What Is LetsBetMD? Maryland Approves New Veterans Services Sportsbook License Before July 4

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Written By Giovanni Shorter | Last Updated

A new sportsbook is joining the Maryland sports betting market. The Maryland Lottery and Gaming Control Commission (MLGCC) has granted a sports wagering license to Veterans Services Corporation (VSC). VSC, along with operating partner Bee-Fee LLC, has launched LetsBetMD. There are now 12 mobile sportsbooks in Maryland, and 12 retail operators currently live in the Old Line State.

VSC In Maryland Launches LetsBetMD Sportsbook

LetsBetMD is joining a thriving Maryland sports betting market. Operators in Maryland have seen $4,989,428,470 in betting handle for FY 2024 (July 2023 through May 2024). This is an 89.2% increase year over year from the $2,636,900,834 during the same period last year. $54,582,952 in taxes have been issued to the Blueprint for Maryland’s Future Fund.

The recent sports betting report also reflects how Maryland has seen steady growth. May 2024 saw $431,528,137 wagered on sports, a 34.8% increase year over year compared to the $320,199,671 in May 2023. The state collected $6,991,255 in taxes, a 50.3% increase year over year.

With yet another sportsbook in the mix, the steady growth of Maryland betting is only expected to continue.

Maryland Seeing Market Change For Sports Betting

As LetsBetMD joins the Maryland market, Betfred is set to exit by the end of July. Both the retail and mobile operations for Betfred will shutter their products. Betfred cites low market share and high competition for its closure. Maryland is home to some of the best sports betting sites in the industry, so fierce competition is expected.

Additionally, both Bally Bet and Betr were approved sportsbook licenses in Maryland and are expected to launch soon. The current look of the Maryland sports wagering market will not be the same in the near future with all the shifts in operators. With the addition of LetsBetMD and the upcoming sportsbooks, local Maryland bettors will continue to have a slew of betting options at their disposal.

LetsBetMD Odds And Promo Language Raises Questions

One thing of note with LetsBetMD is the juice on odds. Line shoppers will note a major discrepancy if we compare the MLB odds at LetsBetMD for the Houston Astros vs. Toronto Blue Jays to FanDuel Maryland. At LetsBetMD, the Astros see -181 odds, and the Blue Jays see +102 odds. In the same matchup at FanDuel, the Astros see -144 odds, and the Blue Jays see +122. Bettors would make more money on either end of the ticket while betting at FanDuel Sportsbook.

Additionally, for the LetsBetMD welcome promo of $200, they are using ‘Free Bet’ language. Free Bet has been removed as a promotional standard from major sportsbooks, and Massachusetts has also outlawed sportsbooks from using the term. The term is deemed predatory as it is not truly a free or risk-free promotion. The LetsBetMD promo requires bettors to deposit a minimum of $10 into their betting wallets. Bettors also receive the promotional funds only if their first wager loses.

Bettors should be aware of both these factors when choosing to wager at LetsBetMD.