Maryland recently passed new legislation allowing for sports Betting in the state, following in the footsteps of many other states across the country. The new law, which was signed by Governor Larry Hogan in May 2021, is expected to bring in millions of dollars in tax revenue and create new opportunities for sports fans to gamble legally on their favorite teams.
Under the new legislation, both brick-and-mortar and online sports betting will be allowed in Maryland. This means that residents will have the option to place bets at licensed casinos, as well as through mobile apps and websites. The Maryland Lottery and Gaming Control Commission will oversee the regulation of the industry, ensuring that all operators adhere to strict guidelines and regulations.
In order to participate in sports betting, individuals must be at least 21 years old and physically located within the state of Maryland. There will also be safeguards in place to prevent underage gambling and to ensure that individuals with gambling addictions are provided with resources for help.
One of the key components of the new legislation is the creation of a new fund, the Maryland Education Trust Fund, which will receive a portion of the tax revenue generated by sports betting. The fund will be used to support public education in the state, providing much-needed resources to schools and students.
Additionally, the legislation includes provisions for minority- and women-owned businesses to participate in the sports betting industry, ensuring that opportunities are available for a diverse range of operators.
Overall, the new sports betting legislation in Maryland is expected to bring in significant revenue for the state while also providing sports fans with a safe and regulated way to enjoy their favorite pastime. As the industry continues to grow and evolve, it will be important for residents to stay informed about the regulations and guidelines surrounding sports betting in order to participate responsibly and legally.