Betfred exits Maryland amidst entry of new operators

Betfred is set to withdraw from Maryland's sports betting market, as revealed at Thursday’s Maryland Lottery meeting. The British gambling operator, partnered with Long Shot’s in Frederick, will shut down its retail sportsbook operations on June 30, followed by its online sportsbook on July 31.

This decision comes after Betfred’s mobile sports betting app failed to gain significant traction in Maryland, recording a handle of just under $500,000 in May. This performance pales in comparison to FanDuel, which accepted $195.2 million worth of online bets in the state during the same period.

While Betfred exits, Maryland’s digital sports betting landscape is set to expect for new entries. Veterans Services Corporation (VSC) plans to launch on July 1, following a controlled demonstration with the lottery on May 24. Bally Bet is also expected to debut in Maryland next month, following its anticipated launch in Massachusetts in June.

Betr is currently seeking online sports betting licensure in Maryland. The operator requires approval from the state’s Sports Wagering Application Review Commission (SWARC) before proceeding to a controlled demonstration. SWARC will meet next week, its first meeting since October 2023, where Betr’s application may be reviewed.

Betfred's withdrawal highlights the challenges faced by smaller operators in Maryland's competitive market. The state’s sports betting industry remains strong, with a total handle of $431.5 million in May, a 34.8% year-over-year increase. FanDuel led the market with a handle of $195 million, while DraftKings followed with $137.3 million and $12.2 million in taxable wins.

John Martin, Director of Maryland Lottery & Gaming, stated that Long Shot’s will pursue a new partnership for sports betting. "Long Shot’s and Betfred reached a mutually agreeable parting of the ways, which is common in the industry at this stage,” Martin said.

Maryland’s wagering law allows for more than 15 “Class B” licenses for businesses such as OTBs and bingo halls, designed to expand sports betting opportunities beyond professional sports teams and casinos.