It’s been a year since voters in Maryland approved a measure to legalize sports betting. To the disappointment of many residents, no land-based sportsbooks have been launched yet. New reports have just surfaced that indicate Maryland’s casino sportsbooks will go live early next year.
Maryland is hoping to have a sports betting industry that competes with others in the Northeastern US. Getting retail sportsbooks launched is one of the first steps necessary to do so.
Here’s what you need to know about this situation.
Here’s When Maryland’s Casino Sportsbooks Could Finally Go Live
Maryland is known for its large, passionate sports fan base. Back in November of 2020, voters in this state unanimously approved a measure to allow both land-based and online sports betting. Since that time, various state government bodies have been working to come up with rules to monitor this industry.
This process has taken much longer than some predicted. Fortunately, the Sports Wagering Application Review Commission just formally granted five casinos approval to launch retail sportsbooks. The casinos to receive these approvals are the Horseshoe Casino in Baltimore, Live! Casino & Hotel in Hanover, Hollywood Casino in Perryville, MGM National, Harbor in Oxon Hill, and Ocean Downs Casino in Berlin.
Each of these casinos will now need to demonstrate to the gaming commission how they plan to launch their sportsbooks. This is expected to take at least a month. Based on the way things are moving, Maryland’s casino sportsbooks will go live at the start of 2022.
This is great news for sports fans across the state. It won’t be long before sportsbooks are up and running, offering odds on various sporting events taking place around the world. Lawmakers also seem excited to see tax revenue flowing in from these regulated sportsbooks.
Many are now looking ahead to the launch of online sportsbooks in the state. Here’s a quick update on when these internet platforms could go live.
Online Sportsbooks Should Go Live in Maryland in 2022’s Q2
For months, the gaming commission in Maryland has seemed focused on getting retail sportsbooks operational. Not quite as much attention has been placed on the launch of online betting platforms in the state. Residents continue pushing for updates on when online sportsbooks will finally go live.
The Maryland Lottery and Gaming Commission still needs to approve online sports betting licenses. Many of the top US sports betting operators are working to break into this market. Only a handful of betting companies will receive an online betting license here.
Expect this application process to be completed in the first quarter of 2022. That could pave the way for the first online sportsbooks in Maryland to launch in the year’s Q2. Most experts predict that these mobile betting options will be the real revenue generators for the state.
Analysts predict legal sports betting to bring Maryland $20 million annually. This money will help to fund various social projects. These revenue figures will likely increase as the years go on and more sports betting platforms become available.
Maryland’s casinos have found tremendous success throughout 2021. Here’s a quick look at how much these properties managed to bring in over the month of October.
Casino Revenue in Maryland Takes a Slight Dip in October
Maryland is home to many popular casinos. Back in 2020, these properties struggled to bring in almost any revenue. All were shut down for months last year and reported very low earnings even after reopening to the public.
Reports have just surfaced showing how much revenue the state’s brought in during October. Some were surprised to see a slight revenue dip of 6.3% when compared to September. The total GGR brought in by Maryland’s casinos came out to $154,978,898 over the month.
Casino revenue is still up considerably when compared to October of 2020. This year’s October revenue is up 8.6% from the same month last year. It’s an impressive statistic and shows how far the casino industry has come over the past year.
Various other states around the country reported year-on-year revenue growth in October, too. The US casino industry appears to be faring well heading into the holidays. Many analysts are even expecting to see a surge of tourists heading to major casino hubs like Las Vegas for Thanksgiving.
Are you excited to see Maryland’s casino sportsbooks go live? When do you expect the first online sportsbooks to launch here? Let us know in the comments section below!