Betr Being Added to Maryland Underscoreg Family

Maryland is getting ready to welcome a new sportsbook into its roster of providers, as Betr is set to enter the market and compete with the top sportsbooks in the state. The Maryland Sports Wagering Application Review Commission recently approved a license for Betr, a sports betting brand founded by Jake Paul and Joel Levy.

Betr must undergo a controlled demonstration of their product with the Maryland Lottery before receiving final approval to launch in one of the nation’s top 10 legal sports betting markets.

The announcement of Maryland sports betting licensing comes shortly after Betfred Maryland revealed its decision to exit the state. Betr will serve as a substitute for a brand that struggled to make an impact in the Maryland market.

Expanding its reach

In the beginning of 2024, Betr made a firm commitment to growing its presence in the American market. Founder and CEO Joey Levy announced in a press release in January that the company had gained market access in new states, allowing Betr Underscoreg to potentially reach 17% of the U.S. adult population by the end of the year, while Betr Picks would remain available to over 50% of the U.S. adult population.

The Betr brand aims to expand its reach to seven states by 2024, including Maryland. They will soon be offering their sportsbook promotions alongside other Maryland sportsbooks.

Currently, Betr Underscoreg is operating in the Ohio and Virginia sports betting markets. It also has market access in Pennsylvania, Indiana, Colorado, and Kentucky sports betting markets, with plans to launch in these states by the end of the year.

Massachusetts sports betting was once offered, but due to its low market share, the company had to close its operations in the state.

Competition strong in the Maryland market

Maryland is known for hosting some of the top sports betting sites in America and is recognized as a highly competitive market. Unfortunately, Betfred was unable to survive in the challenging legal sports betting environment in the state.

In May, FanDuel and DraftKings, the top two American providers, controlled more than 75% of the market in Maryland. FanDuel had a handle of $195.2 million while DraftKings saw $137.4 million in wagering activity for the month.

Four mobile providers in the state, including Betfred which has since left, did not achieve a monthly handle of $1 million.

Betr aims to become one of the top five mobile sportsbooks in Maryland, but achieving this goal will be a challenging task. Even if Betr manages to crack the top five, it does not guarantee immediate success in the Maryland market. In comparison, FanDuel and DraftKings each earned over $137 million in bets in May, while no other sportsbook in the market reached even $35 million.

SWARC Chairman Thomas Brandt commented during the Betr licensing announcement on Wednesday that he finds it intriguing to observe the evolution of this industry. He acknowledged the presence of the two major players, as expected, but noted that these individuals have identified a specific niche that they are looking to capitalize on.