Sports betting is becoming increasingly popular in the United States, and Maryland is no exception. Ever since the US Supreme Court ruled that each state is free to regulate gambling and sports betting as they see fit, Maryland was one of the first states to capitalize on this new ruling.
If you’re new to sports betting, it can be a bit overwhelming at first. There are so many different types of bets you can make, and it’s important to understand how each one works before you start placing any wagers. Since it’s now legal to bet on sports in Maryland, it’s important to familiarize yourself with how things work. With that in mind, here’s a beginner’s guide to sports betting in Maryland.
How will sports betting be regulated in Maryland?
Maryland voters approved legal sports betting in Maryland in November 2020 and state legislators passed bills facilitating wagering in April 2021. Land-based bookmakers are now able to legally operate in Baltimore and other Maryland counties without any hindrances.
Governor Larry Hogan signed more than 200 bills into law, and one of them was the sports betting bill which went into effect on June 1st, 2021.
As far a regulations go, Maryland will issue Class A and B licenses to casinos and sportsbooks who comply with Maryland’s gambling laws. Each company will be taxed at a 15% tax on their proceeds. This makes Maryland the fifth state to officially legalize sports betting in the US.
How will online and mobile sports betting work in Maryland?
So far, only retail sports betting has been legalized in Maryland with a promise of online betting being regulated no later than 2022. Maryland is, therefore, ready to issue 60 mobile betting licenses to operators but the decision has been delayed so far. In other words, online sports betting in Maryland is still unregulated and not operational to this day.
If things go as planned, bettors will likely need to create an account with a Maryland-licensed sports betting provider, which they can do online or through their mobile app. Once the account is set up, bettors will be able to deposit money into it and place bets on the sporting events of their choice.
The specifics of how bets will be placed will vary depending on the platform or provider bettors use, but in general, they should be able to do so either through the website or mobile app.
What does this mean for the future of sports betting in other states?
The future of sports betting in other states will largely depend on the success of the industry in states that have already legalized sports betting, like Maryland did. If sports betting is able to generate a significant amount of revenue and create jobs in Maryland, then other states will be more likely to legalize it.
It’s estimated that Maryland could potentially generate up to $20 million annually in tax revenue from local operators alone. Maryland is currently focused on local providers and sports markets but in time, they may open their doors to other providers from Europe and other countries of the world. One of the best representatives of Africa is betting sites in Zambia, it is a good competitor to bookmakers all over the world.
This will mean more sports markets, more odds and bets, as well as more flexibility that bettors will enjoy. The only thing that remains is for Maryland to come up with a way to get online and mobile betting operational and regulated, so that the industry can continue to grow from there.
Maryland officially legalized sports betting but only for retail betting, meaning that you can, in fact, visit a land-based sportsbook or casino to place your wagers. However, what will happen to the online betting remains to be seen. So far, the best course of action is to familiarize yourself with that the local bookmakers have to offer.