Betfred is deciding to exit Maryland’s retail and online sports betting market.
According to a Maryland Lottery and Gaming Commission (MLGC) meeting on Thursday, the British gambling company has decided to leave the Old Line State and will cease all operations by July 31. Betfred partnered with off-track betting parlor Long Shot’s in 2022 for gambling operations in Maryland. A year later, Betfred officially went live in the Old Line State after being issued an online and retail wagering license by the MLGC.
Maryland has lost Betfred but is expecting to potentially add three new operators.
Veterans Services Corporation will debut on July 1 in the state after completing a controlled demonstration of its operations last month. Bally Bet is also expected to launch in Maryland next month while micro-betting brand Betr readies itself for an entry.
Last month, Betr received initial approval from the MLGC for a wagering license and is awaiting final approval from the Sports Wagering Application Review Commission.
Slow profits for Betfred in Maryland
According to data provided by the MLGC, the state’s licensed operators accepted $431.5 million in wagers in May, a 34.8% increase year-over-year. The results were led by parlays with players dishing out $140.9 million on the bets with payouts at $104.6 million.
FanDuel closed May with the highest online in Maryland at $195 million, up from $146.3 million for the same month last year. DraftKings finished second in the state with an online handle of $137.3 million. Its handle resulted in $12.2 million in taxable wins.
Betfred failed to compete with the top operators in Maryland with a $496,979 mobile handle in May, the tenth-lowest handle out of the state’s 13 licensed sportsbooks.
