WynnBET, Bally Bet awarded Maryland online sports betting licenses
The Maryland sports betting train continues to chug along the tracks, as two additional online operators have been awarded licenses.
The Maryland Sports Wagering Application Review Commission (SWARC) approved both Bally Bet and WynnBET for online sports betting licenses at its meeting this week. The two operators will be able to launch sports betting in the Old Line State after further review and controlled demonstrations from the Maryland Lottery and Gaming Control Agency (MLGCA).
The #Maryland Sports Wagering Application Review Commission awarded licenses to two mobile applicants (@WynnBET and @BallyBet) as well as one facility applicant (Long Shot's Hagerstown). https://t.co/0aQtW3o5lN #sportsbetting #sportswagering #SWARC
— Stephen Schatz (@StephenSchatz) December 14, 2022
Maryland online sports betting has successful launch
Maryland currently has 12 approved online sports betting operators (including Bally Bet and WynnBET) with only seven operators currently online in the state.
The first seven operators fully launched on Wednesday, Nov. 23. In just one week of full operation, the Old Line State reported $186.08 million in online sports betting handle, which resulted in just $4,262 in online sports betting taxes for the state (we’ll get to this in a minute), according to a report from the Maryland Lottery and Gaming Control Agency (MLGCA).
In total, the MLGCA reported $219.07 million in total sports betting handle for the month of November, which resulted $704,728 in taxes for the state.
Here are the online sports betting handle totals for the seven live operators:
- FanDuel Sportsbook: $89.9 million
- DraftKings Sportsbook: $69.6 million
- BetMGM: $15.07 million
- Barstool Sportsbook: $5.7 million
- Caesars Sportsbook: $3.46 million
- PointsBet: $1.6 million
A tremendous amount of promotional wagers during the first nine days of online sports betting led to the miniscule online sports betting tax total.
According to the MLGCA, state bettors utilized more than $63.8 million in promotional bets, which must be deducted from the state’s overall taxable win. Promo bets are typically provided to customers by sportsbook upon sign up.
Maryland’s sports betting tax rate is set at 15% of the adjusted gross gaming revenue.
“We expect mobile sportsbook operators to continue to offer a lot of promotional wagers in the coming months as they venture into a new market and work to attract customers,” said Maryland Lottery and Gaming Director John Martin in a released statement. “There was tremendous pent up demand, and a lot of people are utilizing promotional offers from multiple operators simultaneously. But as many of the operators have acknowledged, this level of promotional play is not sustainable, and based on our regulations, it will be curtailed over time.”
Retail sports betting facility license also approved
Additionally, SWARC approved a retail sports betting facility license for Long Shots in Hagerstown. It is still seeking an operator for its sports betting facility at the Hagerstown location.
Previously, SWARC approved a retail sports betting facility license for Long Shots in Fredericksburg on Dec. 8, 2021, and the location opened its temporary sportsbook on Nov. 18, 2022. Its sportsbook is operated by BetFred.
Long Shots LLC was also awarded an online sports betting license by SWARC on Nov. 16, 2022, but has not yet commenced its online sports betting services.