Lawmakers are still discussing the possibility of a Maryland sports betting industry halfway through the General Assembly session. Voters approved the legalization of sports betting during the general election.
It is now up for lawmakers to decide how many licenses are up for grabs, who can apply for the licenses, and the sports betting tax rate. Lawmakers need to finalize the rules before becoming a bookie is possible in Maryland.
Members of the House of Delegates committee held a hearing for more than two hours to tackle Speaker Adrienne A. Jones’ proposal. On the other hand, the Senate is working out some issues before introducing a bill with detailed provisions.
Maryland Sports Betting
According to bookie pay per head, lawmakers are looking into how minority-owned businesses can get a stake in the sports betting industry. They said that the sector favored white-owned companies.
Entrepreneurs and businesses are learning how to be a bookie in Maryland. They want to snatch a license when the time comes. Also, they urged lawmakers to create more licenses. The sports betting bill would create permits for in-person wagering at casinos and horse racing tracks, as well as five more locations.
Also, there will be ten licenses for online sportsbooks. Some gambling industry insiders are asking lawmakers to increase the number of mobile licenses to around 24. Competition would bring more revenue to the state.
Companies need to pay an application fee and licensing fee to the state. Also, the state would get a share of the profits through taxes. The more licenses in the state, the more the companies offer high-quality services to attract more players. Thus, the state would earn more money.
In states where sports betting is legal, mobile betting has a considerable share of the wagers. Also, it is the main profit driver. In New Jersey, 86 percent of sports betting revenue comes from online wagers.