How is the Gambling Market in Maryland?
Maryland is home to six commercial casinos, which generated a combined revenue of $1.922 billion in 2021. Compared to 2020, this was a 56.8% growth. In September 2022, the six casinos generated a combined revenue of $63.8 million which was a decline of 8.2% from August.
Maryland residents have waited for a long time to start online sports betting, but the wait is nearly over, two years after the residents voted for its legalization. Online sports betting in the state is expected to start in late November/early December. The state commission gave this hint after it completed reviewing applications from casinos that are prepared to offer online betting.
betPARX to offer online sports betting in Maryland in 2023
One of the companies that have applied for a license in Maryland is betPARX. The brand, which is connected to Parx Casino, Pennsylvania’s largest land-based casino, had a name change earlier this year. Owned by Greenwood Gaming and Entertainment, Parx Casino started its iGaming trajectory with a Pennsylvania and a New Jersey online casino in October 2018.
betPARX offers high-class iGaming and mobile sports betting products. It is currently present in Michigan, Pennsylvania, and New Jersey. Soon, the brand will also be available to internet sports bettors in Ohio.
10 applications have already been received
The sports betting commission in Maryland has already received 10 applications from companies that want to offer sports betting products online. The news was revealed by John J. Mooney, a Maryland gaming official. He was speaking during a Sports Wagering Application Review Commission (SWARC) meeting. The application deadline was on Friday, October 21, 2022. During the Wednesday meeting, the commission’s legal consultant Kimberly M. Copp added they expected to receive more applications by the deadline. SWARC had announced it would award up to 60 sports betting licenses.
Online sports betting in Maryland expected to grow fast
Maryland residents have earnestly waited for sports betting to launch since its legalization was completed two years ago. It is expected the sector will grow fast and record good profits within the first few months after its launch. Although the state allowed sports betting, the residents still wait for online casino gambling to be legalized. The sector is not yet legalized or regulated in the state. For visitors and residents, one of the things to do in Maryland currently is legal gambling. You can gamble in games such as lottery, in-person gambling, poker, online sports betting, and daily fantasy contests.
Licenses are to be issued on a rolling basis
Once the commission completes the application reviews, it will issue the licenses on a rolling basis. Some of the large operators offering major casino games have already placed ads to woo Maryland residents. Sports betting in the state has taken many twists and turns. The state has legalized online casino gambling in the past, only to revise the laws and overturn them later. The punishment for illegal gambling has been severe. Some fines were subjected to a citation of $500 to $1,000. The licensing delays were made mostly because the commission wanted to attract the smaller minority and betting companies owned by females.