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The 2021 Maryland General Assembly session will be given the task of coming up with the rules and regulations for the sports betting industry that was legalized in November 2020 by public vote. A new piece of legislation is requesting that the Maryland State Fairgrounds be eligible for licensure. A sportsbook makes money through what is known as the juice or vig which is basically the “commission” that the company makes from taking the wagers, the main idea behind the juice is for a sportsbook to profit regardless of the outcome of a game, so they will always try to keep the bets on an event fairly even and in that way they can profit no matter what the outcome of the game is.
- The 2021 Maryland General Assembly session will be given the task of coming up with the rules and regulations for the sports betting industry that was legalized in November 2020 by public vote.
- A new piece of legislation is requesting that the Maryland State Fairgrounds be eligible for licensure to run a retail and mobile sportsbook.
- Should the Maryland General Assembly include nonprofit organizations in their list of eligible sports betting operators, the current bill for the fairgrounds would pass.
BALTIMORE – Maryland legalized sports betting in November of last year through an overwhelming majority vote by the public on the subject. But more legislative processes are happening now that the pastime has become legal, including building the online sports wagering model of the industry.
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Being voted into law at the end of 2020 meant that the 2021 session of the Maryland General Assembly would see the structure for the market being drawn up, from both the land-based and online sports wagering aspects of the industry.
There is currently a bill seeking to get a nonprofit organization to become eligible for a sportsbook license for both online and retail platforms. Because there are no rules set in stone just yet, this could pass as an eligible business for gambling on sporting events.
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Other states across the nation have required nonprofit locations to have licensure for sports wagering operations but the passage of this bill into law is contingent upon the rules and regulations that Maryland ultimately comes up with for their legal retail and mobile sportsbook market.
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The Next Steps For Legal Sports Betting In Maryland
The Maryland General Assembly will have plenty to talk about regarding their newly legal sports wagering industry. Everything surrounding the market is up in the air.
There is no tax rate or set requirements for who would be eligible for a license, which means there is also no real cap to base decisions off of at this point. It is assumed that existing casinos would be able to expand into sports betting.
These casinos are already tied to operators that would head up their sportsbooks which include:
- Hollywood Casino Perryville with Barstool Sportsbook
- Horseshoe Casino Baltimore with Caesars
- Live! Casino & Hotel with FanDuel
- MGM National Harbor with BetMGM
- Ocean Downs with TwinSpires,
- Rocky Gap Casino Resort with William Hill.
Each location would presumably be entitled to a land-based license as well as a mobile sportsbook license. There is also a strictly internet operation that would like to enter the state’s industry in the Stronach Group.
Should all of these outlets be written into law, with the addition of nonprofit organizations, then the Maryland State Fairgrounds would be able to apply for a retail and online sports wagering license. The fairgrounds have proved to be a very profitable off-track betting site and all money made from gambling on sports through this location would fund charitable endeavors in Maryland.
It would also serve as the only location to wager on sports in Baltimore County which lies 15 miles north of the metro area of Baltimore.
Senator Chris West, the sponsor of the proposal for a sportsbook on the fairgrounds believes it’s prudent to get a sportsbook in Baltimore County so as not to exclude the area from the potential funds sports betting could generate for things like education in addition to charities.
The Maryland General Assembly should have a structure for the legal sports betting market of Maryland by the adjournment of the 2021 session which is scheduled for April 12. After the rules and regulations have been finalized, sports bettors in the state should see a launch of the industry later this year at the earliest.
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News tags: Baltimore Baltimore County Barstool Sportsbook BetMGM Caesars Chris West FanDuel Hollywood Casino Perryville Horseshoe Casino Baltimore Live! Casino & Hotel Maryland Maryland General Assembly Maryland State Fairgrounds MGM National Harbor Ocean Downs Stronach Group TwinSpires Rocky Gap Casino Resort William Hill
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Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.