Betfred To Exit Maryland Sports Betting Market In July

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Maryland sports betting

Betfred will leave the Maryland sports betting market in the coming weeks, while two other sportsbooks plan to enter.

The announcement was made Thursday during a Maryland Lottery and Gaming Control Commission meeting.

Betfred will close its in-person sportsbook at Long Shot’s in Fredrick, MD, on June 30. The MD sports betting app will shutter on July 31.

Betfred’s MD sports betting history

In May, Betfred was the 10th-most utilized of the 12 MD sports betting apps, handling less than $500,000 for the month.

Since launching its Maryland sports betting product in November 2022, Betfred has accepted $20.1 million in bets and produced $1.48 million in revenue. Both totals account for less than 0.5% of market share.

To compare, 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.

Two others ready to join market

As Betfred prepares to exit, two other operators will enter the MD sports betting market.

Veterans Services Corporation (VSC) will start taking bets on July 1. Last month, VSC held a successful product demonstration for the commission. It will be a mobile-only licensee with operating partner Bee-Fee.

Bally Bet is also expected to go live online in Maryland next month, though the commission’s monthly report did not detail a specific date. Bally’s is also preparing to launch its Massachusetts sports betting app next week.

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

Betfred operates beyond Maryland sports betting

Despite leaving the Maryland sports betting market, Betfred still operates online or in-person sportsbooks in nine other states.

In Arizona, Iowa, and Ohio, where operator-specific data is provided, Betfred’s market share is consistent with its performance in Maryland. Betfred has produced $4.48 million in lifetime revenue in those four states combined from $166 million in bets.

More specifically, in Ohio where it is partnered with the NFL’s Cincinnati Bengals, Betfred has generated $1.91 million in revenue while giving away $2.65 million in free bets.

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