BALTIMORE, June 4, 2021 /PRNewswire/ -- On May 18, 2021, Maryland Governor Larry Hogan signed House Bill 940 into law, legalizing sports betting in the state and kickstarting the regulatory process before a full launch. MarylandSharp.com sports betting revenue analyst Geoff Fisk projects that Maryland's sports betting market, at full maturity, could bring in more than $217 million.
Maryland's sports betting legislation paves the way for up to 60 sportsbook licenses to be granted in the state. It's unlikely that all 60 licenses will be filled, but that number is the highest of any legal US market, including established states such as New Jersey and Pennsylvania.
Geoff Fisk, Senior Analyst for MarylandSharp.com said, "Maryland takes the competitive sports betting business plan into uncharted territory. We've seen online sports betting thrive in New Jersey, with more than 20 different mobile wagering brands. Maryland is allowing triple that number, and it's amazing to contemplate how that market will unfold."
Maryland will charge a 15% tax rate to online sports betting operators, so a $217 million market would yield $32.55 million in annual tax revenue. While mobile sports betting is predicted to drive most of the market's success, combined with retail sports betting, Maryland could see up to $255 million in yearly sportsbook revenue.
MarylandSharp.com reached the $217 million projection through careful analysis of other legal markets and by comparing states with similar populations.
Fisk continued: "We'll see many companies take their first shot at mobile sports betting in the Maryland market. Can the smaller sports betting startups compete with brands like FanDuel, DraftKings, and BetMGM? It will be intriguing to watch that competition play out, and see how Maryland emerges compared to other sports betting states."
"Maryland sports betting seems destined for success. The attractive tax rate and unprecedented opportunities for new sportsbook brands should lead to a win-win situation for the operators and the state."
Contact: Cole Rush, PR Lead, [email protected]
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