For residents of the state of Maryland, sports betting moved a step closer recently, but patience is still needed, as it will be 2022 before they can finally bet.
So what is the current legal status of betting in Maryland?
With ballots needing to be held, laws needing passing, etc, the actual legal position is slightly complicated.
It’s not as simple as the state governor just saying Maryland sports betting is legal. A lot of processes needed to be gone through to get to where we find ourselves today.
So, what do we know so far?
Since then, BetMGM opened a retail Sportsbook at the MGM National Harbor on December 9th.
Also in December, on the 10th, a sportsbook opened at Horseshoe Casino.
So what happens next is the question! As stated above, it’s not a simple straightforward process.
The next stage of the process is online sportsbooks, and when do they come on board?
Well, the simple answer is, not any time soon.
Online sportsbooks are still roughly a year away. Indeed, MLGCA Director John Martin, claimed it will not happen before fall 2022 at the earliest.
Further underlining the complexities surrounding online sports betting in some states of the USA.
Well, we do have a lot of information about the Maryland Sports Betting Bill when it eventually comes to fruition.
It is one of the largest bills to ever pass in the United States. Keys facts about the bill are as follows:-
All the above will be overseen by the Maryland Gaming Commission. The commission will also be in charge of regulation, licensing, and sports betting from within the state.
The commission will have total control.
Unlike the deal struck in Illinois (2%), the tax rate in Maryland is far higher.
For major retail vendors (casinos) and online sportsbooks, it’s a whopping 15% – you can check out our online sportsbooks reviews here.
For secondary retail licenses, the tax rate is set at 13% on gross revenue.
Major vendors will have to fork out $250,000 for a license. While for the smaller retailers, it will be $50,000.
On top of those charges just to receive a license, the major retailers will also have to find $50,000 in annual fees. The smaller vendors will be expected to pay $10,000 a year.
For online sportsbooks, the charges are even more eye-watering.
They will have to find a cool half a million dollars to apply for and receive a betting license. The annual renewal fee is $100,000.
These fees highlight the extreme amounts of money the operators can expect to make.
As alluded to above, John Martin thinks it will be Fall 2022.
This is a significant date as it will coincide with the start of the 2022/23 NFL season.
As well as the best online sports betting sites hoping for this date to be met, the major sporting franchises will also be hoping for implementation sooner, rather than later.
A legal and structured online betting market can be lucrative to the state’s franchises, as it makes partnerships with online sportsbooks far more lucrative.
With the size of the betting bill, and the potential within the MD state, it’s not hard to see why so much emphasis has been placed on legalizing online sportsbooks.
Do you know who placed the first legal wager in the state of Maryland?
It was state governor, Larry Hogan.
Yes, Hogan cast the first wager in the state at the MGM National Harbor (casino) on Thursday, December 9th, 2022.
The bet placed by Hogan was apparently a futures bet on the Washington Football Team to face the Baltimore Ravens at the 2022 Super Bowl final.
Hogan claims that the bet will pay more than $20,000 if it wins.
On announcing the bet, Hogan made reference to the year-long effort to bring betting to the MD state.
He also justified the efforts by saying the revenues raised would help out in public education, without the need to place the tax burden on families and small businesses.
I’m sure there are plenty out there who might disagree with Hogan. But for now, he seems to have won the argument.