Updated November 24, 2023By Chris Boline
This past week marked a significant milestone for the Maryland gaming industry: last Thursday marked one year since the launch of legal sports betting apps in Maryland. Per one report, and as readers of this space are well aware, this development was a long time coming. While the state’s mobile betting market took a long time to launch – voters approved sports betting in 2020 – it’s now up and running, and the state’s regulator is pleased with the financial results. “The revenue contribution, we originally had estimates of $25-30 million, and we did that last year in our fiscal year,” Maryland Lottery Director John Martin said. “Looking at fiscal (2024), which will end in June, we might be looking at a significant bump from that.”
In this article, SBS will be going over what to look for from the latest gaming news coming from Maryland.
Parlay wagering proving to be steady earner for Maryland
According to the same report referenced above, parlay wagering, as it has been across other states, has proved particularly lucrative for sportsbooks in the state. Martin says he likes to believe the majority of the state’s tax revenue stems from players following responsible gambling best practices. “My hope is we’re able to see sustainable, consistent revenue growth but in a responsible manner,” Martin said.
There are currently 13 retail sportsbooks and 12 mobile operators in Maryland, including major national operators like BetMGM, Caesars Sportsbook, DraftKings, and FanDuel. ESPN BET also recently went live in Maryland. However, as noted in one article, do not expect significant operator growth in the state in the coming years. While there are up to 60 mobile licenses available under Maryland law, there may not even be 20 mobile operators in Maryland in a mature market.
Mobile betting is dominated by handful of companies
As noted in the article, mobile betting nationally is dominated by DraftKings and FanDuel, with a few other companies like BetMGM and Caesars Sportsbook garnering substantial market share. New entrants ESPN BET and Fanatics Sportsbook are both hopeful they can compete with industry giants in the long term. As noted by Martin, outside of large operators, it’s tough to compete. “From results and looking at other jurisdictions, the market is dominated by the top four or five entrants,” Martin said. “The sustainability of a 25-sportsbook Maryland marketplace is probably something that will have to be considered in the next several years.”
There could be a couple of mobile entrants over the next year or so, but Martin doesn’t anticipate major changes to the Maryland sports betting market in 2024. The next major development for Maryland gambling is the potential legalization of online casino games. It’s expected that the legislature will seriously discuss online casino legalization in 2024 per one source. “We stand by waiting for their next step and how they choose to proceed or not,” Martin said.
Other thoughts and notes about Maryland wagering
Once you are all squared away regarding the latest news and notes coming from Maryland, make sure to check out the wide variety of resources for you at SBS. Of course, for even more gaming news from the Old Line State, our Maryland sports betting guide is here to assist with all the latest gaming news and notes for you to dive into. Moreover, if you are looking to charge up your wagers, then the best bonus betting sites rundown is a must-read. On this page, you can check out a catalog of the latest and greatest welcome bonus offers currently available. Conversely, for those on the go, our best betting apps breakdown is a great page to learn more about the nuances of mobile betting and how you can always stay on top of the action.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball.
Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.
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