Maryland is to accept "uncharted territory" sports betting, behind the state governor Larry Hogan
signed the House Bill 2021 legalizing the business and commencing the regulatory process before it is fully operational.
This paves the way for 15 sports betting licenses to be awarded in the state, which will become the highest of any legal market in the US, including regions such as New Jersey and Pennsylvania.
MarylandSharp.com Sports Betting Revenue Analyst Geoff Fisk projects that the Maryland sports betting market, when fully mature, could generate in excess of $ 217 million.
Fisk said about the potential of sports betting in jurisdictions: “Maryland is moving its competitive sports betting business plan to uncharted territory. We've seen online sports betting flourish in New Jersey, with over 15 different brands of mobile betting. Maryland is tripling that number, and it's amazing to think about how this market will grow.
Maryland Will Collect 15 Percent Tax Rate For Online Sports Betting Operators With The $217 Market May Be Profitable
$ .15 million in annual tax revenues. Mobile sports betting, combined with retail sports betting, is projected to drive most of the market's success, with Maryland reaching up to $ 217 million in annual sports betting revenue.
Fisk added: “We are seeing many companies engaging in mobile sports betting in the Maryland market for the first time. Can smaller sports betting sites compete with brands such as FanDuel, DraftKings and BetMGM? It will be intriguing to watch this competition unfold and see Maryland stack up against other sports betting states.
“Maryland sports betting seems doomed to success. An attractive tax rate and unprecedented opportunities for new bookmaker brands should lead to a win-win situation for operators and the state. "
MarylandSharp says it achieved the $255m projection by carefully analyzing other legal markets and comparing states with a similar population.