Betr Gains Market Access Into Maryland Market

The Maryland Lottery is poised to add another sports betting app to its family. On Thursday, Betr Sportsbook was announced to have gained initial licensing approval to launch its product in a solid market that already features many of our best sports betting sites.

Thursday’s announcement does not give the Jake Paul/Joey Levy, Miami-based sports betting product, the green light to go live in Maryland. The provider must still clear regulatory hurdles set by the Maryland Sports Wagering Review Commission and then satisfy the Lottery once again before final approval is granted.

The Maryland sports betting scene is home to 13 retail sportsbooks and 11 sports betting apps. Betr joins Bally’s, Queen Sportsbook and Veterans Service Corp as sports betting providers with initial licensing approval that has yet to launch. All will be in a race to become the first Maryland sports betting site to go live in 2024.

Expansion plans

Betr entered 2024 with huge expansion plans. In a January press release, the sports betting provider hinted at launching in 11 states in 2024. At the time, Joey Levy, Founder and CEO of Betr, said in a press release, “The new states we have acquired market access in will offer Betr Sportsbook the opportunity to reach over 17% of the U.S. adult population by the end of this year, while Betr Picks will continue to be available to over 50% of the U.S. adult population.”

So far, Betr is available in just the Ohio sports betting and Virginia sports betting scenes, with the Colorado sports betting, Kentucky sports betting, Indiana, and Pennsylvania sports betting markets on the radar, thanks to the granting of market access in all four of the jurisdictions. 

On the flip side, Betr abandoned the Massachusetts sports betting market earlier this year. There, it struggled to gain any traction and gained a less-than-1 % market share.

Hurdles

Betr Sportsbook has not exactly enjoyed the best financial reports since it arrived on the U.S. legal sports betting scene. Its financial issues were part of the company's temporary licensing discussion in the Maryland market and a concern for a few lawmakers.

A net 2023 loss of about $32 million came up in discussions around the viability of Betr in Maryland but didn’t sway lawmakers against granting initial approval to the betting brand. The company reported just $20.3 million in revenues for the 12-month period.

Betr brass hopes the company will be profitable in 2025, following aggressive launches in 2024 and improved results in 2025. The company also has backers with deep pockets and a reported $35 million in cash on hand. They'll need to join others with aggressive Maryland sportsbook promos to make a dent in the market.

In the end…

Thursday’s announcement of Betr's initial approval of a Maryland sports betting license is certainly a win for the company.

It remains to be seen if it is a win for the Maryland legal sports betting scene. Betr has been a third-tier sports betting provider in the markets it has a presence in so far and will be up against the biggest and best sportsbooks in the country when it does indeed go live in the Old Line State.

DraftKings Maryland and FanDuel Maryland have dominated so far in the Maryland market. Betr will have an uphill climb attempting to wrestle some market share away from them.