Betr Gains Market Access Into Maryland Market

Allie Kubek of the Maryland Terrapins reacts after making a 3-point shot as we look at a possible Betr expansion into Maryland — Allie Kubek of the Maryland Terrapins reacts after making a 3-point shot against the Iowa State Cyclones on March 22, 2024. Photo by Thearon W. Henderson/Getty Images via AFP.

The Maryland Lottery is ready to introduce a new sports betting app to its lineup. Betr underscoreg has received preliminary licensing approval to launch its product in a competitive market that includes some of the top sports betting sites.

Thursday’s announcement does not mean that the Jake Paul/Joey Levy Miami-based sports betting product can start operating in Maryland. The provider still needs to pass regulatory requirements set by the Maryland Sports Wagering Review Commission and meet the Lottery’s criteria before receiving final approval.

In Maryland, there are currently 13 retail sportsbooks and 11 sports betting apps operating. Betr, along with Bally’s, Queen Underscoreg, and Veterans Service Corp, are among the providers approved for licensing but have not yet launched. They are all competing to be the first Maryland sports betting site to go live in 2024.

Expansion plans

In 2024, Betr kicked off the year with ambitious expansion goals. A press release in January revealed plans to launch in 11 states throughout the year. Joey Levy, the Founder and CEO of Betr, expressed excitement about the new market opportunities, stating that Betr Underscoreg would potentially reach over 17% of the U.S. adult population, while Betr Picks would remain available to over 50% of adults in the country.

Currently, Betr is only operating in the Ohio and Virginia sports betting markets. However, they have plans to expand to Colorado, Kentucky, Indiana, and Pennsylvania thanks to being granted market access in all four jurisdictions.

In contrast, Betr decided to exit the Massachusetts sports betting market earlier this year after struggling to make an impact, holding less than a 1% market share.

Hurdles

Betr Underscoreg has faced financial challenges since entering the U.S. legal sports betting market. These issues were raised during discussions about the company’s temporary licensing in Maryland and raised concerns among some lawmakers.

Despite reporting a net loss of approximately $32 million in 2023, discussions regarding Betr’s viability in Maryland did not dissuade lawmakers from granting initial approval to the betting brand. The company only generated $20.3 million in revenues for the 12-month period.

Betr Brass is optimistic about the company’s profitability in 2025, thanks to aggressive launches in 2024 and improved results in 2025. With the support of backers with significant financial resources and $35 million in cash reserves, they aim to stand out in the market by offering competitive Maryland sportsbook promotions.

In the end…

The approval of Betr’s initial Maryland sports betting license on Thursday is definitely a victory for the company.

The success of the Maryland legal sports betting scene with Betr remains uncertain, as it has been a lesser-known provider in other markets and will now compete with top sportsbooks in the country when it launches in the Old Line State.

DraftKings and FanDuel have established a strong presence in the Maryland market, making it challenging for Betr to compete and gain a significant market share.

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.