BetFred Leaves Maryland as Other Gaming Operators Arrive

Article by : Erik Gibbs Jun 21, 2024

• 
• 

On June 20, BetFred Sportsbook announced its decision to exit Maryland’s sports wagering market during a meeting with the Maryland State Lottery & Gaming Control Agency. BetFred, which had entered the US market through a partnership with Long Shot’s Off-Track Betting (OTB) in Frederick, found it challenging to gain a significant foothold in the market.

Consequently, the company will shut down both its retail and digital sportsbooks over the summer. The physical betting location will cease operations on June 30, followed by the digital platform’s closure in July.

Maryland’s wagering laws provide for over 15 “Class B” licenses, aiming to extend sports betting beyond professional sports teams and large casinos to include venues such as OTBs and bingo halls. This legislative framework was developed with a focus on inclusivity, intending to support small businesses and those owned by women and minorities.

As BetFred prepares to withdraw, Long Shot’s is already planning its next move. They intend to establish a new partnership for sports betting, although specific details about the new entity have not yet been disclosed.

The separation between Long Shot’s and BetFred was described as amicable and mutual by John Martin, the director of Maryland Lottery & Gaming, who noted that such transitions are not uncommon in the industry. Similar shifts have occurred previously in Maryland and are expected to continue as the market evolves.

In the meantime, other platforms are gearing up for their launches in Maryland.

Bally’s Corporation is set to introduce its Bally Bet digital platform in the state in July. The company, which secured a digital license in Maryland in 2022, is also preparing for a summer launch in Massachusetts.

Another significant entrant, Veteran’s Service Corporation (VSC), plans to debut its digital betting platform, Bee-Fee Limited, on July 1. VSC has demonstrated its operations as recently as May and brings prior US experience from its role as an Intralot subcontractor in Washington, DC.

Furthermore, Betr is in the process of applying to enter the Maryland sports wagering market. The Sports Wagering Application Review Commission will evaluate Betr’s application in the coming week.

This influx of new platforms is occurring against a backdrop of substantial market growth; in May 2023, Maryland sportsbooks experienced a 34.8% increase in handle compared to May 2022.

Maryland law allows for up to 60 online wagering platforms, catering to a diverse array of operators, from professional sports teams to small businesses. Lottery partners also have the option to host kiosks at their locations, expanding the reach of sports betting across the state.

This legal and regulatory environment fosters a dynamic and competitive market, attracting a variety of players and encouraging ongoing innovation and expansion.