Betr Secures Maryland Sports Betting License
The Sports Wagering Application Review Commission (SWARC) has granted a sports betting license to Betr, a micro-betting operator, for the state of Maryland. This approval marks a significant step for Betr, which will now undergo a controlled demonstration before launching its services in the state. Betr initially received approval from the Maryland Lottery in May, paving the way for its entry into the Maryland market.
Currently, Betr operates in Ohio and Virginia and holds a temporary license in Indiana, although it has yet to commence operations there. Earlier this year, Betr exited the Massachusetts market, focusing its expansion efforts on other regions.
Maryland Sports Betting Handle Surges
In May, Maryland’s sports betting handle reached an impressive $431.5 million. This total represents a notable 34.8% increase compared to May 2023, reflecting a growing enthusiasm for sports betting in the state. Despite this growth, the handle was 11.3% lower than the figure reported for April 2024.
The substantial handle underscores the ongoing expansion and popularity of sports betting in Maryland, with significant contributions from both online and retail sportsbooks.
Revenue Breakdown and Growth
Maryland’s sports betting revenue for May, after accounting for prizes, promotional wagers, and other deductions, amounted to $46.6 million. This figure is 50.3% higher than the revenue recorded in the same month the previous year and 22.6% more than the revenue reported in April 2024.
The majority of this revenue came from online betting, which generated $45.7 million. Retail sportsbooks contributed $875,290 to the total revenue, highlighting the dominant role of online platforms in the state’s sports betting ecosystem.
Market Leaders and Performance
The Maryland sports betting market continues to be highly competitive. FanDuel emerged as the market leader in May, handling $195.2 million in bets and generating $27.2 million in revenue. DraftKings followed closely, with a handle of $137.4 million and revenue of $12.2 million. These figures illustrate FanDuel’s significant lead in the market, with DraftKings also maintaining a robust position.
Future Prospects
As Maryland’s sports betting market evolves, the entry of new operators like Betr is expected to inject further competition and innovation. The strong performance metrics from May suggest a vibrant and expanding market, with increasing engagement from bettors across both online and retail platforms.
The continuing growth of Maryland’s sports betting sector promises to attract new players and drive further development in the industry. With the market dynamics shifting, stakeholders will be watching closely to see how new entrants and established operators adapt to the changing landscape.