Bally’s Interactive and WynnBet to enter Maryland sports betting market
Bally’s Corporation and Wynn Resorts have both been approved to offer online and mobile sports betting in Maryland. This is big news for the state, which becomes the 18th to legalize sports betting since the Supreme Court overturned a federal ban in 2018. With Bally’s and WynnBet entering the Maryland market, there will now be a total of six operators offering sports betting in the state.
Bally’s Interactive LLC, a subsidiary of Bally’s Corp., and WynnBet LLC, a subsidiary of Wynn Resorts, have been approved by the Maryland Lottery and Gaming Control Commission to offer online and mobile sports betting in the state.
Bally’s will operate under the branding of its land-based casino in Baltimore. WynnBet will also be available to patrons physically located in Maryland.
The two companies were among six applicants vying for one of three available sports betting licenses in the state. The other four applicants were DraftKings, FanDuel, PointsBet, and Penn National Gaming.
According to Maryland law, each licensed operator is allowed to partner with one additional company to offer sports betting. Bally’s has partnered with Scientific Games Corporation, while WynnBet has partnered with IGT.
Both Bally’s and WynnBet are expected to launch their sports betting operations in the fall of 2020.
What this means for the sports betting industry in Maryland
Bally’s and WynnBet are two of the most recognizable names in the sports betting industry, and their entry into the Maryland market is a big deal for both the industry and sports fans in the state.
This means that there will be more competition in the market, which is good news for bettors who will now have more options to choose from when it comes to where they place their bets. It also means that the existing sports betting operators in Maryland will need to step up their game in order to stay competitive.
With two major players entering the market, it is clear that sports betting is on the rise in Maryland and that the state is becoming an increasingly important player in the industry. This is good news for everyone involved, and we can only expect that this trend will continue in the future.
What other states have legalized sports betting?
Other states that have legalized sports betting include Delaware, Nevada, New Jersey, Pennsylvania, Rhode Island, and West Virginia. Maryland is one of several states considering legalizing sports betting in 2020.
The American Gaming Association estimates that more than $150 billion is wagered on sports each year in the United States, with most of it being bet illegally. Sports betting is currently legal in Nevada, Delaware, New Jersey, Pennsylvania, Rhode Island and West Virginia.
In May 2018, the U.S. Supreme Court struck down a federal law that had effectively banned sports betting in most states. The decision paved the way for individual states to legalization sports betting if they choose to do so.
So far, more than $3 billion has been wagered on sports in New Jersey since sports betting was legalized there in June 2018. In Pennsylvania, more than $1 billion has been wagered on sports since legalization took effect in November 2018. And in West Virginia, handle topped $130 million in the first full month of legal sports betting (August 2019).
How will this affect the revenue of the state?
The Maryland Legislature legalized sports betting in the state in May 2018. Bally’s Interactive and WynnBet are both set to enter the Maryland sports betting market. This will affect the revenue of the state as both companies are required to pay a 6.75% tax on all gross gaming revenue from sports wagering. The tax revenue from sports betting will go into the state’s general fund.
Conclusion
It is clear that Bally’s Interactive and WynnBet are both committed to entering the Maryland sports betting market. With their experience and resources, they are well-positioned to be successful in this endeavor. We look forward to seeing how they fare in the Maryland market and wish them the best of luck.