Sports Betting Is On It’s Way To Becoming Law Thanks to a Maryland Sports Betting Bill Passing:
On Tuesday, a sports betting bill that would make sports betting legal in the ‘Old Line State,’ made major progress. The bill had unanimous support with a 47-0 vote, showing clearly that there is bipartisan support for it. The had such overwhelming support that there was no need for anyone to take to the floor to make arguments before the vote was taken.
The bill was sponsored by Democratic Senator Craig Zucker of Montgomery County, Maryland. Zucker on Tuesday clearly elated said, Maryland fans, visitors and residents will soon be able to place bets on the Ravens, Orioles and the Terps, among any other sports team or event.
This Senate vote allows the sports betting initiative to be placed on the November ballot and allow the Maryland voters to have the final say. Several public hearings were held prior to the Tuesday senate vote. The community response has been very supportive of sports betting Zucker said, and he believes the voters will give the bill a green light.
The Current Format Of The Maryland Sports Betting Bill Allows Wagers On College Games
The way the sports betting bill in Maryland now reads, it does allow for betting on college games but stops at high school games. Maryland lawmakers also formed a committee to gather research about the type of revenue the state could expect. According to the data the committee unveiled, the state could expect to make $20 million a year in revenue.
The money generated from taxing sports betting is slated to go to the Maryland Public School System. Lawmakers said the state’s schools are in desperate need of a complete overhaul, and that is part of the reason the bill has so much support from the community and lawmaker. Everyone agrees the public schools are in disarray, and the money is ‘like a godsend, and will be able to make the necessary repairs and improvements.’
Having A Sports Betting License In Maryland Won’t Come Cheap
Sport betting licenses in Maryland are very expensive and the paperwork is ‘massive’ said a source. There is a one time fee for those sports betting licenses of $2.5 million. There is a renewal fee each year, the exact fee for renewal has not been disclosed yet. Sports betting providers will be able to keep between 75 and 80% of the profits, the rest would be placed in the Maryland Education Trust Fund.
As the bill stands now, sports betting would be permitted at the six casinos in Maryland and Pimilico Race Track, Laurel Park and Maryland State Fair Thoroughbred racing tracks. There is also a chance that home of the Redskins Football team at Prince County, could have sports betting too.
However, a senate source said, ‘substantial renovations to the stadium would have to take place first.’ There will also be sports betting online through a sports betting app that is tied to physical locations. It is expected that at least six other states will launch sports betting in 2020.