Betfred, a prominent name in the betting industry, has decided to exit Maryland’s online and retail betting market. This decision follows a disappointing performance where Betfred recorded the tenth-lowest handle out of the 13 licensed sportsbooks in the state.
Betfred’s Departure
At a recent meeting of the Maryland State Lottery & Gaming Control Agency, Betfred announced its plan to cease operations in Maryland. The company will close its brick-and-mortar location on June 30 and deactivate its digital platform on July 31. Betfred had partnered with Long Shot’s, an off-track betting parlour, in 2022 and officially launched its services a year later. Despite these efforts, the company struggled to gain a significant foothold in the competitive Maryland market.
Performance Metrics
Betfred’s decision to exit is largely driven by its performance metrics. Out of the 13 licensed sportsbooks in Maryland, Betfred recorded the tenth-lowest handle, indicating that it was unable to attract and retain a substantial user base. This performance was not in line with the company’s expectations, prompting the decision to withdraw from the market.
Maryland’s Betting Landscape
In contrast to Betfred’s struggles, Maryland’s overall sports betting market is thriving. In May alone, the state’s sports betting handle reached an impressive $431.5 million. This figure highlights the growing popularity of sports betting in Maryland and the potential opportunities for operators in the state.
New Entrants: Bally’s, Veteran’s Service Corporation, and Betr
While Betfred is exiting, several new players are preparing to enter Maryland’s betting market, bringing fresh competition and innovation.
Bally’s Expansion
Bally’s is gearing up to launch its Bally Bet digital platform in Maryland. Bally’s, a well-known brand in the gaming and hospitality industry, is looking to capitalize on the burgeoning sports betting market in the state. The launch of Bally Bet is eagerly anticipated, and the platform is expected to offer a range of features to attract and retain users.
Veteran’s Service Corporation (VSC)
Veteran’s Service Corporation (VSC) is set to launch its betting platform on July 1, following a successful controlled demonstration of its operations last month. VSC’s entry into the market is notable, as it represents a unique player with a distinct mission. The company aims to leverage its platform to support veterans, adding a socially responsible dimension to its operations.
Betr’s Initial Approval
Betr has also made significant strides towards entering Maryland’s betting market. The company received initial approval from the Maryland Lottery and Gaming Control Agency (MLGC) for a wagering license and is now awaiting final approval from the Sports Wagering Application Review Commission. Betr’s entry is highly anticipated, and the company is expected to bring innovative offerings to the market.
The exit of Betfred from Maryland’s betting market underscores the competitive nature of the industry. While Betfred struggled to gain a significant foothold, the state’s overall betting market continues to grow, attracting new entrants like Bally’s, Veteran’s Service Corporation, and Betr. These new players are poised to bring fresh energy and innovation to Maryland’s betting landscape, promising exciting times ahead for bettors in the state.