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.
Betfred
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.
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