Betfred Sportsbook Exits Maryland Sports Betting Market
Category
🥇
SportsTranscript
00:00Jim, we start off with an exit for a sports betting retail company called Betfred, a very
00:09popular international company, by the way, maybe not as much here in the United States.
00:14And where is Betfred exiting?
00:17And what do you make of their exit?
00:19Yeah, Craig, you're absolutely right.
00:23Popular in the UK, not as popular in the US.
00:28So they are, Betfred, departing the Maryland sports betting market.
00:34The retail sportsbook at Longshots in Frederick, Maryland, will be closing on Sunday, two days
00:41from now, and the Betfred app will shutter on July 31st.
00:48So another month for the online operation.
00:51And it really should not come as much of a surprise.
00:56They haven't really gained much traction in that Maryland market since November 2022,
01:05when they launched their $20.1 million in handle, they generated about one and a half
01:12million dollars in revenue.
01:14Both of those totals account for less than 0.5 of a percent of market share in Maryland.
01:21So just to kind of compare that with the market leader there in Maryland, which is FanDuel,
01:27$3.5 billion in bets for FanDuel over that time, and they've generated $478.8 million
01:36in revenue.
01:37It is live, Betfred is live in a handful of other markets around the US where we have
01:44some eyes on some additional data.
01:48Some states, as you know, Craig, do put out individual operator statistics on a monthly
01:54basis.
01:55So where we can see those, Arizona, Iowa, and Ohio, that market share around 1%, a little
02:04less than 1% of market share in terms of revenue and handle kind of holds true across those
02:12markets, Arizona, Iowa, and Ohio, like it does in Maryland.
02:17So totaling those four markets together, about four and a half million dollars in revenue
02:24from $166 million in bets across those four states.
02:30So not much of a surprise in Maryland, as Betfred plans to exit here, retail ending
02:38in two days, online ending July 31st, and as they leave, a couple others are entering
02:46that Maryland sports betting market.
02:48Veteran Services Corp has an online license that's going to kick off on July 1st.
02:56BallyBet is going to enter the market at some point in July, and just a few days ago, Better,
03:03the micro-betting platform, just got approval for a sports betting license in Maryland.
03:10No exact timetable for when they'll launch, but those three are entering that Maryland
03:15sports betting market as Betfred exits here in the next couple of days.