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Betfred Abandoning Maryland Market With Replacements Named

Davis Isabela

Updated on June 21, 2024 at 10:46 AM EDT • Read time: 1 min 39 sec. Find more on Twitter and Google News.

Maryland Terrapins defender Colin Burlace in action as we look at Betfred's announced exit from the Old Line State.
Maryland Terrapins defender Colin Burlace in action against the Notre Dame fighting Irish at Lincoln Financial Field. Phto by: Bill Streicher/USA TODAY Sports.

Betfred underscored its decision to exit Maryland’s legal sports betting market during a Maryland Lottery meeting on Thursday. However, residents can still access many of our top sports betting sites despite this forthcoming change.

Due to challenges in gaining a significant market share in Maryland, Betfred will be discontinuing its retail sportsbook operations at the end of June and its Maryland sports betting app at the end of July.

Nevertheless, the gap in Maryland’s legal sports betting market is expected to be filled soon. Betfred will be replaced by two new companies, Veterans Services Corporation (VSC) and Bally Bet, who are anticipated to start operating in the state once Betfred exits the jurisdiction.

Betfred Maryland

In May 2023, Betfred Maryland successfully conducted a “controlled demonstration” of its product in the state, leading to the acquisition of a license from the Maryland State Lottery & Gaming Control Agency. The official launch of the sportsbook was set for November 18 of the same year, in partnership with Long Shot’s, a 6,300 square foot female-owned facility located in Frederick, Maryland.

Since then, Betfred Maryland has had difficulty attracting a large following due to the high level of competition in the state. According to the latest earnings report from Maryland regulators, Betfred Maryland only had less than $500,000 in wagering activity in May.

Compared to DraftKings Maryland, FanDuel Maryland accepted $195.2 million in bets in May. Additionally, four other sportsbooks in Maryland saw over $10 million in wagers for the month, indicating that residents heavily utilized promotions from these operators.

The replacements

The Veterans Services Corporation (VSC) has been thoroughly vetted by the Maryland Lottery and recently completed a successful controlled demonstration in the Maryland market on May 24. The organization is now preparing for a launch in July.

Although it may not have the largest reputation, this company may face challenges in competing for market share against competitors with extensive resources and the ability to offer attractive bonuses to potential customers.

Another provider, Bally Bet, is preparing to enter the Maryland market, with a potential launch at the end of July. Bally Bet is slated to first go live in Massachusetts in July before expanding to Maryland shortly thereafter.

Betr is a potential new addition to Maryland’s legal sports betting market, but they must overcome certain obstacles before being eligible for a license. The state’s Sports Wagering Application Review Commission has not yet given approval for the next phase of the process, but that could change soon.

Written By:
Davis Isabela
Davis Isabela is the Editor-in-Chief of Underscoreg Review. He has been a writer, reporter and editor for more than 20 years, and his work has appeared in more than 200 publications across North America. His first book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008. He has written more than 50 sportsbook reviews and dozens of other sportsbook-related content articles. James has also been quoted as a sports betting expert in USA Today and Sports Illustrated.