Maryland is one step closer to gaining a new online sportsbook.
The news became official this week when Betr, an online sports betting app co-founded by Jake Paul, had its license approved by the Maryland Sports Wagering Application Review Commission. The Maryland Lottery approved the license in May.
Before launching, Betr needs to undergo a controlled demonstration. No launch date has been announced.
Betr app licensed in three states
Betr will enter a highly competitive Maryland sports betting market. It includes all the big-name operators, including FanDuel, DraftKings and BetMGM.
Betr separates itself from other sportsbooks by focusing on micro-betting. It’s a form of sports wagering whereby players predict the outcome of specific events within a game or contest.
Maryland will be the fourth state Betr has launched in. The sports betting app is live in Ohio and Virginia, where it has the smallest market share of all operators in each state. It exited the Massachusetts market in March after failing to gain traction, which caused its one-year license in the state to expire.
One in, one out
As Betr looks to make its mark in the Old Line State, another sportsbook suffered the same fate as Betr did in Massachusetts.
Betfred Sportsbook, one of the lowest-volume sportsbooks in the state, recently announced it will shutter Maryland operations. The sportsbook accepted $166,000 in wagers at its retail sportsbook at Long Shot’s in Frederick in May. Its mobile handle for the month failed to surpass $500,000.
As a result, the Betfred retail sportsbook will close on June 30. The mobile sportsbook will shut down on July 31.
More Maryland sportsbooks look to launch in 2024
Betr may be the newest sports betting operator to gain licensure in Maryland, but it’s not the only one set to launch in 2024. Earlier this month, the Maryland Sports Wagering Application Review Commission approved applications for Veterans Services Corp. and Queen Sportsbook.
Veterans, which has connections to the failed Gambet sportsbook in Washington, D.C., could launch as soon as July. Queen is owned by Queen Casino & Entertainment, which operates casinos in Illinois, Iowa, and Louisiana.
Bally Bet, which has held a license since December 2022, also expects to launch in July.
With Betfred’s exit, Marylanders will have 13 online sports betting options come Aug. 1.
