BetFred Sportsbook leaves Maryland
U.K.-based company BetFred announced recently they will close their retail and mobile sportsbook in Maryland. The Maryland State Lottery & Gaming Control Agency confirmed the news during its monthly meeting on Thursday.
“We have become aware that the relationship between Long Shots and BetFred will cease,” Maryland Lottery Director John Martin said during Thursday’s meeting. BetFred operates a retail sportsbook and mobile betting app at Long Shots off-track horse betting facility in Frederick, Md. Martin said the move is becoming more common in the sports wagering market.
“They have reached a mutually agreeable parting of the ways which is common in the industry,” Martin said. “This was not the first time this has happened in Maryland. I don’t think it’s gonna be the last time.”
BetFred Sportsbook said they will cease retail sports betting operations in Maryland on June 30 followed by mobile service ending July 31. In addition to Maryland, the company operates sports wagering services in Arizona, Colorado, Iowa, Louisiana, Nevada, Ohio, Pennsylvania, Virginia, and Washington. The company provides betting odds for football, basketball, hockey, tennis, soccer, and alternate sports such as bare-knuckle fighting and bull riding.
According to Maryland’s latest sports betting revenue report, BetFred’s retail location reported $207,950.93 in taxable win in May, while their mobile app recorded no taxable win for the month.
Meanwhile, BetMGM’s retail sportsbook at MGM National Harbor led May with $249,973.38 in taxable win. FanDuel mobile app reported the top taxable win for the month at $27 million. Maryland applies a 15% tax on all sports wagering taxable win.
New CEO Appointed
In September 2023, BetfFred USA appointed Kresimir Spajic as the company’s new CEO.
Spajic, a recognized online gaming industry leader, said he would spearhead the sportsbook’s vision, strategy, and operational execution across ten U.S. states. He has decades of experience in domestic and international online gaming. He has previously held various executive and principal consulting roles with Great Canadian Entertainment, Apollo Global Management, Hard Rock International, Rush Street Interactive, Borgata Hotel Casino & Spa, and Bwin.
Spajic said he looked to build a sustainable business in the U.S., following his appointment.
The company entered the U.S. sports betting market in 2019 when Betfred USA was formed. Located in Las Vegas, Nev., BetFred USA is the official sports betting partner of the Cincinnati Bengals, the Denver Broncos of the NFL, and the Vegas Golden Knights of the NHL.
BetFred’s departure from Maryland sports betting market will be followed by two sports wagering operators just getting started in the state’s market.
Desire To Operate in Maryland Remains Strong
Bally Bet and Veterans Services Corp. (VSC) will launch its sports wagering services in Maryland next month.
“VSC had successfully completed their control demo in the month of May,” Martin said. “They will start operations on July 1. So we welcome them on the mobile side, as well as anticipating over the next several weeks furtherance of Bally’s to the marketplace on the mobile side of sports wagering.”
Florida-based company Betr Sportsbook is also seeking entry into Maryland’s sports betting market. Betr is waiting for approval from the state’s Sports Wagering Application Review Commission before taking customer bets.
