The British gambling company Betfred will stop offering sports betting in Maryland at the end of the month.
They’ve been operating there since 2022, but now they’re exiting the market completely by July 31, less than a year after the operator was granted licenses for both online and retail wagering by the Maryland Lottery and Gaming Commission.
This decision comes after Betfred’s mobile sports betting app failed to gain significant traction in The Old Line State.
Betfred Maryland has struggled to compete with larger players in the state’s sports betting market since joining the market last year. It all started when the company conducted a “controlled demonstration” of its product in Maryland in 2023. After the successful demonstration, it obtained a license from the Maryland State Lottery & Gaming Control Agency to officially launch on November 18 of the same year.
The sportsbook partnered with Long Shot, a 6,300-square-foot facility in Frederick, Maryland. However, despite these efforts, Betfred Maryland has faced challenges in attracting users. In May, their total wagering activity was less than $500,000.
In contrast, other sportsbooks like FanDuel Maryland accepted approximately $195.2 million in bets, while DraftKings Maryland saw $137.7 million in wagers during the same month. Additionally, four other sportsbooks in Maryland handled more than $10 million in bets, indicating that residents preferred promotions from those operators.
Maryland sportsbooks’ May handle saw an increase of nearly 35% year over year.
Although Betfred plans to exit the Maryland market, three new operators are set to get in.
Maryland law permits up to 60 online platforms, including those affiliated with professional sports teams and small businesses. Lottery partners can also opt to install kiosks at their establishments.