Five Casinos in Maryland Receive Sportsbook Licenses

Maryland State Seal With Casinos Background

The push to get land-based sportsbooks in Maryland continues. This week, five casinos in Maryland were officially given sportsbook licenses. It’s one of the final steps necessary for retail sports betting options to finally go live in the state.

Lawmakers here are determined to get this state’s sports betting industry up and running. It appears this is closer to reality now than ever before. Now is a great time to talk about what still needs to be done for land-based sportsbooks to go live here.

Let’s get into it!

Officials Grant Sportsbook Licenses to Five Casinos in Maryland

Maryland is home to a small, yet successful gambling industry. Six casinos are spread around the state. These properties are hugely popular with residents and help to bring the state a large amount of tax revenue every month.

Maryland’s voters approved a measure to legalize land-based and online sports betting back in November of 2020. Unfortunately, the state’s gaming commission has been slow to come up with specific rules to monitor this industry. Some real progress has been made in recent weeks, though.

Five casinos in Maryland have just been awarded sports betting licenses. The Sports Wagering Application Review Commission approved this move by a 5-2 margin. Maryland Live!, MGM National Harbor, Horseshoe Casino, Hollywood Casino, and Ocean Downs Casino have all gained one of these licenses.

The gaming commission now needs to independently review each of the plans to run these sportsbooks. Seth Elkin, Assistant Director of Communications for Public Affairs with Maryland Lottery and Gaming, revealed that this review process will take somewhere between 30 to 45 days. Land-based sportsbooks may launch in the state shortly afterward.

It’s an exciting time for Maryland’s gambling industry. Reports just surfaced that show how much casino revenue was brought in last month. Here’s a quick breakdown of these reports.

Maryland’s Casinos See Slight Month-On-Month Revenue Dip

Maryland has been slowly expanding its gambling industry over the past decade. 2021 has proven to be one of the best years in history for the state’s casinos. All have seen impressive revenue figures this year.

Reports on Maryland’s casino revenue over October have just surfaced. Some were surprised to see that casino revenue took a slight dip when compared to September. When compared to October of 2020, however, revenue increased by 8%.

Certain casinos fared better than others during October. Live! Casino and Hotel proved to be the most successful casino over the month. This property managed to bring in $60.8 million, representing an incredible 22.7% year-on-year increase.

MGM National Harbor, another popular casino in the state, brought in $55.9 million in October. That represents a decrease of 1.2% from October of last year. All of the other casinos here experienced slight revenue drops, too.

Gambling revenue in Maryland is expected to increase as the year goes on. That is particularly true now that five casinos in Maryland have just received sportsbook licenses. Stay tuned for more updates on this state’s gambling industry as the year goes on.

New Jersey’s Sports Betting Industry Smashed Records in October

The state of New Jersey is well-known for having the most successful sports betting industry in the country. Since launching in 2018, revenue from this industry has been consistently increasing. NJ’s Sports betting industry broke all-time records this past October.

More than $1.3 billion was wagered on sports over the month of October. That is a large increase from the previous record at just over $1 billion. The majority of sports bets in the state were placed on the NFL and MLB seasons.

Most analysts expect to see sports betting revenue increasing as the year goes on. November may prove to be the biggest month of the year for this industry. It remains to be seen if 2022 will be as successful of a year for the state’s sports gambling operations.

New York appears to be on the brink of legalizing online sports betting. This could end up taking away from much of New Jersey’s sports betting revenue. Stay tuned for more information on the launch of NY’s online sportsbooks as the months go on.

Five casinos in Maryland will soon launch sportsbooks. Do you think these sportsbooks will be successful? Let us know in the comment section below.