It has taken Maryland two years to join the online sports betting space after two years of only conducting brick-and-mortar casinos. Gov. Larry Hogan has been a major advocate through the process, and the dream finally became reality.
Maryland Takes a Monumental Step Forward
The Old Line State is the latest to join the online sports betting industry, with Ohio and Massachusetts waiting for their turn. Surprisingly, the process was faster than experts initially thought, as many lawmakers were waiting for the first quarter of 2023.
The Sports Wagering Application Review Commission decided to move up the licensing meeting by a week. This move was considered to be crucial as the online market was able to launch on Wednesday.
Most of the sportsbook operators launched at 9 am on Wednesday. The seven sportsbooks that were able to launch this week were Barstool Sportsbook, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, FanDuel, and PointsBet.
Three other sportsbooks were awarded licenses but will launch at a later date, which will most likely be in early 2023. The three other sportsbook platforms are Betfred, betPARX, and Fanatics. This will be a big opportunity for Fanatics as they will have a platform ready by early January.
Fanatics will need to gain market access in other jurisdictions to have a shot in California. Both Proposition 26 and 27 failed on the ballot as neither initiative came close to receiving the majority vote in the Golden State.
Bookmakers Hope to Make Their Efforts in Maryland Count
Maryland is one of the markets that will most likely thrive in the industry due to its proximity to the nation’s capital and other major markets. The Old Line State’s retail locations have done a solid job for the most part, as most locations registered a high win rate for consecutive months.
The sports betting tax based on revenue in the state is set at 15 percent, which isn’t that high compared to other states across the industry. The tax revenue generated from this operation will be geared towards the e Blueprint for Maryland’s Future Fund, which supports public and private education programs.
To gain an edge over their competitors, these sportsbooks have offered new customers special promotions. DraftKings and FanDuel offered specific “no sweat” or a “no brainer,” which brings the odds from -10000 to +100.
There was a limit as to how much an individual could place on the bet, which is set at $50. This is an opportunity to give bettors a small head start against the house.
Maryland is Putting Itself on the Map
Bettors will now be able to place bets through mobile devices. Additionally, the brick-and-mortar casinos will still place a key role, as they will add to the overall handle and revenue totals.
The market projects to add up to 21 mobile sportsbook entities by 2023. The state looks to add at least 15-20 more retail locations as well. Maryland has a week and the month of December to close out 2022 on a strong note.