of corporate social responsibility. Everton's desire to increase their activities and revenues with sponsors, in line with the club's development and investment under the ownership of Farhad Moshiri, together with restrictions which apply when a sponsor is a gambling company, are understood to have been factors in the club approaching SportPesa to end the sponsorship early. The government revoked SportPesa's Kenyan license - along with a host of other betting operators - in September a year ago.
SportPesa halted operations in Kenya and expressed disappointment with the 20 per cent excise tax on all betting stakes.