NYBETTINGREPORT: SUNDAY: Could Mobile Sports Betting Be in Maryland Before the End of the Year
Retail sports betting has been the go-to for those that reside in the state of Maryland. In-person wagering, however, cannot reach a market’s full potential as bettors have to physically be at the gaming facility or casino to place a bet.
Can Bettors and Sportsbooks Be Optimistic About Mobile Sports Betting?
The news seems to change week by week in the Old Line State as some are very optimistic while a good percentage of people are very pessimistic about the situation. Gov. Larry Hogan has wanted sports betting to be a part of the state because people have been using offshore sportsbooks or cross state lines to place wagers.
Now, he wants the Sports Wagering Application Review Commission to speed up the mobile sports betting process as the state is missing out on millions of potential revenue during the last quarter of the year. October is one of the months the industry looks forward to as it encompasses five weekends of events.
MLGA Director John Martin told a news source this week that several Maryland sportsbooks should be available for Super Bowl betting by then. Having the option to bet before 2022 ends will make a huge difference in the numbers.
The Mobile Launch Requires Many Steps
The SWARC has been working through the process of drafting the rules and regulations. The Commission has also wanted a diversity study to make the sports betting market a very inclusive jurisdiction.
The study has prolonged the process as the regulators wanted to know if there are more initial steps that needed to be taken. Sportsbooks and entities that want to join the market must submit an application as 60 online and 30 retail licenses will be given out through competitive bids.
SWARC has 45 days to review applications once they are received. Martin has stated, “We’re optimistic we can get some through the process before the 45 days. These sports betting licenses will also be independent and won’t be tied to existing partnerships that were made before.
Some of the most reputable sportsbook brands have in-person locations at casinos throughout the state. Some of these operators include Barstool, BetMGM, BetRivers, Caesars, PointsBet, and FanDuel. Superbook recently partnered with the Baltimore Orioles while Fanatics plans to have a brick-and-mortar location at FedEx Field.
The Summer Slowdown Was a Factor in Maryland
The retail sports betting market has had its ups and downs since the operation began in December 2021. However, the summer slowdown has taken a toll throughout the industry including Maryland.
During August, seven retail sportsbooks took in $18.7 million in wagers, generating $3.2 million in sports betting revenue. The win rate also registered a very solid figure of 17.1 percent.
Bettors across the state have certainly placed many wagers at these facilities and the results have favored the house for the most part. Right now, the overall handle is approximately $209 million and an average hold rate of 11.9 percent. It has secured $24.9 percent in revenue and $3.7 million in taxes for the state.
The numbers for the most part have been very solid but the Old Line State is still far from reaching its full potential. The state offers quite a few options as it has many professional franchises and collegiate programs.
Maryland has yet to reach the next tier in terms of potential because the state doesn’t offer online sports gambling. Some states’ monthly handles show that mobile sports wagering accounts for 99 percent of their total monthly handles.
