Online Sports Wagering Goes Live In Time For Thanksgiving Kickoff

As of 9 AM EST, Maryland will officially become the latest state to offer online sports betting. It has been two years since voters approved the motion to offer regulated online gambling in the state, and with a regulatory framework now in place, a number of the industry’s biggest names are set to open their doors just in time for this year’s Thanksgiving football rush .

The launch was formally announced by Maryland Gov. Larry Hogan Tuesday morning, who expressed his excitement about going live just in time for one of the most anticipated weeks of the NFL season. With college football rivalry week just around the corner, the NBA season in full swing, and many teams making their 2024 World Cup debuts, Marylanders are waking up to some of the most diverse wagering opportunities available this year.

In a series of tweets, Gov. Hogan also offered promising revenue forecasts for the state’s newest industry, with all proceeds supporting public education.

“In addition to allowing Marylanders to bet on the NFL, March Madness, and so much more, sports betting will provide critical revenue for Maryland schools. It’s anticipated to bring in up to $30 million in revenue next year, and nearly $100 million by 2027.”

Sports betting first made its debut in the state last year when legislators allowed brick-and-mortar sportsbooks to open their doors in Maryland’s seven casinos.

It was reported that these in-person betting shops generated $31.4 million in wagers in September alone, adding nearly $1 million in taxed revenue to the state’s education fund. With experts predicting that 80% of total wagers will be placed online, annual revenue is forecast between $20 million and $40 million.

Unlike its neighbor to the south, Maryland has taken a more consumer-friendly approach.

Regulators have already granted licenses to ten operators, seven of which went live with operational testing earlier this week. Legal framework allows the state to offer up to 60 online licenses in the region, with a total of 30 available for retail operations.

Max Bichsel, VP of Business for Rotowire, believes that Maryland’s online sports betting launch is much more calculated than the one seen in neighboring DC

“With a population over 6M, Maryland not only provides the market with material scale but also will serve as a much-needed alternative to the disastrous sports betting rollout in Washington DC. Residents in the District will now be able to cross the border to Maryland to have access to proper sportsbook options.”

Washington DC offered the first online betting marketplace in the region, going live in May of 2020 and a full eight months before Virginia would officially accept its first wagers.

Washington DC proceeded to grant a no-bid, $215 million contract to Intralot, creating the DC Lottery-managed platform GameBetDC, which has handcuffed bettors into a monopolized betting market.

The lack of competition has allowed the site to operate with poor odds offerings, a dated user interface, and limited promotions. A number of DC residents now make the short trip to Virginia to place their bets in order to capitalize on the advantages only found in a competitive marketplace.

With Maryland going live, DC residents now have another option when looking to avoid the pitfalls of the gaming fiasco taking place in our Nation’s capitol.

“The Maryland sports betting market promises to be extremely competitive,” adds Bichsel, “as household names like Draftkings, BetMGM, and Fanduel will be joined by lesser-known and newer sportsbooks looking to grab market share like BetFanatics and BetParx. Each of these sportsbooks will be offering new customers lucrative and enticing sign-up promotions in the form of deposit matches and free bet bonuses.”

In the spirit of Black Friday, it pays when you shop around for the best bargin, but this is only made possible when open marketplaces are allowed to exist.

Fortunately, Marylanders are waking up to a variety of enticing incentives that will allow them to capitalize off of the busiest sporting season of the year.