Betr Being Added to Maryland Sportsbook Family

Maryland is preparing to add another sportsbook to its family of providers, as Betr is looking to join the fray in competition with our best sportsbooks operating in the state. On Wednesday, the Maryland Sports Wagering Application Review Commission announced that the sports betting brand created by Jake Paul and Joel Levy was granted a license to operate.

Betr will still have to go through a controlled demonstration of their product with the Maryland Lottery before it is granted final approval to go live in one of the country's top 10 legal sports betting markets.

The Maryland sports betting licensing announcement comes about a week after Betfred Maryland announced its intentions to leave the Old Line State. Betr will, in essence, act as a replacement for a brand that failed to gain any sort of traction in the Maryland market.

Expanding its reach

Betr started off 2024 with a strong commitment to expanding its reach in the American market. In January, Joey Levy, Founder and CEO of Betr, said in a press release that “The new states we have acquired market access in will offer Betr Sportsbook the opportunity to reach over 17% of the U.S. adult population by the end of this year, while Betr Picks will continue to be available to over 50% of the U.S. adult population.”

The Betr brand hopes to grow its presence by seven states in 2024 alone, with Maryland being one. Soon, they'll be available with the other Maryland sportsbook promos.

At present, Betr Sportsbook is available in the Ohio sports betting and Virginia sports betting markets. It also has market access in the Pennsylvania sports betting, Indiana sports betting, Colorado sports betting, and Kentucky sports betting scenes, which it hopes to launch by the end of this year. 

It had been available in Massachusetts sports betting before its underwhelming market share in that jurisdiction forced it to shutter operations in the Bay State.

Competition strong in the Maryland market

Maryland is currently home to America’s best sports betting sites and is considered one of the most competitive markets in the country. Betfred was a casualty of the incredibly tough legal sports betting scene there.

In May alone, the two biggest providers on American soil, FanDuel and DraftKings, dominated the Maryland market and combined for over 75% market share. FanDuel reported a $195.2 million handle in May, and DraftKings saw $137.4 million in wagering activity during the month. 

Four of the state’s mobile providers, including the now-departed Betfred, failed to reach a $1 million monthly handle.

The goal for Betr will be to crack the top five mobile sportsbooks in Maryland, but it is expected to be an uphill climb just to do that. Cracking that list won't automatically mean instant success in the Maryland market. While FanDuel and DraftKings each generated over $137 million for the month of May, no other sportsbook in the market saw even $35 million in bets.

“It’s been interesting to watch this industry evolve,” said SWARC Chairman Thomas Brandt during the Betr licensing announcement on Wednesday. “Of course, there are the two big kahunas, as we sort of anticipated, but these guys seem to have identified a niche they want to try to exploit.”