For betting enthusiasts in Maryland, it would appear that there is a new kid on the block when it comes to sports wagering apps. Per a recent article, Betr, the sports betting app founded by YouTube star Jake Paul and entrepreneur Joey Levy, has been awarded an online sports betting license in Maryland. The decision was made by the Maryland Sports Wagering Application Review Commission (SWARC) on Wednesday. Although the official launch date has yet to be determined, the company must first complete a controlled demonstration with the Maryland Lottery. Betr is currently operational in Ohio and Virginia, having exited the Massachusetts market earlier this year due to economic reasons. The move comes as Betfred prepares to exit the state’s sports betting market by the end of July, citing insufficient market share.
For this article, SBS will be going over the latest updates coming from the world of Maryland sports betting along with some more notes and info regarding gaming in the state.
In addition to Betr, other new entrants are preparing to launch in Maryland. Veterans Services Corporation (VSC) plans to debut its online sportsbook on July 1, while Bally Bet is also expected to enter the market next month, though an exact date has not been disclosed. Maryland’s sports betting market is currently dominated by FanDuel and DraftKings, which reported mobile handles of $195.2 million and $137.4 million, respectively in May. No other app surpassed $35 million in mobile handles, with smaller operators like Betfred, betPARX, Crab Sports, and SuperBook Sports all posting online handles below $1 million per one source.
Noted in the same article, Betr hopes to capture Maryland bettors’ interest with its product, which focuses on live betting. However, it is anticipated that the company will initially rank lower in terms of market share. SWARC Chairman Thomas Brandt commented on the expanding industry during Wednesday’s meeting. “It’s been interesting to watch this industry evolve,” Brandt said. “Of course, there are the two big kahunas, as we sort of anticipated, but these guys seem to have identified a niche they want to try to exploit.”
According to one report, Maryland’s legal framework for digital sports betting requires operators to be tied to casinos, racetracks, professional sports teams, and other land-based entities, with up to 60 licensed operators permitted. Currently, about 15 sites are live. Lawmakers and regulators have also implemented stringent minority business requirements, with Rod N Reel Bingo recently approved for a Class B facility license.
According to another report and above, Betfred will leave the Maryland sports betting market in the coming weeks. This announcement was made in late June during a Maryland Lottery and Gaming Control Commission meeting. Betfred will close its in-person sportsbook at Long Shot’s in Fredrick, MD, on June 30 and the sports betting app will shutter on July 31st. In May, Betfred was the 10th-most utilized of the 12 Maryland sports betting apps, handling less than $500,000 for the month. Since launching its sports betting product in the state in November 2022, the company has accepted $20.1 million in bets and produced just $1.48 million in revenue. Both totals account for less than 0.5% of market share. To compare, market-leading FanDuel accepted $195.2 million in online bets last month.
Moreover, since November 2022, FanDuel has cleared $478.8 million in revenue from $3.45 billion in handle. Despite leaving the Maryland sports betting market, Betfred still operates online or in-person sportsbooks in nine other states. In Arizona, Iowa, and Ohio, where operator-specific data is provided, Betfred’s market share is consistent with its performance in Maryland. Betfred has produced $4.48 million in lifetime revenue in those four states combined from $166 million in bets. More specifically, in Ohio where it is partnered with the NFL’s Cincinnati Bengals, Betfred has generated $1.91 million in revenue while giving away $2.65 million in free bets.
As Betfred prepares to exit, two other operators will enter the Maryland market as noted above. In May, VSC held a successful product demonstration for the commission. It will be a mobile-only licensee with operator partner Bee-Fee. Per one other report, Balley Bet is also expected to go live online in July, though the commission’s monthly report did not detail a specific date. Of course, Betr has been the notable new addition here and is perhaps more intriguing given the massive star appeal of Paul and his associates.
Once you are all dialed in regards to the latest gaming updates coming from the Old Line State, make sure to tap into the awesome array of information available to you only at SBS. For even more analysis and insights on the topic at hand, our Maryland sports betting guide has you covered with all of the latest and greatest information relating to the area. Also on a related note, the best betting apps breakdown is a fantastic page that covers all of the nuances of mobile betting along with even more information about the betting apps available to you. Finally, for those perhaps intrigued by some higher stakes wagering, look no further than the VIP sports betting sites rundown which goes over a variety of great information and you will be able to see if VIP betting is for you.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football and basketball across the country. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones. CURRENTLY Business Development and freelance sports writing RESIDES IN Reno, NV EDUCATION University of Nevada BS and MBA EXPERTISE -Sports writing proficiency in: NFL, NBA, UFC, boxing, golf, and some motor sports -Topical news -Promotional and marketing ideas/updates -Business development Summary Chris Boline serves in a business development sales capacity as his day job. He has previously held sales/marketing positions with The Applied Companies (TAC), KTVN 2 News and the NBA G League’s Reno Bighorns, affiliate of the Sacramento Kings. He is a Reno native and is a member of various community boards including the Nevada Sagebrush Alumni Chapter, NCET and the College of Business Alumni Association (COBAA). Chris graduated from the University of Nevada in 2015 with a bachelors in management and economics and also earned his MBA from Nevada in 2023. More about Chris: Past president of the College of Business Alumni Association (COBAA) 2022-23 Two-time honoree for University of Nevada Alumni Chapter of the Year (Nevada Sagebrush Alumni Chapter, 2017 & COBAA, 2021) 2021 NCET award for Professional Services Organization of the Year with TAC Northern Nevada Human Resources Association 2020 Best Places to Work-Northern Nevada, Second Place with TAC 2016-17 Reno Bighorns MVP from the Sacramento Kings The Nevada Sagebrush editor-in-chief 2013-15 Associated Collegiate Press 2015 Four-year Non-daily Newspaper Pacemaker honoree University of Nevada, Reno College of Business Dean's List honoree (5x) from 2011-2015 Nevada Press Association award for Best Sports Column – Community in 2015 Education
Read Chris's ProfileAsk Chris about this guide:
