Bethfred leaves Maryland due to plummeting revenue

Betfred has made the decision to withdraw from the betting market in Maryland, both online and in retail locations, and to halt all mobile operations by July 31.

This move comes as a result of a significant decline in the company's revenue, ranking them 10th out of 13 in the state.

Betfred, a leading sports betting operator with a strong presence in the global market for over fifty years, has announced its withdrawal from Maryland.

The British company, known for its 1,600 bookmakers in the UK and Spain, will be ending both its physical and online betting services in the state. Retail sports betting will come to an end on June 30, 2024, and mobile operations will cease on July 31, 2024.

In the previous month, Betfred's earnings were lower than the state's top bookmakers. Maryland's approved betting companies reported a total of $431.5 million in bets, a 34.8% increase from the previous year.

The obvious market leaders - FanDuel and DraftKings - again took the first places in the top 10. FanDuel closed the month with $195 million, the highest online revenue in the state, up from $146.3 million in May 2023.

DraftKings came in second with $137.3 million in winnings of $12.2 million. Betfred came in 10th with $496,979 in earnings, showing the company's inability to compete with the leaders.

As a reminder, the company entered into a partnership with bookmaker Long Shot's in 2022, wanting to enter the state's gambling market. In 2023, the government regulator granted Betfred an online and retail betting licence, giving the operator the green light.

The operator thus joined the list of other licensed companies authorised to operate in Maryland. These include, but are not limited to: BetMGM, FanDuel, Barstool, DraftKings, PointsBet, Caesars and BetRivers.