Maryland’s Sports Wagering Application Review Commission approved ten mobile sports betting licenses, setting the stage for a pre-Thanksgiving launch.
In 2020, Maryland voters approved a constitutional amendment to expand commercial gaming by authorizing sports and events wagering to raise revenue for education.
While sports wagering is legal in Maryland, sportsbooks are currently only available in casinos and other approved venues. The launch of mobile sports wagering, which handles 70 to 90 percent of wagers in every state with mobile platforms, has been marred by delays.
“To reach this point, we have had to overcome countless legal, political, and bureaucratic delays that threatened to push the launch past the Super Bowl next year. It was completely unacceptable to me, and we spent months pressing for decisive action,” said Governor Larry Hogan. “Thanks to those efforts, and after repeated interventions by our administration, we now anticipate the launch of mobile sports betting this month, and we are cautiously optimistic that it will be in time for Thanksgiving.”
Although sports wagering is generally understood to be a low-margin, high-volatility business, proponents in the gaming industry tout the ancillary benefits of retail sportsbooks – specifically, bringing in younger, net new customers to a gaming facility with an aging customer base; increasing table games and slots revenue; and boosting onsite food, beverage, and hospitality business.
Stay tuned to Conduit Street for more information.