Maryland has joined a list of states currently on the fast-track to legalizing sports betting inside its borders, and there’s every reason to believe the move will be a lucrative one.
This month the state Senate passed with a unanimous vote of 47-0, which would legalize retail and online sports betting at six Maryland casinos, as well as three race tracks and potentially a new stadium in partnership with NFL franchise, the Washington Redskins. The legislature is scheduled to return for a few days in April, although this date could be delayed as a result of the coronavirus outbreak.
Virginia also recently passed an almost identical bill, “designed in part to attract” the Redskins over to their side of the border, per Matthew Kredell of LegalSportsReport.
Sports betting apps generated more than $4.58 billion in wagers in New Jersey last year, resulting in revenue of almost $300 million.
Adam Candee of LegalSportsReport.com wrote that $36 million of that amount went towards New Jersey state tax, though that figure rose to more than $40 million when combined with local assessments from Atlantic City.
New Jersey has long been a pioneer in the betting industry and was one of the first states to open its doors to mobile gambling, but Maryland can hope to see its own boost in revenue when the trade becomes fully legal.
Maryland has much to offer in regards to sports betting between its professional and collegiate teams, while a renovated Washington stadium venue could yield even greater opportunities.