Betfred to Withdraw From Maryland Sports Betting Market
Betfred is closing its brick-and-mortar Maryland sportsbook on June 30 and its online book a month later. [Image: Shutterstock.com]
After less than a year in operation, Betfred has decided to withdraw from the Maryland market. At the Maryland Lottery and Gaming Commission (MLGC) meeting on Thursday, MLGC Director John Martin said Betfred’s retail sportsbook at Long Shot’s in Frederick will close on June 30, while the online sportsbook will shut down on July 31.
May mobile handle was less than $500,000
Betfred has only been operating in the state since October 2023. The reason for closing up shop is rather obvious: the company just has not been able to establish a foothold in Maryland. Its May mobile handle was less than $500,000, in contrast to market leader FanDuel (partnered with Live! Casino Maryland) at $195.2m. Retail handle was about $167,000.
With a dozen mobile operators remaining Maryland after Betfred’s exit, there isn’t exactly a hole in the market, but two more operators will soon enter to fill what little void there may be. Veterans Services Corporation (VSC) will launch its mobile sports betting venture, operated by Bee-Fee Limited, on July 1. VSC demoed its product on May 24 and paid out $96.60 in winnings on $80 handle.
Bally Bet is also coming to Maryland at some point in July. A third new entrant could be on the horizon, as Betr’s sports betting application will be before Maryland’s Sports Wagering Application Review Commission (SWARC) next week.
