Betr Secures Maryland Sports Wagering License Amid Market Shifts

Betr, a microbetting wagering platform co-owned by YouTube star and boxer Jake Paul and Joey Levy, has been awarded its Maryland sports wagering license. This decision came during the Sports Wagering Application Review Commission (SWARC) meeting on Wednesday, June 26. While this is a significant step forward, Betr must still undergo a controlled demonstration before it can fully launch in the state.

Current Footprint and Future Plans

Betr is already operational in Ohio and Virginia and is gearing up to expand its reach. Earlier this year, Betr decided to exit the Massachusetts market, but it holds a temporary license in Indiana, where it has not yet been launched. Despite being a smaller player in the sports betting industry, Betr has managed to carve out a niche for itself in these competitive markets.

In Maryland, the path to securing a sports wagering license is stringent. The Maryland Lottery Commission initially approved Betr’s license in May, but the final authority rests with the SWARC. This multi-layered approval process underlines the state’s commitment to a regulated and fair sports betting environment.

Betr’s entry into Maryland is happening at a time of significant changes in the state’s sports betting landscape. BetFred, a notable player in the market, has decided to relinquish its Maryland wagering license. Simultaneously, the Veterans Services Corporation (VSC) is preparing to launch its operations on July 1. VSC, a British-based company, operates a digital betting platform through Bee-Fee Limited and has prior experience in the U.S. market as a subcontractor for Intralot in Washington, D.C.

Bally Bet is another major player set to make its debut in Maryland next month. The company received its Maryland wagering license nearly two years ago and is already operational in seven states. Bally Bet also plans to enter the Massachusetts market in July, increasing the total number of sports betting platforms in the state to seven.

Maryland’s Sports Betting Legislation

The legislative framework for sports betting in Maryland requires digital operators to be d with land-based entities such as casinos, racetracks, or professional sports teams. This tethering requirement ensures a robust connection between online platforms and established gambling institutions. Maryland has the capacity to license up to 60 operators, and currently, about 15 are active.

Maryland has also placed a strong emphasis on ensuring diversity within the sports betting industry. Lawmakers and regulators have strengthened minority business requirements, creating opportunities for a broader range of business entities to participate in the market. As part of this initiative, Rod N Reel Bingo has been approved for a Class B facility license, reflecting the state’s commitment to inclusivity.

The sports betting market in Maryland is poised for significant growth and transformation. With the entry of new operators like Betr and VSC, alongside established players like Bally Bet, the competitive landscape is becoming increasingly dynamic. Maryland’s regulatory framework, which combines rigorous licensing processes and a focus on diversity, sets a strong foundation for the industry’s future.

For Betr, gaining a foothold in Maryland represents a critical step in its expansion strategy. The company’s focus on microbetting, which involves placing small, rapid wagers on specific events within a game, differentiates it from many traditional sportsbooks. This unique approach could attract a diverse range of bettors looking for a different kind of engagement with sports events.

As Betr prepares for its controlled demonstration and eventual launch in Maryland, the sports betting market continues to evolve. The interplay between new market entrants and established operators, coupled with Maryland’s regulatory and legislative efforts, creates a fertile ground for innovation and growth. For Betr and other companies navigating this landscape, success will hinge on their ability to adapt to regulatory demands and meet the diverse needs of bettors in an increasingly competitive market.

Source:

”Betr awarded Maryland wagering licence”, igamingbusiness.com, June 26, 2024.