Maryland has seen a steady increase in sports betting over the last few years, and this trend is expected to continue into 2023. Despite having only launched in 2020, Maryland’s sports betting market has already had a major impact on the state’s economy and that’s expected to only increase after the state offered both legalized in-person and online sports wagering earlier this year.
Tax revenue from online gaming set to surge
Online wagering has proven to be an enormously successful revenue generator for states that legalize it. New York, for example, saw $70 million in tax revenues generated just one month after their launch – yet two years since its original legalization of sports betting Maryland remains unable to capitalize on this potential growth opportunity — only $3 million in tax revenue was generated since 2020. However there’s expected to be a huge surge next year as online gaming in the state just went live; in fact, some estimates suggest it could bring in upwards of $30 million by 2023 alone.
PlayMaryland projects the state could reap in over $75 million in tax revenue in 2023.
Maryland quickly became one of America’s biggest sports betting markets
Maryland is the tenth most populous state in the US with a fully operational online sports betting market. It’s currently experiencing high levels of growth, even when compared to places like New York – which reported $603 million over its opening nine days; an impressive figure that was no doubt boosted by promotional play.
During its inaugural week and a half of legal online sports betting, Marylanders wagered an impressive $186 million – including $63 million in free bets from top industry providers. This new wave of entertainment continues to evolve with the growing number of gaming options available since Nov 23rd!
In fact, the number of promo codes available online for people in Maryland has skyrocketed — online noise is a good indicator of how much interest there is in the state. For example, look at this BetMGM Maryland Promo Code for NFL betting. The hype is building and many more platforms are beginning to offer promo codes just like that, indicating there’s heightened interest which is a sure-fire sign the market will expand in 2023.
Easy platforms for citizens to place bets
The state’s online casinos are currently providing an easy platform for citizens to place bets as well as allowing them access to several different types of betting including football and basketball games, horse racing, MMA fights, and even non-sports events such as presidential elections or awards shows like the Grammys. This makes Maryland one of the most attractive states when it comes to legal sports wagering opportunities due to its extensive range of options available to bettors.
Enticing tax rates
Sportsbook operators have also been encouraged by Maryland’s relatively low 9% flat tax rate for both land-based and mobile/online gaming revenues compared to other states who impose higher taxes on their regulated markets (such as Pennsylvania or West Virginia). This rate has made it possible for operators to make larger profits on their investments while still providing competitive odds and lines for players looking for value in their wagers.
What to expect in 2023
As more people become aware of the potential profits that can be made through online gaming in the State of Maryland, it’s safe to say that its sports betting market will only continue growing into 2023 and beyond. With big names like FanDuel set to potentially become even bigger players in the market by then, this could lead to higher levels of competition which could result in even better deals for customers looking for ways to get involved with sports betting from home or on-the-go.
Overall, experts project that the growth potential of the Maryland sports betting market is set to outpace many others across the US due to its wide appeal among bettors thanks mainly due to its multitude of choices available compared with other nearby states. As long as this trend continues into 2023 then we can expect that Maryland’s sports gambling industry will remain at the forefront of US gambling legalisation efforts and continue generating high levels of economic activity throughout the year.
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