Maryland Gov. Larry Hogan formally made sports activities betting authorized in his state Tuesday by signing a invoice into regulation that may enable for each on-line and retail sports activities betting.
According to The Action Network, the invoice was handed with an “emergency” clause which allowed it to right away take impact. Hogan’s signature makes Maryland the fifth state to legalize sports activities betting this yr, following within the footsteps of South Dakota, Wyoming, New York and Arizona.
Maryland voters handed a poll initiative final November that technically legalized sports activities betting. But because the pandemic shortened the state’s 2020 legislative session, the legislators solely handed a invoice that may enable voters to have the ultimate say. By voting sure, the state legalized betting, however didn’t create any semblance of a regulatory framework.
Bills to create one began circulating in February earlier than Hogan completed the method together with his signature yesterday. The market is anticipated to launch this fall.
The invoice will enable for as many 60 on-line sportsbooks, in addition to retail places on the state’s six casinos {and professional} sports activities stadiums. On Wednesday, the Baltimore Ravens introduced a sports activities betting partnership with BetMGM.
Sports bars, racetracks, off-track betting services and the state fairgrounds are additionally eligible to use for a license. There are 30 retail licenses up for grabs.
Sports betting corporations pays a 15% tax on their revenues. Those tax {dollars} will probably be used to assist fund public schooling. It’s estimated that after the market matures, the trade ought to generate $17 million yearly in taxes.
