Maryland Announces New Official Betting Laws

In the last three years, partnerships between sportsbooks and sports leagues have been spreading across the United States like wildfire. These are mutually beneficial partnerships, meaning companies have a common vision. Each side has an advantage: the sportsbook gains access to a larger, more diverse betting market, and the sports league has a marketing partner who can reach a wider audience.

Currently, there are seven official sportsbooks in Maryland. Some sites offer special deposit match offers and frequent odds boosts. Those who want to place a bet with a mobile device can do so by downloading the app directly from the site. The state’s regulators will announce the launch date for these mobile sites in November 2022.

With the new bill, the sports betting market in Maryland was expanded to 60 online sportsbooks. Ten applicants have been approved for these licenses. One of these is the WynnBet, which is part of the legal wing of MGM Resorts.

The Sports Wagering Application Review Commission (SWARC) has been tasked with overseeing the licensing process. They announced a list of applicants on October 25th. It includes BetMGM, Caesars, FanDuel and other operators.

Sports betting in Maryland is regulated by the Maryland Lottery and Gaming Control Agency. This agency will review each application and award sportsbooks licenses. Earlier this month, they approved $984,308 in sports wagering tax revenue to be used for school funding.

The state’s regulators will meet again next month to further fine-tune the licensing process. They will also conduct a background check on 17 sportsbook operators.