- Marylanders now have a sports betting industry to look forward to as Governor Larry Hogan signed House Bill 940 into law on Tuesday.
- The sports wagering legislation will have mobile and retail sportsbooks open in Maryland.
- The Maryland sports gaming market is expected to launch by the beginning of the 2021 NFL season.
ANNAPOLIS, Md. – Governor Larry Hogan has officially signed House Bill 940 on Tuesday to make sports betting in Maryland a regulated market.
The sports wagering legislation passed in both chambers of the Maryland General Assembly by April 12 and was sent to the Governor for his signature. In proper legislative fashion, he waited until the very end before putting ink to paper.
The Sports Betting Industry In Maryland
Marylanders passed regulated sports betting in November 2020 by majority vote when the subject was placed on the ballot. In 2021, the Maryland General Assembly had to develop and pass a framework for the market.
House Bill 940 was the landscape that lawmakers chose to go with. Under this proposal, there are a total of 60 mobile sportsbook licenses available. Big named sports betting operators like Barstool Sportsbook, BetMGM, DraftKings, and FanDuel are all slated to apply for licensure.
Stadiums like M&T Bank Stadium, home of the Baltimore Ravens, and FedEx Field, home of the Washington Football Team are eligible to open sports wagering venues in Maryland. All stadiums, casinos, and racetracks in the state can open sportsbooks should they choose to apply. There is no cap on these “Class A” licenses as they are open to as many of these named establishments as there are in Maryland.
Class B licenses are capped at 30 and are open to small businesses that want to open a retail sportsbook. Seven of these licenses are already spoken for, with one going to the Maryland State Fairgrounds. All Class B licensees can also apply for an internet sports wagering platform license as well.
All GGR from the sports gaming market will see a tax rate of 15%. Estimates show revenue from the sports betting industry coming in at around $20 million annually.
Sportsbooks are expected to go live by the beginning of the 2021 NFL season, if not by the MLB World Series at the latest.
News tags: Baltimore Ravens | Barstool Sportsbook | BetMGM | DraftKings | FanDuel | FedEx Field | House Bill 940 | Larry Hogan | M&T Bank Stadium | Maryland | Maryland General Assembly | Maryland State Fairgrounds | MLB | NFL | Washington Football Team | World Series
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.