In November 2020, sports enthusiasts from Baltimore to Bethesda welcomed state-licensed betting with overwhelming approval. Through a long year of deliberations, residents have been patiently awaiting good news.
MD Sports Betting Goes Live
At long last, that good news has arrived: Maryland sports betting is set to launch as soon as Friday.
Five of the 17 available sportsbook licenses have been distributed to the state’s largest casinos. Friday’s launch is expected to include events at the Horseshoe Casino Baltimore and Live! Casino & Hotel.
The two casinos must undergo “controlled demonstrations” in which they offer limited access to gaming for commission officials to review and approve of.
Still, it seems unlikely that anything will go awry—especially given the lengthy preparations that led up to these inspections.
Horseshoe Hosts Ribbon Cutting
When sports betting makes its MD debut, several state political figures (including the Governor) will gather at the Horseshoe for a ribbon-cutting ceremony.
Also in attendance will be former NFL stars, Torrey Smith and Adalius Thomas, along with former Dunbar and NBA player Muggsy Bogues.
After the ceremony, Gov. Larry Hogan will place Maryland’s first official wager. From there, state betting will be open for business!
Gov. Larry Hogan has been one of the state’s most vocal proponents for sports betting. When the Sports Wagering Application Review Commission (SWARC) continued to delay license distribution, he tweeted them directly and encouraged followers to do the same.
“Our administration recently approved the first three locations for sports wagering in Maryland.
Tell the legislature’s Sports Wagering Application Review Commission to allow football season betting to begin.”
The Governor’s messaging was effective. In under a month, SWARC distributed licenses to its approved operators and gave the green light to start launch preparations.
Maryland licensees have expressed gratitude and excitement, many having renovated their facilities to accommodate the expected slew of sports fans. The president of Live! Casino and Hotel said the following:
“For us, the big benefit is getting people in the building… ”
Experts say that Maryland is expected to rake in $20 million in annual sports betting tax revenue. And the state is more than hopeful to hit these numbers. When betting kicks off on Friday, sports fans can wager up to $5 million on a single bet.
Tax Information For Bettors
Nonetheless, bettors should be mindful of the fact that these taxes come straight from their winnings. In-state bettors will be subject to an 8.5% tax, while out-of-state bettors only take a 7.5% hit to their earnings.
Still, all legal sports betting states you can travel to that doesn’t withhold at least some percentage of your winnings. That’s just domestic betting.
Source: WMAR Baltimore