Betfred considers a fulls exit from the US market
Due to poor financial performance, Betfred plans to cease its operations in the US market.Betfred, a UK-based bookmaker established in 1967, owns and operates over 1500...
Betfred exits Maryland’s sports betting market
It was disclosed during the Maryland Lottery meeting that Betfred intends to leave the state’s sports betting industry.
In collaboration with Long Shot’s in Frederick, the British gambling operator will close its physical sportsbook on June 30 and its online sportsbook on July 31.
This move follows the failure of Betfred’s mobile sports betting app to gain any traction in Maryland, where it only managed a little under $500k in revenue in May. FanDuel, which took in $195.2 million in online wagers in the state in the same time frame, performed better than this.
Maryland’s online sports betting market is expected to see new entrants as Betfred leaves. After a controlled demonstration with the lottery on May 24, Veterans Services Corporation (VSC) intends to launch on July 1. In addition, Bally Bet is scheduled to make its debut in Maryland the following month, after its expected launch in Massachusetts in June. Betr is presently applying for a Maryland license for operating online sports betting. Before starting a controlled demonstration, the operator needs permission from the state’s Sports Wagering Application Review Commission (SWARC).
John Martin, Director of Maryland Lottery & Gaming, stated that Long Shot’s will pursue a new partnership for sports betting:
“Long Shot’s and Betfred reached a mutually agreeable parting of the ways, which is common in the industry at this stage.”
The sports betting market in the state is still growing, with a $431.5 million total handle in May—a 34.8% rise from the previous year. With a $195 million handle, FanDuel remained the market leader, followed by DraftKings with $137.3 million and $12.2 million in taxable wins.
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