Maryland Expects to Pass Sports Betting This Fall
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In the upcoming election, the people from Maryland will be able to vote on whether or not they want sports betting in the state. Projections show that Maryland is in the middle of passing sports betting, although they did like the idea back in February, according to Dr. Milean Kromer from Goucher College said.
Sports betting revenue will go towards education if it is passed, which will help support the referendum. Maryland Sen. Craig Zucker is one of the main writers of the sports betting referendum, and he still believes the bill will pass next month.
DraftKings and FanDuel are funding a campaign to help legalize sports betting in Maryland. The two sports betting giants spent $750,000 in a “Vote Yes on Question 2” campaign to remind the people of Maryland what sports betting will do for the education system.
What Maryland Sports Betting Could Look Like
There has been a big push for legalized sports betting from politicians to sports betting companies to the people of Maryland themselves.
A majority of the state wants sports betting, and they should see the referendum passed next month. According to Oxford Economics, the state could see $40 million in annual revenue thanks to sports betting. The money would go to the schools in the state, which would help the education system long-term.
The state would give betting licenses to the four sportsbooks and two racetracks in the state. Washington Football Team, who plays in Maryland, was also looking into a sports betting license. This could drum up the possibility of the Baltimore Orioles or Ravens to apply for sports betting licenses.
Depending on the number of slot machines a casino has, the licenses would be between $1.5 million and $2.5 million, and sports betting would be taxed at 20%. Some of the usual suspects will most likely be entering the market first. BetMGM will be available at MGM National Harbor, and FanDuel will look to enter through Live! according to a 2019 press release.
DraftKings, William Hill, PointsBet, and others will also try to make their mark early in the state. Virginia and Maryland are the last two states in the region that have not launched sports betting, so the competition to get in will be tough.
Why the State Needs to Pass Sports Betting in November
Delaware, Pennsylvania, Washington D.C., and West Virginia all border Maryland and they have all have sports betting operations in their states. Virginia is the only bordering state that has not passed legal sports betting, but they are trying to create a b.
Maryland needs to pass sports betting sooner than later in their state. They will lose out on millions in revenue as people travel to a state with legal sports betting instead.
The same situation happened with the states surrounding Indiana. The Hoosier state was the first in the midwest to launch sports betting, and they were able to capitalize on the surrounding states not having something launched yet. People from Chicago, Cincinnati, and Louisville, all within 20 miles of the Indiana border, would go to the state to place bets as their state did not plan.
The same thing is happening in Maryland as three states and Washington D.C. have sports betting operations. According to experts in the state, there seems to be strong confidence that Maryland will get it done this November.
