Huge Step Forward 💸
According to betting news, Jake Paul and Joey Levy’s sports betting app, Betr, just scored a win in Maryland! They officially landed an online sports betting license. This is a big deal for Betr, considering Maryland’s growing and competitive sports betting market.
The Maryland Sports Wagering Application Review Commission (SWARC) gave Betr the green light, opening the door for them to launch in the state.
While the launch date is yet to be determined, Betr must first complete a controlled demonstration with the Maryland Lottery before officially going live. With Betr legal in Maryland, there’s a whole new territory and population for the sportsbook.
The Changing Landscape of Maryland Sports Betting
Maryland’s sports betting scene is shaking things up! Betfred just threw in the towel, citing low market share. This opens the door for fresh faces like Betr to grab Maryland bettors’ attention.
Even though Betr faced some stumbles, like leaving Massachusetts this year, they stay optimistic about Maryland. With Betr legal in Maryland, this is going to be easier for them.
The timing of Betr’s entry into Maryland couldn’t be better. With other companies also preparing to launch, such as Veterans Services Corporation (VSC) and Bally Bet, the competition is set to intensify. This wave of new operators is great news for bettors, promising a wider range of choices for betting online and potentially better deals!
Betr, which is already operational in Ohio and Virginia, is expanding into Maryland following its exit from the Massachusetts market earlier this year due to economic challenges. This move comes as Betfred plans to leave Maryland’s sports betting scene by the end of July due to low market share.
With new entrants like Veterans Services Corporation and Bally Bet also set to launch, Maryland’s market is becoming increasingly competitive. Currently dominated by FanDuel and DraftKings, Betr aims to attract Maryland bettors with a focus on live betting, though it may initially capture a smaller market share. Still, Betr legal in Maryland is a great step towards the future!
SWARC Chairman Thomas Brandt acknowledged that the Maryland market is very competitive but believes that Betr has an exciting proposition. “It’s been interesting to watch this industry evolve,” Brandt said. “Of course, there are the two big kahunas, as we sort of anticipated, but these guys seem to have identified a niche they want to try to exploit.”
Betr’s Strategy and Market Position
The unique approach of Betr, focuses on live betting, aiming to carve out a niche in the crowded market. However, the company faces stiff competition from established giants like FanDuel and DraftKings, which dominate the Maryland sports betting scene.
In May alone, FanDuel reported a mobile handle of $195.2 million, while DraftKings recorded $137.4 million. In contrast, smaller operators like Betfred, betPARX, Crab Sports, and SuperBook Sports struggled, each handling below $1 million in online gambling activity.
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