First 10 licenses approved as Maryland online sports betting hopeful to launch next week
Maryland online sports betting is hopefully set to launch next week after more than a year since the state’s sports betting bill was signed into law by Gov. Larry Hogan (R).
Members of the Sports Wagering Application Review Commission (SWARC) approved the first 10 online sports betting licenses in the state, sending the operators to the Maryland Lottery and Gaming Control Agency (MLGCA) for further regulatory testing and operational requirements before officially launching.
No launch date was mentioned at the meeting, but it’s the hope that online sports betting will be live next week prior to Thanksgiving.
Maryland online sports betting by Thanksgiving?
SWARC awarded licenses to the following online sports betting operators. Maryland residents will be able to download these sportsbook apps and place live bets after receiving approval from the MLGCA. The last step for each applicant is a successful completion of a controlled demonstration of its systems and procedures.
- Barstool Sportsbook
- BetFred
- BetMGM
- Caesars Sportsbook
- DraftKings
- Fanatics
- FanDuel
- Parx Interactive
- PointsBet
- Rush Street Interactive
Barstool Sportsbook will operate online sports betting for the Hollywood Casino in Perryville; BetFred will operate betting for OTB parlor Long Shots; BetMGM will operate betting for MGM National Harbor Casino; Caesars Sportsbook will operate betting for Horseshoe Baltimore Casino; DraftKings will operate betting for the Maryland State Fairgrounds; FanDuel will operate betting for the Maryland Live! casino; Parx Interactive will operate betting for Greenmount OTB; PointsBet will operate betting for Riverboat on the Potomac; and Rush Street Interactive will operate betting for Bingo World.
Fanatics and the Washington Commanders also made their sports betting partnership official after months of rumors. Fanatics will officially operate online sports betting for the NFL franchise, and will likely operate its retail betting services as well.
Since its formation, SWARC has been tasked with ensuring gender and race-based fairness during the state’s sports betting licensing process. SWARC Chairman Thomas Brandt said the commission has taken its task “very seriously” to ensure diversity in the state’s sports betting market.
“It’s taken us a while to get to this point. I’m grateful to all involved that have measured twice and cut once,” Brandt said.
The process was largely held up as SWARC was forced to wait on the results of a sports wagering industry study for more than a year. In a preview of the study findings in August, SWARC found that it could not apply race- and/or gender-conscious criteria in its online sports betting licensing process.
To counteract the findings, and not use gender- or race-conscious criteria in its licensing process, SWARC instituted a Personal Net Worth (PNW) provision in its application process.
Under this provision, every applicant for an online sports betting license or a Class B facility sports wagering license had to demonstrate that at least 5% of its direct or indirect ownership is by individuals with a PNW no more than $1.847 million.
Each approved applicant this morning reached that provision.
Maryland sports betting revenue projections
Maryland sports betting revenue estimates from Spectrum Gaming were shared at the meeting. For the state’s first year operation, a representative said estimates place Maryland sports betting gross gaming revenue at $123.3 million, which translates to $26.4 million in taxes.
By year five? The representative said estimates for the state jump to $542.4 million in gross gaming revenue with $99.7 million in taxes.
