Maryland Sports Betting Gets Going With First Bill Following Legalization

Maryland Sports Betting

During the November 2020 election, residents voted in favor of legalizing sports wagering in the State of Maryland. However, the proposition was rather bare-bones as it was there to simply legalize the broad law of sports betting in the state. Many of the details still need to be worked out.

Prior to the election in 2020, the actual detailed bill was completely stripped back, and it only left Maryland residents with a simple yes or no question on whether to legalize sports betting. This means that this legislative season will be crucial in shaping Maryland sports betting for the future.

First Bill: Licenses for Non-Profits

While Maryland sports betting will surely include for-profit sportsbooks, including casinos in the state and partners of those casinos, the first bill being discussed actually presented licenses for non-profits like the Maryland fairgrounds in the state. This would be a very unique type of sports betting bill, and it could greatly benefit those in Maryland.

There is quite a bit of sense behind this bill as it has been reported that fairgrounds in the state are the most profitable off-track betting sites for horse racing. It would make sense to also allow sports wagering for these fairgrounds, and it could add a massive competitive sports betting option to the state.

This will be the first time that a state requires licenses for nonprofit sportsbooks in the United States.

When Will Sports Betting Launch in Maryland?

There is still a ton to do in Maryland, and this bill is the first very small step in a long list of steps to decide what will be legal, who will regulate, and what the tax revenue will be. Even if the State Congress can get everything decided by the end of this legislative season, that will only begin the licensing process.

There is a small hope for sports betting before the 2021 NFL season, but it would be much more realistic to look for some time during the 2021 NFL season as a launch date for sports betting in Maryland, if not 2022.

One thing that Maryland has going for it is casinos. This could make the licensing process must faster by simply rewarding licenses to casinos that can then choose to partner with online sportsbooks that will then offer their product to the state.

We have seen this way of licensing and legalizing work out very well in several states like Michigan. However, just like Michigan, there can always be delays and pushbacks. For now, there can be no definitive timeline or date for Maryland sports betting.

Projected Sports Betting Handle

With a population of over 6 million, there is no reason that the sports betting handle for Maryland could not be massive. The state should easily hit the $100 million a month mark when it launches and should climb its way past the $200 million and $300 million marks over the course of the first year of sports betting. This will lead to 10s of millions in revenue for the state, even if the state went with a lower tax rate.