Regulators Approve Maryland’s Sports Betting Rules

The state of Maryland is taking one step closer to fully legalizing sports gambling! This week, news broke that a group of regulators has formally approved Maryland’s sports betting rules. It’s exciting news for sports fans throughout the state.

There is some real progress being made to launch the first sportsbooks here. A number of steps still need to be taken in order for this to happen, though. Now is the perfect time to discuss Maryland’s ongoing road to sports betting legalization.

Let’s get into it!

More States are Moving Sports Gambling Bills Forward

The United States remains the sports gambling capital of the world. A huge number of states around the country now have legal sports betting options up and running. More states are now beginning to move their sports gambling bills through their legislative process.

These states simply cannot ignore the massive potential for tax revenue from the legalization of this form of gambling. That includes Massachusetts, which appears to be closer to approving a sports betting bill than ever before. Several sports betting bills are progressing here.

Washington is another state working hard to launch its sports betting industry. The primarily sports gambling bill here has finally made its way to Governor Inslee’s desk. Many are excited to see whether or not Inslee decides to approve this bill.

Several states are also looking to expand their own sports betting industry. The state of New York launched its first sportsbooks back in 2019. Only land-based sports betting is currently available here, however, and many lawmakers are now working hard to launch the first internet sportsbooks here.

It’s a very exciting time for sports fans around the United States. It now appears that Maryland is one step closer to launching its sports gambling options. Lawmakers here have been trying to get both land-based and online sportsbooks operational here.

There is some real progress being made here! Now is the perfect time to talk about Maryland’s latest move to launch sports gambling.

Maryland’s Sports Betting Rules are Finally Coming Together

Maryland is yet another state that has been working to launch sports betting since PASPA was removed in 2018. There have been several hiccups along the way. Fortunately, it now seems that the state is closer to launching its first sportsbooks than ever before.

News has broken that the Maryland Lottery and Gaming Control Commission has just formally approved Maryland’s sports betting rules. This commission spent a considerable amount of time looking through the 228-page packet of rules. Only a few changes were made during this review process.

The Maryland General Assembly Joint Committee on Administrative, Executive, and Legislative Review is now set to review the sports gambling bills here. The rules will then be published for a 30-day public comment. It’s here that Maryland’s residents can weigh in on the regulations being approved here.

40 retail sportsbook licenses will be awarded here. The current plan is for 60 online sportsbook licenses to be awarded, as well. The state is planning to order a 15% tax rate on both online and land-based sportsbooks throughout the state.

Hope is that the first sports betting operations launch here by fall of 2021. That would allow for residents here to wager on the upcoming NFL season. Things are progressing quickly and based on the current trend, it seems that this goal will be accomplished.

We’ll be sure to report more on Maryland’s developing sports betting industry. Now, let’s take a quick look at how much money various sports betting markets have been bringing in lately!

US Sports Betting Surged This Past June

There are more than 30 states around the country with regulated sports betting industries set in place. Regulations toward sports gambling vary across these states. It’s clear that the areas of the country allowing online sports betting are earning considerably more than the ones only allowing land-based sportsbooks.

Many states have recently released their sports betting revenue reports for June. The month of June was a highly successful month for the entire industry. Most states have been reporting solid month-on-month revenue increases.

That includes the state of Iowa. Reports surfaced last week claiming that the sports betting industry here managed to bring in $8.4 million in total GGR in June. That represents an impressive 37% jump in revenue when compared to May.

Indiana is another state to see an increase in sports betting revenue over June. The sports betting operators here brought in $25.5 million last month. It’s a solid number and represents a 3.2% jump compared to May.

There is reason to believe Maryland will develop a hugely successful sports betting industry when it finally goes live. Several popular professional teams are based here. Stay tuned for reports on this state’s sports betting revenue!

Are you surprised to hear that Maryland’s sports betting rules have been approved? Do you think sports betting will launch here in the fall? Let us know in the comments section below!