Last year, the gross gaming revenue of Maryland casinos record a total of $1.992 billion. This is the highest revenue that the state has generated. Its previous record was back in 2019, at $1.76 billion. Many sportsbook pay per head operators report the same level of growth over the recent years. And this is especially true for those who offer online sports betting. In Maryland’s case, a new Maryland sports betting market could push the state’s revenue record and break it again this year, thanks to sports betting.
Of course, it is very easy to become an online bookie. It’s a bit more complicated for states to do allow this, since legislation is needed. But many states have been eager to do so since the PASPA repeal a few years ago. And these states are living proof of how successful sports betting can be. Even more, a total market of having both retail and online options for casino gaming and sports betting can lead to even higher returns.
Maryland Sports Betting Market
For Maryland, the gross gaming revenue last December 2021 was $172.9 million. December 2021 was also the first month that sportsbooks could start taking in wagers from residents. The first ever sports bet was placed in December 9. Currently, only retail sportsbooks can take in wagers in Maryland. However, the state’s law on sports betting will allow for sports betting software to eventually be used. In fact, the state can authorize up to 60 online sportsbook licenses.
However, it will have to wait for probably the next season of the NBA, the NFL and the like. The state’s gaming regulators are still deliberating on the possible operations of online sportsbooks in the state. Many in the industry are hopeful that online wagering could go live by the second half of the year. This gives the state ample time to draft regulations, as well as review the application and release the licenses of online sports betting operators.