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Maryland Sports Betting Bill Roadmap

| March 22, 2021, 07:55 AM

There have been many calls for adjustments in rulings and regulations around sports betting and online gambling throughout the US over this past year as many experts suggest that the tax levy on the big services could provide a perfect opportunity for economic recovery from the pandemic – some such as the first to legalize betting outside of Nevada like Delaware have certainly been finding benefit here, and with many bills submitted last year being postponed until 2021 due to the coronavirus there are many starting to come up once again – one of the latest is within the HB 940 bill for Maryland, as a sports betting bill passes the house and hits senate for a hearing on March 25th.

While there is no guarantee of change, it is expected that change is on the way nonetheless as Sen. Craig Zucker said in a statement “I think it’s a roadmap in terms of certainly where the House was. The Senate will be looking at it closely trying to work as collaboratively as possible with the house and make sure that we have a good hearing on the bill and take it from there.”

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But what exactly does the bill entail? Well one big key component certainly addresses the previous point for economic recovery, with the sports betting revenue being taxed at 15% for both retail and mobile applications it could spell a huge economic boon, and with mobile operators facing a jump to 17.5% after revenue hits $5 million it could see an increase very quickly. Similarly, there are the cost of the licenses too – with a proposed $250,000 for a Class A application with a $50,000 license fee, this will make up the majority. Class B operators will be asked for $50,000 and a $10,000 annual fee, and mobile operators would be expected to pay $500,000 and a $100,000 yearly fee as well.

The Class A licenses will be reserved for casinos, horse tracks, and stadiums, and the current proposal is to have 12 available. Class B licenses are aimed at local business with a proposed 10 in availability, and there have been a suggested 15 mobile licenses on the table too – this is one area that is expected to change however as Zucker states “I think the workgroup and then the committee as a whole is going to have to work through what the right amount of licenses will be, both in Class A and B and then the mobile licenses.”

It does appear that change is certainly on the horizon though, and that sports betting in Maryland could be closer than many thought – if accepted the change will start from June 1st and could lead to an exciting return for the major sporting events in the summer as the expansion in sports betting throughout the US continues.

Severn Bank

Category: Local News, NEWS

About the Author - Stephanie Maris

Stefanie is a local blogger and social media content marketer from Maryland and most recently a wife and a mother. She has an unhealthy obsession with puns, sarcasm and caffeinated beverages.

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