Maryland gambling likely won’t be up and running in the time for the beginning of the 2021-22 NFL season, which is scheduled to start on September 9.
Following a fruitful ballot referendum in the November 2020 election, this year, Maryland legislators legalized gambling. The bill signed by Governor Larry Hogan (R) requires more than 60 retail and sports betting privileges. A large number of license applications, and a pending public participation period, the state executives say, needs much more time than some politicians have expected.
Hogan told Maryland Matter:
“They said it’s just impossible to get it done by the start of the NFL football season.”
Maryland’s sports wagering law allows multiple entities to participate. The state’s three professional stadiums, six business casinos, and several small businesses qualify to seek permits to carry out sports betting.
Applicants first present to Maryland’s recently established Sports Wagering Application Review Commission (SWARC). If approved by SWARC, sports betting companies will then be accustomed to financial and criminal background probes conducted by the Maryland Lottery and Gambling Control Agency for final approval.
As described by Hogan, the two-phase process, and a massive number of applicants, will result in Maryland sports fanatics being unable to place a sports bet before the NFL season kick-off legally.
Launch approaching
Although Marylanders will have to wait more time before gambling legally in their home state, state executives say the wait won’t be too long for some books.
SWARC states that all six casinos, MGM National Harbor, Hollywood Perryville, Live Casino & Hotel, Rocky Gap, and Ocean Downs, are already approved for sports betting. The homes of the NFL Baltimore Ravens, NFL Washington Football Team, and MLB Baltimore are, too.
A recent statement from the Gaming Control Agency stated:
“Some of the entities named may have their brick-and-mortar sports wagering operations up and running during the fall of 2021.”
The fall unveiling means regulated betting could be taking steps during the NFL playoffs, as well as marquee college football matches. Hogan says he has been resting on state gaming executives to get sports wagering live as soon as possible.
Hogan explained:
“I pressed them pretty hard about making sure we get it done at least by the end of the football season when all the betting takes place, in the playoffs and the Super Bowl.”
Revenue influx
Maryland’s gaming industry is recovering from the immediate effect of the COVID-19’s worst days. State casinos have been fixing new gaming revenue highs, and sports wagering will only increase income further.
For the state, that means additional money for education. Casino revenue and impending taxes from gambling are set aside for K-12 schools.
Maryland anticipates that the 15% tax on the sports wagering GGR will lead to an extra $15 million to $19 million annually for the Education Trust Fund. The state will not have to wait long since approved betting locations will require to pay a one-time upfront licensing cost of between $50,000 to $ 1 million upon approval.
Feverish post-pandemic play
COVID-19 banished gamblers to their houses on the stay-at-home-directives throughout most of 2020. The extended restrictions without access to a face-to-face casino have spurred unusual restrained demand in much of the nation.
Besides Maryland, monthly gaming revenue records have been noticed in New Jersey, Massachusetts, and Pennsylvania. Those states are recording better than pre-pandemic gaming activity.
January through July, GGR for Maryland casinos sums $1.10 billion. Same time last year, casino revenue stood at $540.2 million. The $1.1 billion casino win within the 2021 seven months is better than in 2019. Two years ago, GGR summed 8% lower at $1.02 billion.
Slots are pushing the 2021 rise. GGR from the terminals through 2019 eight months summed $666.75 million. The machines have won $745.44 million this year.
Last Updated on by Ryan
