Betfred to withdraw Maryland: Time to Go Digital 💸
In a surprising turn of events, Betfred has announced its decision to withdraw from Maryland’s sports betting market. Typically, betting news revolves around new companies entering the market or offering fresh services to bettors. However, this time, it’s about a significant exit.
Tough Competition and Mobile App Struggles
The decision for Betfred to pull out of Maryland was revealed at a Maryland Lottery meeting. In partnership with Long Shot’s in Frederick, the British gambling operator will cease its retail sportsbook operations on June 30, followed by its online sportsbook on July 31.
This move comes after Betfred’s mobile sports betting app failed to attract a substantial user base in Maryland, recording a handle of just under $500,000 in May. In stark contrast, FanDuel, one of the market leaders, accepted a whopping $195.2 million worth of betting online traffic.
The competitive nature of Maryland’s sports betting market has proven challenging for smaller operators like Betfred. Despite efforts to gain traction, their performance lagged significantly behind that of major players.
New Entrants and Market Dynamics
While Betfred is exiting, Maryland’s digital sports betting landscape remains vibrant, with new entries expected soon. Veterans Services Corporation (VSC) is set to launch on July 1, following a controlled demonstration with the lottery on May 24.
Bally Bet is also on track to debut in Maryland next month, following its anticipated launch in Massachusetts in June. These new entries suggest that the competition will remain fierce, with more operators vying for a lucrative sports betting market share.
Betr, another emerging operator, is currently seeking online gambling licensure in Maryland. The operator requires approval from the state’s Sports Wagering Application Review Commission (SWARC) before it can proceed to a controlled demonstration. SWARC will meet next week, marking its first meeting since October 2023, where Betr’s application may be reviewed.
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