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Betfred has decided to exit Maryland’s sports betting scene, as announced during the Maryland Lottery meeting on Thursday. The British gambling operator, in partnership with Long Shot’s in Frederick, will cease its retail sportsbook operations on June 30 and shut down its online sportsbook on July 31.
This move follows the underperformance of Betfred’s mobile sports betting app in Maryland, which recorded a handle of just under $500,000 in May. In stark contrast, FanDuel accepted $195.2 million in online bets in the same month.
The withdrawal of Betfred underscores the difficulties faced by smaller operators in Maryland’s highly competitive market. Despite Betfred’s exit, the state’s sports betting industry remains robust, with a total handle of $431.5 million in May, marking a 34.8% increase from the previous year. FanDuel led the market with a handle of $195 million, followed by DraftKings with $137.3 million and $12.2 million in taxable wins.
Meanwhile, Maryland’s digital sports betting landscape is preparing for new entries. Veterans Services Corporation (VSC) plans to launch on July 1, after a successful controlled demonstration with the lottery on May 24. Bally Bet is also expected to start operations in Maryland next month, following its launch in Massachusetts in June.
Additionally, Betr is seeking online sports betting licensure in Maryland. The operator needs approval from the state’s Sports Wagering Application Review Commission (SWARC) before moving to a controlled demonstration. SWARC is set to meet next week, its first meeting since October 2023, where Betr’s application may be considered.
John Martin, Director of Maryland Lottery & Gaming, mentioned that Long Shot’s will look for a new partner 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 permits more than 15 “Class B” licenses for businesses like off-track betting facilities and bingo halls, aimed at expanding sports betting opportunities beyond professional sports teams and casinos.