Betfred Sportsbook Exits Maryland Sports Betting Market

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Transcript

00:00Jim, we start off with an exit for a sports betting retail company called Betfred, a very

00:09popular international company, by the way, maybe not as much here in the United States.

00:14And where is Betfred exiting?

00:17And what do you make of their exit?

00:19Yeah, Craig, you're absolutely right.

00:23Popular in the UK, not as popular in the US.

00:28So they are, Betfred, departing the Maryland sports betting market.

00:34The retail sportsbook at Longshots in Frederick, Maryland, will be closing on Sunday, two days

00:41from now, and the Betfred app will shutter on July 31st.

00:48So another month for the online operation.

00:51And it really should not come as much of a surprise.

00:56They haven't really gained much traction in that Maryland market since November 2022,

01:05when they launched their $20.1 million in handle, they generated about one and a half

01:12million dollars in revenue.

01:14Both of those totals account for less than 0.5 of a percent of market share in Maryland.

01:21So just to kind of compare that with the market leader there in Maryland, which is FanDuel,

01:27$3.5 billion in bets for FanDuel over that time, and they've generated $478.8 million

01:36in revenue.

01:37It is live, Betfred is live in a handful of other markets around the US where we have

01:44some eyes on some additional data.

01:48Some states, as you know, Craig, do put out individual operator statistics on a monthly

01:54basis.

01:55So where we can see those, Arizona, Iowa, and Ohio, that market share around 1%, a little

02:04less than 1% of market share in terms of revenue and handle kind of holds true across those

02:12markets, Arizona, Iowa, and Ohio, like it does in Maryland.

02:17So totaling those four markets together, about four and a half million dollars in revenue

02:24from $166 million in bets across those four states.

02:30So not much of a surprise in Maryland, as Betfred plans to exit here, retail ending

02:38in two days, online ending July 31st, and as they leave, a couple others are entering

02:46that Maryland sports betting market.

02:48Veteran Services Corp has an online license that's going to kick off on July 1st.

02:56BallyBet is going to enter the market at some point in July, and just a few days ago, Better,

03:03the micro-betting platform, just got approval for a sports betting license in Maryland.

03:10No exact timetable for when they'll launch, but those three are entering that Maryland

03:15sports betting market as Betfred exits here in the next couple of days.