Mobile Sports Betting Might Come to Fruition Before the End of the Year in Maryland
Maryland has been pushing for mobile sports betting, and it might come to fruition sooner rather than later. There is a possibility that Old Line online sports betting will begin as early as November and most likely early December instead of waiting until next year.
Maryland’s Market Looks to Expedite the Process
A retail sports betting operation has been operating in Maryland for two years now, but it’s looking to reach a broader audience. Currently, ten sportsbooks and other entities have submitted the necessary information to move to the next step before Friday’s deadline.
The Sports Wagering Application Review Commission was able to provide the industry with this information on Wednesday. The Maryland Lottery and Gaming Control Commission will meet on October 27th to help these applicants move through the process.
A few more applications are expected before then, according to Kimberly M. Copp, the commission’s legal consultant. The SWARC will also meet on November 21st to give members of the Commission enough time to extensively review these applications.
Maryland Lottery and Gaming Control Agency Director John Martin is confident that a launch will take place before 2023. The state has authorized the state to offer up 60 licenses in the state, which means the state has a low barrier to entry.
It’s Been a Long Time Coming for Maryland
Gov. Larry Hogan has been a strong advocate for the sports betting market in the Old Line State. The SWARC spent a lot of time with a disparity study to determine if the market needs to put extra resources and time toward including minority and women ownership.
License applications couldn’t be subject to specific requirements regarding minority and women ownership, according to regulators. Sportsbooks have looked to expand their horizon in Maryland, as some bookmakers have partnerships with a few casinos in the state.
Some of these locations include Barstool at Hollywood Casino Perryville, Betfred at Long Shot’s, which is not open, BetMGM at MGM National Harbor, and BetRivers at Bingo World at Caesars. Other locations include Horseshoe Casino Baltimore, Fanatics, FedEx Field, which is not open, FanDuel at Live! Casino, PointsBet at Riverboat on the Potomac, TwinSpires, Ocean Downs Casino.
Maryland’s Retail Market has Been Solid
In-person sportsbooks have posted strong hold numbers since the operation began. However, the sports betting market is far from reaching its full potential, as most jurisdictions in the industry have online sportsbooks. In some monthly handles across the nation, 99 percent of the handle comes from mobile sports betting.
The eight retail sportsbooks in the Old Line State have registered a combined handle of $31.4 million in wagers. With these numbers posted, the state was able to generate $6.6 million in revenue for the month.
The numbers in October will most likely be higher as the NBA season and NHL season will aid the handle numbers. Football is already known to be the most wagered sport in the United States.
If Maryland can obtain a mobile market by the end of the year, the numbers will drastically change before the final quarter of the year ends.
