Maryland Governor Larry Hogan officially introduced legal sports betting in his state on Tuesday, signing a law that allows online and retail sports betting.
According The Action Network the act was adopted with an "urgent" clause, which allowed it to enter into force immediately. Hogan's signature makes Maryland the fifth state to legalize sports betting this year, following in the footsteps of South Dakota, Wyoming, New York, and Arizona. legalized sports betting. But as the pandemic shortened the 2020 state legislative session, lawmakers only passed a bill that would allow voters to take their last word. By voting yes, the state legalized betting but did not create any appearance of a regulatory framework.
Bills to create such a system began circulating in February, before Hogan ended the trial yesterday with his signature. The market is expected to kick off this fall.
The act will allow the service of as many as 60 online bookmakers, as well as points of sale in six state casinos and professional sports stadiums. On Wednesday, the Baltimore Ravens announced a partnership for sports betting with BetMGM.
Sports bars, racetracks, off-track betting and state fairgrounds can also apply for a license. 30 retail licenses are available for purchase.
Bookmaker companies will pay
% tax on their revenues. These tax dollars will be used to finance public education. It is estimated that when the market matures, the industry should generate $ 17 million a year in taxes.