The US sports betting industry continues to grow at a rapid pace. Reports are showing that revenue from this industry is increasing. As a result, more states are looking to regulate this form of gambling. Now is a great time to talk about Maryland’s sports betting plans.
Maryland is well-known for having a large and passionate sports fan base. It seems likely that sports betting will become hugely successful here. There are some positive signs that things are moving forward here.
Here’s what’s going on here.
States Report Big Sports Betting Revenue Figures in January
It’s only been a few years since states other than Nevada were given permission to legalize sports betting. Incredibly, more than half the country now has a regulated sports gambling industry set in place. Regulations toward this industry vary from state to state.
Some areas of the country allow both online and land-based sports betting. Others only allow sports wagers to be placed in person at casinos. The states that allow online sportsbooks are earning considerably more revenue than the ones that do not.
Revenue has been surging from this industry lately. In January, several states reported extremely high earnings from their regulated sportsbooks. Most feel this trend will continue for years to come.
Rhode Island legalized its sports betting platforms in 2018. This past January, the industry here saw a handle of $39.8 million. That is up almost 75% from the handle set just a month prior. It’s clear that sports betting is beginning to take off here.
Nevada also set an astounding handle for January. The state saw more than $646 million in sports bets placed last month. Most expect an even bigger handle in February due to the Super Bowl. This money is helping many of the struggling casinos based in Las Vegas.
States can no longer ignore the massive revenue potential from this industry. It now appears that Maryland is working to finally launch its regulated sports betting platforms.
Here’s What is Happening With Maryland’s Sports Betting Plans
It’s amazing to see how quickly sports betting has grown around the United States. Analysts expect nearly every state in the country to have a regulated sports betting industry set in place within a few years. Based on what is happening, that doesn’t seem far-fetched.
Maryland is now expected to launch its sports betting industry before the end of 2021. Voters here approved sports betting legislation during last year’s general election. Unfortunately, little progress has been made to get this industry up and running.
This week, the House of Delegates met to discuss Maryland’s sports betting plans. The focus seems to be on how many licenses to grant, and which companies should be given access to the state’s sports betting industry. One proposal from Democrat Adrienne A. Jones seems to be gaining the most steam.
Both online and land-based sports betting will become available here. 10 licenses for online sportsbooks will become available. Some lawmakers are pushing to allow up to 24 of these internet sports gambling licenses.
This state is expected to generate hundreds of millions in annual sports betting revenue. Some believe it could become the next major sports betting hub on the East Coast.
It seems likely that sportsbooks will finally launch here within the next few months. We’ll be sure to offer more updates as soon as they come out!
New York is Preparing to Launch Online Sports Betting
Maryland isn’t the only state working to expand its sports gambling industry. Over in New York, lawmakers are busy preparing to launch online betting platforms. This state currently only allows land-based sports betting to be done at licensed locations.
Many have complained about the lack of online sports gambling options here. Several lawmakers argued it was resulting in a massive drop in revenue. Nearby New Jersey is making the majority of its sports gambling earnings from the state’s online betting operations.
Governor Cuomo seems to agree that a change is needed. He wants to ensure that internet gambling launches in the best way possible for the state. Officials are now looking into tax rates and licensing procedures.
Many gaming companies are now getting prepared for the launch of the state’s online gambling industry. That includes Penn National Gaming. Not long ago, news broke that Penn had signed a deal with Rivers Casino in New York to launch an online sportsbook once it becomes available.
If this is done, New York could grow to have one of the largest sports betting industries in the United States. Revenue could even grow to rival New Jersey’s. It will be interesting to see how things evolve here throughout 2021.
Are you excited to see Maryland’s sports betting plans come together? Let us know in the comments section below!
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