The November 2020 election brought change to the state when voters in Maryland said yes to sports betting. After many questions about whether or not the state would approve sports betting during the election, Maryland voted two to one.
Shortly thereafter, the state began preparing sports betting invoices to present to the state in the hope that something would be passed and rolled out in 2021. On Tuesday, House Speaker Adrienne A. Jones unveiled the 940 House Bill, the first of many sports betting bills introduced in Maryland.
The state is expected to hear multiple bills and decide which route is best for Maryland sports betting.
Details on HB 940
Maryland Casino and Racecourses could apply for betting licenses under HB 940, and the state would also allow mobile sports betting for online operators only. Sports betting for retailers would pay a license fee of $ 250,000 and online operators would pay $ 500,000.
The state would also allow up to 10 licenses for online betting providers. The commission for the review of sports betting applications would issue sports betting licenses. SWARC was re-established this year for sports betting in Maryland. Renewal fees would be incurred every five years and cost between $ 10,000 and $ 100,000.
Both retail and online sports betting providers would start with a 15% tax. However, online-only sports betting would pay a 17.5% tax after the first $ 5 million in sales.
Which sports bets could participate?
Maryland could be a pretty competitive sports betting industry depending on how a bill is written. Maryland expects the state’s six casinos to have at least 10 operators as well as retail sports betting. The state also plans to offer licenses for the two racetracks and place an estimated 18 sports betting in Maryland.
The casinos will most likely be picked up thanks to already established partnerships with sports betting. MGM Harbor National will have BetMGM, and Horshoe Casino Maryland will most likely have Caesars Sportsbook. Hollywood Casino Perryville was recently recaptured by Penn National, who owns Barstool Sportsbook. Life! Casino & Hotel will see FanDuel, Ocean Downs will most likely have Twin Spiers as their sportsbook, and Rocky Gap Casino Resort could see William Hill.
This leaves 12 more places open for betting providers. DraftKings will inevitably be coming to Maryland along with BetRivers, PointsBet, and other top brands. With big names already associated with casinos, many sportsbooks are opening the doors to enter the state and should be shot in Maryland.
What’s next for the state?
Most likely, more bills will be filed in the state, and Maryland lawmakers will decide whether or not to officially advance the bill. HB 940 gives Maryland bettors a good idea of where the state is headed in terms of licenses, taxes, and forestry.
The early bills filed in Maryland give the state a promising outlook on sports betting, making it a competitive state. Additionally, in Maryland, Washington, DC weather weather could invade the state if the district can’t fix sports betting.
Bettors would be more interested in betting in a more reliable state, which could help increase revenue in Maryland. In the months to come, expect discussions about what Maryland sports betting will ultimately look like.