A casino in Maryland committed to a minority business partnership with regards to offering sports betting, ahead of the upcoming discussion of the regulatory framework by the state legislature.
Operations Should Reflect the Community
Caesars’ Horseshoe Casino Baltimore, consistent with its mission “to promote diversity, equality and inclusion”, issued a statement in which it committed to granting at least 25% stake in a future sports wagering endeavor to a minority business partner.
“We are committed to ensuring the ownership of our proposed operation reflects the community in which we do business.”Randy Conroy, Senior Vice President and General Manager, Horseshoe Baltimore
Conroy further elaborated that the casino was proud of its integral role in supporting organizations within the communities ranging from workforce development programs to initiatives in the field of education.
“As part of that ongoing commitment to our community, we look forward to announcing further details of our sports betting partnership in the near future.”Randy Conroy, Senior Vice President and General Manager, Horseshoe Baltimore
The owner of Horseshoe Casino Baltimore, Caesars Entertainment, is currently in the process of acquiring its sports betting technology provider William Hill, looking to bring betting technology in-house and diversify into the field of online gaming. Horseshoe, its minority partner and William Hill would definitely apply for a sports betting license in Maryland and would represent a strong pair to acquire a license.
Sports Betting Issues Still to be Discussed
Maryland was among 3 states, alongside South Dakota and Louisiana, whose residents voted in favor of ballot measures for legalization of sports betting in the Referendum in November, but one topic the ballot did not address was how the industry should operate.
The statement released by the casino revealed an aspect of the business which legislators in Maryland should seriously consider, despite all other issues lawmakers need to resolve to create a working regulatory ecosystem for sports betting.
An informal sports betting group within the Senate Budget & Taxation Committee is yet to meet and discuss possible issues related to the sports wagering, but the issue of minority participation is already taking precedence, causing headaches to lawmakers.
According to the chairman of the House Economic Matters Committee Del. Dereck E. Davis, state legislature faces a considerable challenge on how to “handle the minority business piece”, especially after the way it handled the issue of medical cannabis left a number of members of the Legislative Black Caucus of Maryland “deeply disappointed” and determined not to allow a repetition.
And Horseshoe would not be the only applicant which would have a minority business partner, after a source from the Washington Football Team affirmed on Monday the position the team voiced initially last year that it would create a partnership with a Maryland-based minority business to pursue a sports betting license.