- Legal States
Filip Mishevski January 11, 2022 3 min read
Maryland Legal Sports Betting a Success, Data From the First Month Shows
One month after Maryland’s five casinos were given the green light to offer residents sports betting services, the industry proved to be a massive success as the facilities reported a total of $16.5 million in bets. Out of those, the state kept $469,297, which will go to various public education programs.
Maryland Sports Betting Was Legalized in December
After quite a few unsuccessful attempts, sports betting in Maryland was legalized in December. The five casinos that were allowed to provide residents of legal age with sports wagering services were Hollywood Casino, Horseshoe Casino, Live! Casino & Hotel, Ocean Downs Casino, and MGM National Harbor.
Out of the $16,552,430 that was wagered on sports in the first month, winners gained $13,382,430, leaving the aforementioned casinos with a $3,128,660 profit. The laws state that the casinos need to direct 15% of their taxable wins to the state of Maryland, which is why the state received almost half a million dollars. It is rumored that a few more gambling facilities will receive a sports betting license this year.
Legalizing Sports Betting in Maryland Was Quite the Hassle
Maryland is finally now able to reap the benefits of a legal sports betting industry, but the whole process of legalizing these activities proved to be quite problematic in 2021. In its initial attempts, the aim was to make the industry legal before the start of the NFL season, which was in September, but the process was delayed quite a few times as rules weren’t determined.
Then, in November, all six casinos in Maryland joined forces to pressure authorities and make sure that the industry is legalized by the end of 2021. That is something that they succeeded in as Maryland authorities created quite a unique ruleset.
First off, all six commercial casinos in the state were allowed to apply for a license. Five of them did exactly that, but Rocky Gap Casino did not for some reason. Sports Wagering Application and Review Commission (SWARC) provided the previously mentioned five casinos with sports betting licenses, and they started operating in December.
According to the law, minority-owned and women-owned businesses can also apply for a sports betting license. Lawmakers’ goal was to make the sports betting industry as diverse as possible, and this was the best possible solution. Small businesses that have not more than 25 employees and annual revenue that doesn’t exceed the $3 million mark can apply for a sports betting license whose upfront fee is $50,000.
The activities of all facilities that provide patrons with sports betting services are regulated by the Maryland Lottery and Gaming Control Commission (MLGCC).
Filip Mishevski has been covering online gambling and cryptocurrencies for the past few years. He has written countless articles, how-to-guides, insights and news, and is keen on sharing his extensive knowledge in the aforementioned fields. He’s very passionate about soccer and MMA and is interested in how the online gambling industry will shape our future and thus, influence our lives.
Industry January 11, 2022