According to some reports, online sports betting in Maryland has been a roaring success thus far. Per one article, online sports bets in the state topped $186 million over the first nine days in the Old Line State. After officially going into action back in November, the gaming revenue stream has picked up a lot of traction in the state. Between November 21 and 30, players placed mobile bets worth a total of $186,084,496, according to one article. While a fair amount of that revenue came from promotional offers from various state sportsbooks, this was still a significant number to behold from the first rollout of online sports betting in the state.
For this report, SBS will be going over the latest news coming from Maryland along with more notes and news from the state.
As referenced above, a significant amount of the total gaming revenue ($65,835,319) came from promotional play offered at various sportsbooks. Maryland’s sports wagering regulations do not limit the amount of a sportsbook’s promotional play in its first full fiscal year of operation. However, per one report, it cannot exceed 20 percent of a sportsbook’s taxable win from the prior year. Maryland Lottery and Gaming Director John Martin was quoted by WMAR 2 News in Baltimore saying they expect mobile sportsbook operators to continue to offer a lot of promotional offers in the coming months as they venture into a new market and work to attract customers.
Martin was also quoted by the station saying that there was tremendous pent-up demand for mobile sports betting and a lot of people were utilizing promotional offers from multiple operators simultaneously. However, he would go on to note that many of the operators have acknowledged this level of promotional play is not sustainable, and based on the state’s regulations, it will be curtailed over time.
Per one source, as part of an agreement with the state, each sports wagering licensee contributes 15 percent of its taxable win to Maryland education programs. With that, the state collected $4,262 during the first nine days that online sports betting was in effect. As noted in the report, Maryland’s sports wagering market launched in December 2021 with the opening of five retail sportsbooks. Four retail locations and seven mobile sportsbooks have launched in 2022, and additional retail locations and mobile sportsbooks are expected to launch shortly.
According to another source, ten online sports betting operators were given the go-ahead from the Maryland Lottery and Gaming Control Agency last fall to launch their operations. While ten operators were given the green light, only seven were actually launched on the date. The ones that missed the deadline were BetFanatics, BetFred, and Parx Interactive. Moreover, by the 2023 NFL season, Martin said he expects up to 21 online sports betting operators and between 15 to 20 retail operators to live in the state.
After you are all caught up regarding the latest gaming news coming from Maryland, tap into the plethora of resources that SBS has set aside for you. For instance, for even more info from the Old Line State, our Maryland sports betting page has you covered with the latest news and information. Moreover, if you are seeking to get the most out of your wagers (and who isn’t), then the SBS best bonus betting sites guide is exactly what you need to maximize your bets. Here you can find a catalog of the latest and greatest welcome bonus promotions. On a final note, if you are perhaps interested in more high-stakes gambling, then our VIP sports betting sites breakdown is exactly the ticket for you. With this resource, you can learn all there is to know about VIP sports betting and if it is for you.