Sports Betting

Betfred to Exit Maryland Sports Betting Market In July

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Betfred to Exit Maryland Sports Betting Market In July

Betfred will exit the Maryland sports betting market in the coming weeks, while two other sportsbooks plan to enter the Old Line State. Betfred will close its retail sportsbook at Long Shot’s in Fredrick, Maryland, on June 30. The sports betting app will shut down on July 31.

Betfred has accepted $20.1 million in wagers, produced $1.48 million in revenue since launching in Maryland

The announcement was made Thursday during a Maryland Lottery and Gaming Control Commission meeting. In May, Betfred ranked 10th in usage among the state’s 12 sports betting apps, handling less than $500,000 for the month. 

Since launching in November 2022, Betfred has accepted only $20.1 million in bets and generated just $1.48 million in revenue. Both totals account for less than 0.5% of market share. 

In comparison, market-leading FanDuel accepted $195.2 million in online bets last month. Since November 2022, FanDuel has cleared $478.8 million in revenue from $3.45 billion in handle.

Betfred’s exit isn’t surprising for Maryland Lottery and Gaming Director John Martin.

“This is not the first time this has happened in Maryland, and I do not think it is going to be the last time,” Martin said. “The [Betfred] retail operations will close on June 30. The mobile operations are closed on the 31st of July. So, they will be proceeding on a new relationship, the folks at Long Shot’s.”

Furthermore, in Ohio where it is partnered with the NFL’s Cincinnati Bengals, Betfred has produced $1.91 million in revenue while giving patrons $2.65 million in free bets from promotions.

Operator is still available in six states

Betfred is available in six states: Arizona, Colorado, Iowa, Ohio, Pennsylvania, and Virginia. In Pennsylvania, the sportsbook operates as Wind Creek Casino.

Two other licensed operators are slated to enter the Maryland sports betting market. Veterans Services Corporation (VSC) will start taking bets on July 1. VSC will be a mobile-only licensee with operating partner Bee-Fee. 

Additionally, Bally Bet is scheduled to go live online in Maryland next month, and the sportsbook is also preparing to launch its Massachusetts sports betting app next week. 

Microbetting platform Betr is awaiting final approval to enter the Maryland market after applying for a sports betting license earlier this year.