Betfred to Withdraw from the Old Line State
The State of Maryland will be one sportsbook short as Betfred is set to leave the state's online and retail sports betting market.
Maryland will welcome three new betting operators to the state in July.
LISTEN TO THIS ARTICLE:The Maryland Lottery and Gaming Commission (MLGC) announced the exit of the company in its meeting on Thursday, stating that Betfred will cease all operations in the state by July 31.
Betfred launched its retail sportsbook in Maryland in 2023 after signing a partnership with Long Shot's, an off-track betting parlor in the state.
Betfred Lags Behind in Maryland
While the MLGC didn't explicitly state the reasons why Betfred is withdrawing from the state, financial struggles likely played a significant role in the decisions.
Since entering the Old Line State, the British gambling firm hasn't gained significant traction or market share. Furthermore, it struggles to compete with more established and well-known sportsbook brands like FanDuel and DraftKings in the state.
Recent May wagering figures released by the MLGC revealed that Maryland's licensed sportsbook operators accepted $431.5 million in wagers, up 34.8% from the same month in 2023.
FanDuel recorded the highest handle in the month at $195 million, an increase of 33.1% compared to $146.3 million last year. DraftKings achieved second spot with $137.3 million.
Betfred, however, recorded a handle of $496,979, the tenth-lowest among the state's 13 licensed sportsbooks.
More Business News
Maryland to Welcome New Operators
Despite the departure of Betfred, Maryland's sports betting market is set to expand with the addition of three new operators.
Veterans Services Corporation is scheduled to launch on July 1, following a successful trial run last month. Bally Bet is also expected to go live in July, while Betr, a micro-betting specialist, has announced plans to enter the market.
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