Maryland approves additional sports betting licenses

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  • On Thursday, the MLGCC approved two more applicants for MD sports betting licenses
  • SWARC issues these licenses, but the next meeting is not yet known
  • MD Sportsbooks’ annual tax revenue is projected to be $ 35 million through year three

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On Thursday, the MLGCC approved two more applicants for MD sports betting licenses

Last Thursday, the Maryland Lottery and Gaming Control Commission (MLGCC) filed two more applications for sports betting licenses.

According to MLGCC, both Hollywood Casino in Perryville and Ocean Downs Casino in Berlin have met the set criteria for sports betting licenses in the Old Line State and are now joining three other eligible applicants – Horseshoe Casino in Baltimore, Live! Casino & Hotel in Hanover and MGM National Harbor in Oxon Hill – awaiting SWARC approval.

In a press release, MLGCC Director John Martin announced a general schedule for the actual launch.

We have approved five facilities and our work continues. We will continue to send applications to SWARC so that these awards can be given and sports betting can start by late autumn. It is what the public wants and expects and we are doing everything we can to achieve it.

Except that nobody knows when the next SWARC meeting will be.

SWARC issues these licenses, but the next meeting is not yet known

SWARC has just postponed a scheduled October 14 meeting, and at that time SWARC officials have not given any information as to why the meeting has been postponed.

That doesn’t please industry and state leaders hoping for a start in late fall through early winter, and even Governor Larry Hogan has made it clear on Twitter that legal sports gambling is a priority in his state.

Nobody is pushing harder than me to get sports betting up and running here in Maryland. With the Marylanders looking forward to betting on the NFL and March Madness, we now expect the Legislature’s Sports Wagering Applicant Review Commission to swiftly approve these licenses.

Given the Maryland Sports Betting Act allows for up to 60 online and 47 retail sports betting licenses to be issued, this SWARC queue could get bulky if the next meeting is repeatedly postponed.

These delays cost Maryland millions of dollars in potential tax revenue.

MD Sportsbooks’ annual tax revenue is projected to be $ 35 million through year three

According to industry analysts, once mature, the Maryland sports betting market could attract over $ 200 million in annual gaming revenue to more than $ 3 billion in betting, the equivalent of about $ 35 million in tax revenue earned by residents of the state benefit.

Back in April 2020, the Maryland General Assembly passed a bill allowing both online and retail sports betting in the state, which voters approved in November 2020 and allowed Governor Hogan to enact that law through May 2021.

Since then, there has been a great deal of political and functional bureaucracy that has littered the path to legal sports betting, including this recently postponed SWARC meeting, meaning that state residents will have to continue to wait to take advantage of this lucrative market.

Keep checking back for the latest news and updates on the upcoming launch of sports betting in Maryland.

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