Frederick-based Long Shot, in partnership with its online operator Betfred Sportsbook, has been granted a mobile sports wagering license by the Maryland Lottery and Gaming Control Commission (MLGCC). This license allows them to offer mobile sports betting services to Maryland residents. The approval comes after successfully demonstrating their mobile sports wagering platform on February 7.
Maryland’s Mobile Sports Betting Market:
The mobile sports betting market in Maryland officially opened on November 23. The state has been taking steps to expand its sports betting offerings, with the MLGCC approving several operators’ qualifications and diversity plans for sports wagering licensees.
According to data from the Maryland Lottery and Gaming Control Agency (MLGCA), seven live online sports betting operators generated $478.3 million in bets in December, while retail sportsbooks saw $18.8 million in wagers. This contributed to a total sports betting handle of $497.1 million across the state.
Revenue Projections and Expansion:
Maryland Governor Larry Hogan has estimated that the state could potentially generate $30 million in sports betting revenue in 2023 alone. Looking ahead, the revenue is projected to increase significantly, with the state potentially earning nearly $100 million by the year 2027.
Betfred Sportsbook’s expansion efforts have extended beyond Maryland. The company has recently launched its online sports betting platform in Virginia, marking its presence in its ninth US state. Betfred is also known as the sports betting partner of Loudoun United FC.
The issuance of a mobile sports wagering license to Long Shot and Betfred Sportsbook marks another step forward in the growth of Maryland’s sports betting industry. As more operators enter the market and expand their offerings, the state is positioned to capitalize on the increasing demand for online sports wagering. With revenue projections showing significant potential, the future of Maryland’s sports betting landscape appears promising. The expansion efforts by Betfred Sportsbook reflect the company’s commitment to establishing a strong presence in the US sports betting market, leveraging partnerships and strategic launches to reach sports enthusiasts across multiple states.