Governor Larry Hogan signed more than 200 bills into law, and one of them was the sports betting bill which will go into effect on June 1. This makes Maryland the fifth state to officially legalize sports betting in 2021, and fellow Marylanders couldn’t be more excited.
The Maryland Senate approved HB 940, an “emergency bill,” which means that it will go into effect immediately. While the original bill called for an unlimited amount of online licenses, the Senate agreed to limit the number to 60.
The primary sponsor of the sports betting bill, Senator Craigh J. Zucker, said that the in-person betting at Maryland casinos, as well as horse racetracks, should be up and running in a few months.
As far as online sports betting, it’s estimated that it will begin by the Super Bowl in February 2022. Three sportsbooks that will most likely operate in Maryland are:
- Barstool sportsbook
The Maryland casinos, sports stadiums, and racetracks are eligible for class A licenses, while 30 class B licenses are available for small businesses to open retail sportsbooks.
Finally, to say that Marylanders have long anticipated this is an understatement. If you are looking for a complete guide about sports betting in Maryland as well as a map of sports betting locations, you can find all that information in detail here.
Sports Betting Taxation in Maryland
Officially, sports gambling companies will pay a 15% tax on their proceeds. According to Oxford economics, low taxes are a key to competing with illegal sportsbooks.
Generally, nine states have a tax rate of 15% or less, while only two have a tax rate of more than 15%. As for the neighboring states, Washington DC’s mobile tax is 20%, Pennsylvania’s is 36%, and Virginia’s is 15%.
With Maryland having an upside-down tax code, Marylanders’ lawmakers aim to make the state’s tax system more equitable.
It’s estimated that sports betting could generate up to $20 million annually in tax revenue. And it’s explicitly stated by the lawmakers and the November 2020 ballot measure that the main purpose of the revenue will be to fund public education.
Finally, according to the Maryland Lottery and Gaming Control Agency, mobile licenses for online gambling are expected to account for 85% of the market share.
Why do Marylanders love to Bet on Sports?
With the overwhelming amount of support for the legalization of sports betting, it’s safe to say that Marylanders have unconditional love for sports.
Although it’s not odd that most people bet on sports to make some cash, that’s far away from being the only reason why people bet on sports.
Risk-taking, thrill, and suspense are one of the major reasons why so many Marylanders are attracted to sports betting.
On the other hand, for some people watching sports and placing a few bets on their favorite team represent good forms of relaxation, leisure, and entertainment. We face a lot of challenges on a daily basis, so having an outlet is extremely important.
Aside from relaxation and risk-taking, sports betting can improve individuals’ socialization skills. Also, if you are surrounded by people who play and love sports, you are more likely to be influenced by them and start doing the same.
Undoubtedly, technology has changed the way we live, including how we gamble. And thanks to mobile phones, Marylanders will have the option to bet on sports virtually in just a couple of months.
How to Choose a Safe Online Gambling Site in Maryland?
With the rapid growth of technology as well as the online gambling industry, cybercrime around the world is rising at an unprecedented rate. With that being said, you must take extra precautions when surfing online, especially while gambling.
While having a well-designed site and variety of games is important to gambler enthusiasts, it’s nothing compared to being safe and protected from cyber-criminals lurking in the shadows of your screen in hopes of misusing your information.
In order to have the best and safest experience while gambling on offshore sites, you need to follow some simple steps.
Looking for a license is the first step you should take in ensuring the safety of your data. All legitimate casino sites display their license at the bottom of the home page for everyone to see.
Next, you need to look for an SSL certificate that encrypts information like your social security number and credit card number, making cybercrime way harder.
Finally, it’s recommended to do in-depth research of the casino site you want to gamble on and read through other players’ reviews. Also, research the deposit options available, and if you are not comfortable with any of the options, keep on searching till you find the right one.