Betfred Announces Departure from Maryland Sports Betting Market

3 min read
Jun 25, 2024, 10:50 AM

Betfred Announces Quick Departure from Maryland Sports Betting Market

End of an Era for Betfred in Maryland

Betfred has officially announced its upcoming departure from the Maryland sports betting market, with plans to shut down its in-person sportsbook at Long Shot’s in Frederick, MD, on June 30. The Betfred sports betting app will follow, ceasing operations on July 31. This decision was confirmed during a recent Maryland Lottery and Gaming Control Commission meeting, marking a significant shift in the state's sports betting landscape.

A closed Betfred betting shop

A closed Betfred betting shop (Photo by Catherine Ivill/Getty Images)

Betfred’s Journey in Maryland

Since its launch in Maryland in November 2022, Betfred has accepted $20.1 million in bets, generating $1.48 million in revenue. This accounts for less than 0.5% of the market share, a stark contrast to the dominating presence of leaders like FanDuel, which processed $195.2 million in online bets in the last month alone. FanDuel generated $11.7 billion in group revenue in FY2023, a 24.9% increase year-over-year. 

New Sportsbooks Ready to Stake Their Claim

As Betfred exits, the Maryland market is set to welcome new players. Veterans Services Corporation (VSC) will start operations as a mobile-only betting service on July 1, having showcased a successful product demonstration in May, 2024. Details about this new entrant can be followed on Maryland's Gaming Commission’s updates.

Bally Bet is also on the brink of launching its services in Maryland, with plans to go live next month. The precise launch date is yet to be confirmed, mirroring their upcoming Massachusetts launch, outlined in the latest commission report.

Additionally, Betr, a microbetting platform, awaits final approval to enter the Maryland market, having applied for a sports betting license earlier in the year.

Betfred’s Still Operating in Other States

Despite withdrawing from Maryland, Betfred continues to maintain a presence in nine other U.S. states. In regions where detailed data is available—such as Arizona, Iowa, and Ohio—Betfred’s market performance closely mirrors its Maryland experience. In these states, Betfred’s lifetime revenue totals $4.48 million from $166 million in bets. Notably, in Ohio, Betfred has partnered with the NFL’s Cincinnati Bengals, generating $1.91 million in revenue and issuing $2.65 million in free bets

Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief

With 20+ years of writing experience across sports, gambling, regulation, technology, and startups, Sol brings a broad understanding to his role as Editor-in-Chief at RG. His work provides clear, factual information to help readers make informed decisions about gambling. Sol’s approach is about transparency and research, so the content at RG is straightforward, evidence-based, and accessible.

At RG, Sol keeps the focus on the reader by maintaining a standard of reliability and integrity in the information shared. Under his editorial direction, RG aims to provide practical insights into sports and sports entertainment that support a balanced and informed approach. Sol’s approach has helped RG become a go-to source for readers looking to engage responsibly and thoughtfully in the industry.

Interests:
NFL
CFL
NBA
MLB
NHL
ATP
UEFA
NCAA Baseball
PGA
Wimbledon
UFC
Digital Art
Art Collecting
Publishing Books
Advanced Technology

More RG News

Soccer
05/04/2025
Taiye Taiwo
Taiye Taiwo
Exclusive: Taye Taiwo Shares UCL Advice for Inter & Why AC Milan Deserve Coppa Italia
Former AC Milan star Taye Taiwo offers critical insights ahead of Inter’s UCL clash with Barcelona and explains why AC Milan deserve Coppa Italia glory
Exclusive: Taye Taiwo Shares UCL Advice for Inter & Why AC Milan Deserve Coppa Italia
Soccer
04/29/2025
Zach Lowy
Zach Lowy
Tom Byer: How an American Grassroots Coach Paved the Way for Japan’s Soccer Revolution
RG spoke to Tom Byer about growing up in the United States, laying the foundations for Japanese football to flourish, and more
Tom Byer: How an American Grassroots Coach Paved the Way for Japan’s Soccer Revolution
Soccer
04/25/2025
Zach Lowy
Zach Lowy
“If I Look Back Now, The Pain And Sacrifice Have Paid Off”: Ramon Vega’s Journey Beyond Football
From Spurs silverware to Swiss millions, Ramon Vega reflects on the deal that got away and the education that saved him
“If I Look Back Now, The Pain And Sacrifice Have Paid Off”: Ramon Vega’s Journey Beyond Football
Soccer
04/24/2025
Zach Lowy
Zach Lowy
Cristobal Soria: "I Dreamed Of Scoring For Sevilla—Instead, I Lifted The UEFA Cup In A Jacket And Tie"
Cristobal Soria rose from fan to referee to Sevilla icon—helping lead the club to its first taste of European triumph
Cristobal Soria: "I Dreamed Of Scoring For Sevilla—Instead, I Lifted The UEFA Cup In A Jacket And Tie"

Our Authors

Paruyr Shahbazyan

Paruyr Shahbazyan started his business career as an entrepreneur in 2000. Over 13 years, he learned business and leadership, which laid the foundation for his career.

In 2013, Paruyr entered the sports and betting industry as the founder and president of Bookmaker Rating, an online media platform he led until 2020. The platform focuses on in-depth analysis and insights in sports betting and has gained a reputation for quality content.

In 2022, Paruyr co-founded Azuro, a decentralized betting protocol. This shows his commitment to technology in the sports betting space. Through all these experiences, Paruyr has been shaping and influencing the betting industry, setting new trends and standards.

Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports.

Strategic Vision

Paruyr's vision is to revolutionize the sports entertainment industry by integrating technology. He sees the future of sports entertainment as a blend of traditional sports knowledge with innovative tech solutions, like decentralized protocols, to enhance user experience and fairness. He aims to create platforms that are not only user-friendly but also uphold the highest standards of ethical reporting, contributing to a more responsible and enjoyable sports culture.

Meet All Our Experts
This website uses cookies to ensure you get the best experience on our website. Read our
Privacy Policy
.