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Maryland Sports Betting Breaks Record in First Month

| January 25, 2022, 06:00 PM

Maryland has had sports betting legalized for a few months now. In May 2021, Gov. Larry Hogan enacted bill HB 940 into law, and in July 2021, a set of regulations allowing sports betting in Maryland was authorized.

This came about when Maryland voters adopted a ballot initiative in November 2020 to legalize sports betting. After months of anticipation, residents of the state may finally wager on sports at land-based sportsbooks.

In Maryland, several well-known providers are planning to establish their services. Maryland sports betting locations are outlined in detail here. They are awaiting the debut of these services as retail sportsbooks, which MGM has already done. Governor Larry Hogan has decided to bet through their National Harbour retail sportsbook.

Progress in the first month

Maryland sports betting, which is confined to five retail sportsbooks, got off to a slow start in its first month. According to a survey from the state agency in charge of Lottery and Gaming Control, Maryland gamblers spent $16.5 million in December 2021. The opening of a consumer sportsbook at MGM National Harbor on Dec. 9 marked the start of sports betting in Maryland. Throughout the month, four additional sportsbooks opened their doors. Maryland’s retail sports betting business will continue to mature, with mobile sports gambling not expected to begin until at least mid-2022.

The following is a representation of how the various Maryland casinos faired in the first month of operation;

  1. Casino & Hotel Maryland led- $7.1 million
  2. MGM National Harbor – $6 million
  3. Horseshoe Casino Baltimore – $2.6 million
  4. Ocean Downs – $554,218
  5. Hollywood Casino Perryville – $319,001

Rocky Gap, the state’s sixth casino, does not offer sports betting, although its revenue increased by 3.9 percent to $4.9 million. The casinos, which also include slots games and table games, made $172.9 million in December, which was their second-highest monthly income ever.

The increase in takeovers corresponds to the addition of table games in December of last year. Since the introduction of table games in December, casinos have experienced an increase in income.

Maryland’s revenue share

Maryland’s share of the income totaled $71 million. The state’s Education Trust Fund receives the greatest portion. A portion of the money goes to the horse racing sector, local government initiatives, and small minority and women-owned companies. In July 2021, a monthly gaming revenue milestone of $180.1 million was reached. The Christmas season, along with the opening of sports betting at five of the venues in December, resulted in fantastic results.

The revenue share was 45 percent more than a year before in the same month. The casinos were running under COVID-19 capacity limits at the time. In early December, the casinos started accepting sports bets after waiting years for approval to begin gambling on football, basketball, and other sports. The monthly hold, which is the amount retained after casino sportsbooks give out winning wagers, stood at 19.2%.

Factors contributing to Maryland sports betting breaking records

The following are some of the key factors that have made Maryland sports betting break records in its first month.

Legalization of sports betting

The establishment of a set of laws for Maryland’s sports-betting business contributed significantly to the achievement of these milestones. The bill is one of the most significant ever passed in the United States.

It provides for the licensing of a historic 60 online sportsbooks and 30 retail licenses. Sports teams, commercial casinos, and secondary licenses for small enterprises are among the retail licenses available.

The total number of skins permitted significantly outnumbers any other state up to this moment. It was a significant step toward the state’s first authorized wager. Maryland’s broad licensing laws ensure that it will easily pass DC. It might potentially be a rival to Virginia, which began betting in January 2021.

Maryland sportsbooks control a larger percentage

Approximately $3.2 million, or 19.2 percent, was retained by the sportsbooks. Relying on a 15% rate of taxation on taxable winnings of $3.1 million, the state collected $469,297. The funds will go to the Maryland Blueprint for the Future Fund. The agency is ecstatic that sports betting is now operational, and they are ready to contribute to the market’s further growth.

Liquified Creative Annapolis

More sportsbooks are opening-up

The five new sportsbooks were among the 17 retail licenses granted by Maryland’s sports betting law. Long Shot’s, Riverboat on the Potomac, and Greenmount Station are the other three sportsbooks awaiting final clearance to open. Additional facilities are scheduled to launch soon, according to the regulatory agency’s report.

Mobile sports betting, on the other hand, is still a few months away. There are up to 30 retail and 60 mobile operators waiting to be granted licenses of operation. The Sports Wagering Application Review Commission must first set the criteria and rules before granting these licenses.

As licenses are issued by the Commission, additional retail outlets are gradually going online. Those requirements must also be approved by the Maryland Assembly.

Limiting sports betting to a partial month

Maryland’s sports betting was limited to a single month thus helping it to break records in the first month. Following the establishment of BetMGM at MGM National Harbor, two sportsbooks opened on December 10.

These were the Live Casino & Hotel as well as Horseshoe Casino. With $7.1 million in bets, the FanDuel Sportsbook at Live Casino is already one of the better retail sportsbooks in the United States. Bets totaled over $6 million at MGM National Harbor.

Later in the same month, the Ocean Downs Casino and the Hollywood Casino both opened. This took place on December 17 and December 23, respectively. Since most casinos opened in the first month, it was easy for Maryland’s sports betting to break records.

Conclusion

When it comes to sports betting legislation and gambling in general, Maryland is hardly the most stringent state. The state’s image for open gambling will be bolstered by online sports betting.

While the state will not allow online casinos, the majority of states in the United States have not yet approved online sports betting. Maryland also has a lottery run by the state and permits limited charitable gambling. Since 2018, it has been very persistent in its drive to allow sports betting.

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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