WynnBET announced recently that it was closing down its online sportsbook operations in multiple states.
While it had not yet launched in Maryland, WynnBET was making its way through the licensing process. Not anymore. WynnBET will no longer be joining the Maryland online sports betting market, leaving a license open for someone else.
Not that there was a shortage. Maryland allows for up to 60 online sports betting licenses, and with 12 filled and just three others currently in the pipeline, there’s plenty to go around.
What sportsbooks are working toward launch in Maryland?
WynnBET was one of four online sports betting operators working toward launch in Maryland. Its exit leaves Bee-Fee, Bally Bet and Queen Sportsbook as the only three still in contention.
All three are into the final stages, although Bally Bet is still essentially paused nationally.
Bee-Fee, which is working through Veterans Services Corp., and Queen, meanwhile, could very well both launch prior to, or during, the NFL season. One would assume that would be the goal.
What sportsbooks could still come to Maryland?
Beyond those, we can only speculate on who would want to come to Maryland. The market has shown incredible strength through its first nine months of operation, and with a pair of NFL teams, an MLB club and a major college program, it’s likely attractive.
National, or international, brands that have yet to dip their toe into the Maryland waters include bet365, Tipico, Circa Sports, SI and Betway, among others.
Let’s be clear, there’s been nothing to indicate they would be coming, at least not yet.
In order to join the Maryland market, each would have to become Maryland Lottery and Gaming Control Commission qualified, and be awarded a license by the Sports Wagering Application Review Commission. They would also need to earn MLGCC qualification as an online operating licensee.
That’s just to get to the point of Bee-Fee, Queen and Bally Bet. Other steps follow, including a controlled demonstration, but the licensing qualifications are the main steps.
FanDuel, DraftKings dominance might scare other operators away
There’s also a chance that national names will look at the 80% market share FanDuel and DraftKings have combined for in Maryland, and simply stay away.
With Fanatics recently fully launching in the state, and ESPN Bet coming late in the fall, fighting for whatever scraps are left over might not seem all that appealing.
For smaller, local operators, like a Crab Sports, jumping in with the sharks makes sense. You can make some money and find your niche as a Maryland-only sportsbook while not worrying about competing with FanDuel and DraftKings. Bigger names don’t work that way.
WynnBET’s decision wasn’t based solely on Maryland, of course, but it’s not the first of the big brands to realize punching up at FanDuel and DraftKings simply isn’t worth it, and it definitely won’t be the last.
