It’s with great excitement that the first legal sports wager was placed in Maryland – and who better to do it than Gov. Larry Hogan. The governor of Maryland placed a $50 wager and in doing so, has set the scene for sports betting to take off.
It’s been a long time coming for Maryland, with various missteps and delays, but sports betting has now launched in the state. This will be welcomed by all residents who have long awaited the moment where they can start betting on their favorite teams – be it the Ravens or the Orioles, or a variety of other teams that represent Maryland on a weekly basis.
Another state takes the plunge
There has been massive interest from stakeholders across states in the US when it comes to legalizing sports betting. More than 30 states have now moved to authorize sports betting activities. This comes in the form of brick-and-mortar outlets as well as online platforms including mobile wagering. The multi-billion dollar industry has taken hold of the country over the last 3 years. State revenues have shot up markedly while various parties have capitalized on the ever-lucrative market.
Maryland is set to receive a projected $15 million in tax revenue from sports betting. This will be used to fund a number of educational programs across the state. Moreover, the state is looking to generate more than $100 million in annual revenue once all operations have taken flight. Of course, there is a long road ahead for stakeholders as various aspects must still be straightened out before the full potential of sports betting is realized.
What started off as a ballot question in 2020 evolved into the first five land-based casinos being approved to offer in-person sports betting. The Sports Wagering Application Review Commission then approved another two locations for sports betting. Thus, there are 7 different locations where Maryland residents can now enjoy a variety of betting opportunities under a regulated and fair environment.
The Sports Wagering Application Review Commission is an entity unto its own. With the legalization of sports betting, this commission has been created so as to ensure fair gambling practices in the industry. This extends to promoting, and keeping, small-to-medium sized businesses in action as well as ensuring diversity throughout.
Online sports betting in the works
Yes, sports betting has been given the green light in Maryland. However, this doesn’t mean that online sports betting will be readily-available in the coming months. It’s most likely that online sports betting platforms will only come to the fore at the end of 2022. Optimists will be hoping for it to take slightly less time to become operational. In-person betting will have to suffice for now. There is certainly a lot of groundwork that needs to be completed before any sort of online or mobile wagering takes off in the Old Line State.
Naturally, online sports betting will be sure to give the market a major boost. It’s clear that mobile wagering provides the most revenue across the board. The sheer accessibility of mobile sports betting apps make it the number one attraction for individuals looking to place bets. We’re certain that all interested parties will be keen to roll out mobile wagering in Maryland as soon as possible.
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