Sports betting enthusiasts in Maryland have been eagerly waiting for the state to legalize sports betting since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018. Finally, after a few years of delays and debates, the sports betting bill is making progress in the state legislature.
The sports betting bill in Maryland was initially introduced in 2020 but was postponed due to the COVID-19 pandemic. However, the bill was reintroduced in 2021, and it seems to be moving forward. The Maryland General Assembly has recently passed the bill, and it is now awaiting approval from Governor Larry Hogan.
The Maryland sports betting bill will allow retail and online sports betting in the state, and the Maryland Lottery and Gaming Control Commission will be responsible for regulating the industry. The bill will also require sports betting operators to pay a 15% tax on their revenue.
Several potential operators have already applied for licenses in Maryland. The Maryland Lottery and Gaming Control Commission opened the licensing process in December 2020, and potential operators had until February 2021 to submit their applications. So far, 17 potential operators have submitted their applications, including some of the biggest names in the sports betting industry.
One of the potential operators is DraftKings, which has been aggressively expanding its presence in the US sports betting market. DraftKings has partnered with the Cordish Companies, which owns and operates Live! Casino & Hotel in Maryland, to offer its sports betting platform in the state.
Another potential operator is FanDuel, which is also a major player in the US sports betting industry. FanDuel has partnered with the Washington Football Team to offer its sports betting platform in Maryland. The Washington Football Team’s home stadium, FedEx Field, is located just across the border in Maryland.
Other potential operators that have applied for licenses in Maryland include BetMGM, William Hill, PointsBet, and Barstool Sportsbook.
The Maryland sports betting bill has received support from various organizations, including the Maryland Jockey Club, which operates the Pimlico Race Course and Laurel Park, two of the state’s horse racing tracks. The Maryland Jockey Club has been advocating for the legalization of sports betting in the state, as it believes it will help boost the state’s horse racing industry.
Apart from the possible financial advantages, the sanctioning of sports betting in Maryland is anticipated to bring about a favourable influence on the issue of problem gambling. The bill includes provisions to fund problem gambling programs, including a “self-exclusion” program that allows individuals to voluntarily exclude themselves from participating in sports betting.
While the Maryland sports betting bill still needs to be approved by Governor Larry Hogan, it seems likely that it will be signed into law. If it is, Maryland will join a growing number of states that have legalized sports betting since the Supreme Court’s 2018 ruling. As the sports betting industry continues to expand, Maryland is poised to become a significant player in the market.
Maryland could also lead to increased revenue for the state. According to a report by Oxford Economics, legal sports betting in Maryland could generate between $17 million to $39 million in annual tax revenue.
Furthermore, the report estimates that legal sports betting in Maryland could create up to 1,200 jobs and contribute up to $169 million in economic activity to the state. These figures highlight the potential benefits that the legalization of sports betting could bring to Maryland’s economy.
However, not everyone is in favour of the sports betting bill in Maryland. Some lawmakers and community organizations have raised concerns about the potential negative effects of sports betting, including addiction and problem gambling. They argue that the social costs of gambling could outweigh the economic benefits.
The sports betting bill contains measures to tackle these concerns, such as allocating funds for problem gambling initiatives and creating a self-exclusion scheme for people who want to opt out of sports betting voluntarily. Additionally, the bill requires sports betting operators to implement responsible gambling measures, such as offering resources and tools for individuals to manage their gambling habits.
Despite these measures, opponents of the bill are still sceptical about the potential negative effects of sports betting. However, proponents of the bill argue that sports betting is already happening in Maryland through illegal channels, and legalizing it would allow for better regulation and consumer protection.
The legalization of sports betting in Maryland is a complex issue that involves weighing the potential benefits against the potential risks. While there are concerns about problem gambling and addiction, there are also potential economic benefits and the opportunity to regulate an industry that is already operating in the state.
If the sports betting bill is signed into law, Maryland will join the growing number of states that have legalized sports betting. As the industry continues to expand, it will be interesting to see how it evolves in Maryland and what impact it has on the state’s economy, communities, and individuals.
In conclusion, the sports betting bill in Maryland is making progress and could potentially be signed into law in the near future. The bill would allow for retail and online sports betting in the state and would be regulated by the Maryland Lottery and Gaming Control Commission.
The legalization of sports betting in Maryland has the potential to bring economic benefits, create jobs, and regulate an industry that is already operating in the state. However, it also raises concerns about addiction, problem gambling, and social costs.
