Betting stations at The Greene Turtle
The Greene Turtle

The Greene Turtle's sportbook venture is backed by betPARX.

The Greene Turtle Opens its First Restaurant/Sportsbook Concept

The move comes as the sports betting industry continues to break revenue records. 

The football season is here, and The Greene Turtle is ready to take your wagers

The casual-dining chain announced the opening of its first all-in-one restaurant and sportsbook concept in Baltimore's Canton neighborhood. On February 15, the Maryland Sports Wagering Application Review Commission granted two permits to Finest Flag Gaming. These licenses allow them to run sports betting operations in The Greene Turtle restaurants located in Canton and Towson, Maryland. The entire venture is backed by betPARX.

“Our Canton location is the first restaurant in our partnership with Finest Flag Gaming and betPARX. It takes our guest experience to the next level,” The Greene Turtle CEO Geo Concepcion said in a statement. “This location has been a long time coming but was definitely worth the wait. We had the time to refine all the things we’ve learned in our newest locations and have taken it to another level. We have a duty to give Maryland, our loyal supporters for nearly five decades, something special and that’s what we’ve delivered. The Greene Turtle is back in a big way.”
The Greene Turtle
The Greene Turtle
The Greene Turtle
The Canton site boasts advanced audio-visual equipment. It has tickers to simultaneously update bettors on various events and a modern 40-foot video display that can broadcast up to 20 games simultaneously. Regular operating hours for The Greene Turtle in Canton are 11 a.m. to 12 midnight Monday-Sunday. On Saturdays and Sundays, the restaurant is open at 10 a.m. for early betting, with food and alcoholic service beginning at 11 a.m.
The Towson location should open in the coming weeks.
Sports betting is legal in more than 35 states. In Maryland, retail sports gambling rolled out in December 2021 and online sports gambling launched November 2022. Across the U.S., sports betting wagers reached an unprecedented $31.11 billion in Q1, resulting in a record-breaking $2.79 billion in quarterly revenue, marking a 70.1 percent increase from the previous year. The surge in Q1 compared to Q1 2022 can be attributed mainly to the introduction of new markets in Kansas, Massachusetts, and Ohio.
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In addition to The Greene Turtle, Buffalo Wild Wings and Hooters have explored mixing sports betting into restaurant operations. Dave & Buster's is considering the move as well. 

After a soft launch in Canton, The Greene Turtle plans to host a grand opening celebration on October 1. This event will feature giveaways, prizes, and a guest appearance by Lucky the Turtle. 

At the start of 2023, The Greene Turtle had 34 locations, 19 of which were company-owned. The brand had an AUV of $2.5 million and 18 percent unit-level EBITDA margins. Last year, the brand built four restaurants, which are posting $3.5 million in AUV and competitive cash-on-cash returns. Five stores are planned for 2023. 

The Greene Turtle has created buzz through the M&A market, as well. In June 2022, the company announced it acquired Clark Crew BBQ, an independent casual-dining concept in Oklahoma City. The restaurant, which has won more than 700 Top 10 awards, was founded in 2019 through a collaboration between Travis Clark and Famous Dave's parent BBQ Holdings. The single-unit store generates $8 million in annual volume and $1.2 million in unit-level contribution. 

The Greene Turtle also formed Founders Growth Platform. As part of the deal, the chain partners with a founder and agrees to build a single unit out of pocket. Cash flow is split evenly, and The Greene Turtle has the right to participate in 50 percent of any future growth, at a minimum. There are also some drag-along rights to grow the concept and complete a transaction if the brand chooses to. 

There are seven fast-casual brands under the Founders Growth Platform, four of which opened in 2022. Five were scheduled to debut in 2023. The Greene Turtle, Clark Crew BBQ, and Founders Growth Platform now fall under parent company, ITA Holdings. In five years, the combined entity is projected to have 155 locations, including 73 for The Greene Turtle, 10 for Clark Crew BBQ, and 72 under Founders Growth Platform.