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Betfred Abandoning Maryland Market With Replacements Named

James Bisson

Last Updated: June 21, 2024 10:46 AM EDT • 1 min 39 sec read.

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 Sportsbook made news at a Maryland Lottery meeting Thursday with the announcement that it plans to leave the state’s legal sports betting scene. Despite the upcoming change, residents can still access many of our best sports betting sites.

Betfred has struggled to gain a reasonable market share in Maryland and will, as a result, cease operating its retail sportsbook at the end of June and its Maryland sports betting app at the end of July.

However, the hole in Maryland's legal sports betting industry won’t last long. Betfred has two replacements already named. The Veterans Services Corporation (VSC) and Bally Bet are expected to go live in the Old Line State when Betfred closes up shop in that jurisdiction.

Betfred Maryland

Betfred Maryland completed a “controlled demonstration” of its product in Mayland in 2023 and gained a license from the Maryland State Lottery & Gaming Control Agency to launch on November 18 of that year. The sportsbook was opened in partnership with Long Shot’s, a 6,300 square foot, female-owned facility in Frederick, Maryland.

Since then, it has struggled to gain much of a following compared to the flood of top-tier competition in the Old Line State. The latest earnings report from Maryland regulators showed Betfred Maryland had less than $500,000 in wagering activity in May. 

By comparison, FanDuel Maryland accepted a reported $195.2 million in bets in May, DraftKings Maryland took in $137.7 million, and four other sportsbooks saw more than $10 million in wagers for the month. Residents clearly used more Maryland sportsbook promos from those operators.

The replacements

The Veterans Services Corporation (VSC) has already undergone a strict vetting process by the Maryland Lottery. On May 24, it completed what was called a controlled demonstration in the Maryland market, with an eye on a launch sometime in July. 

It is not the biggest name out there, and could struggle to gain market share against providers with enormous pockets and an ability to provide a lucrative bonus structure to prospective clients.

Bally Bet is the other provider poised to enter the Maryland market, likely at the end of July. Bally Bet is expected to go live in Massachusetts in July and then launch in Maryland shortly after that.

Another rumored provider looking to join the Maryland legal sports betting industry is Betr, which has some hoops to jump through before they are even considered for a sports betting license in the Old Line State. The state’s Sports Wagering Application Review Commission has yet to approve it for the next step in the process but could in the near future.

Written By:
James Bisson
James Bisson is the Editor-in-Chief of Sportsbook 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.