Betfred Exits Maryland After Ranking 10th in Mobile Handle in May

Sports betting operator with over five decades of experience that owns and operates over 1,600 betting shops in the UK and a best-in-class online casino and betting product in the UK and Spain, Betfred, has announced its decision to exit the state of Maryland.

The British gambling company’s decision covers both the Old Line State’s retail and online sports betting markets.

Betfred Went Live in Maryland in 2023

The announcement about the exit was made during the Maryland Lottery and Gaming Commission (MLGC) meeting that was held on June 20. 

The fast-growing sportsbook operator will cease all sports betting operations at the retail sportsbook as of June 30, 2024. The company has also announced it will cease all mobile operations by July 31, 2024.

The company partnered with off-track betting parlor Long Shot’s in 2022, following its plans to enter the state’s gambling market.

In 2023, the state regulator issued Betfred an online and retail wagering license, giving the operator the green light to go live in Maryland. 

This way, the operator joined a fine roster of seven other licensed operators in Maryland, including BetMGM, FanDuel, Barstool, DraftKings, PointsBet, Caesars, and BetRivers.

The 6,300 square-foot Betfred Sportsbook at Long Shot’s officially opened its doors to the public on November 18, 2023.

The venue offered 157 seats, 12 self-service betting kiosks, a TV wall with 80 panels, in-house smoked barbeque, and 24 beers on tap, along with daily food and drink specialties. 

Patrons were able to place bets at the betting counter and make deposits or cash out to and from their Betfred online accounts. 

Low Mobile Handle in May

Last month, Betfred’s profits were not aligned with those of the top sportsbook operators in the state. 

As per data from MLGC, Maryland’s licensed operators accepted a total of $431.5 million in wagers, marking a 34.8% boost from last year.

Parlays were in the lead, as players dished out $140.9 million on their bets and were paid out $104.6 million.

The powerful duo made of FanDuel and DraftKings was, once again, in the lead. 

FanDuel was on top, closing the month at $195 million, the highest online handle in the state, up from $146.3 million in May 2023.

DraftKings came in second with a recorded online handle of $137.3 million and resulting taxable wins at $12.2 million.

Betfred’s mobile handle only ranked 10th in the state out of a total of 13 sportsbook operators, at $496,979, showing the company’s failure to compete with the leaders. 

Maryland Could Welcome Three New Operators

As Betfred is getting ready to bid goodbye to Maryland, the market is getting ready to potentially usher in three new sportsbook operators.

D.C.-based Veterans Services Corporation will officially debut on the market on July 1 after successfully completing a controlled demonstration of its operations in May.

Bally Bet, the pregame and live online sports betting platform that belongs to Bally’s, the operator with more than eight decades of gaming heritage and “digital and experiential at the core of its DNA,” may also join the roster of operators in Maryland next month. 

Finally, micro-betting brand Betr created in 2022 by Joey Levy and influencer Jake Paul is also getting ready to enter Maryland.

The platform that promises to be user-friendly and address the needs of casual gamblers received the initial wagering license approval from the MLGC in May. 

Currently, Betr is waiting for the final approval from the Sports Wagering Application Review Commission.