The Maryland Sports Wagering Application Review Commission (SWARC) has recently implemented new regulations for companies holding mobile sports betting licenses. The focal point of these rules is the introduction of a diversity plan requirement, aimed at fostering inclusivity within the industry. Additionally, Maryland casinos achieved a remarkable milestone in July, setting a new gaming revenue record.
SWARC’s New Diversity Rules for Mobile Sports Betting Licensees:
In response to Governor Larry Hogan’s call for swift action, SWARC has successfully introduced regulations for mobile sports betting in Maryland. As part of these measures, all companies that secure a sports betting license must now develop and submit a diversity plan within 30 days of receiving their sportsbook authorization.
1.1 Importance of Diversity Plans:
The new regulations emphasize the significance of diversity and inclusivity in the mobile sports betting industry. Licensees are now required to present a public diversity plan that outlines their commitment to fostering diverse teams within their organizations.
1.2 SWARC’s Involvement in Ensuring Compliance:
To ensure adherence to the diversity objectives, SWARC will actively monitor licensees’ progress in implementing their diversity plans. Companies that encounter challenges in meeting the requirements will receive assistance and guidance from regulators to improve their efforts.
1.3 Transparency and Public Accountability:
In an effort to maintain transparency, companies’ diversity metrics and their diversity plans will be made available to the public. This move aims to enhance public trust and encourage accountability within the industry.
BetRivers Sportsbook Marks Maryland’s First Retail Sportsbook Outside of a Casino:
On August 1, Bingo World in Baltimore celebrated the grand opening of the state’s inaugural retail sportsbook outside of a casino, the BetRivers sportsbook. Boasting an impressive 3,000-square-foot space, the sportsbook offers an array of amenities for sports enthusiasts.
2.1 Diverse Wagering Options:
BetRivers sportsbook features 12 sports wagering kiosks and three over-the-counter machines, providing a seamless betting experience for patrons. The inclusion of a range of betting options caters to various preferences among sports bettors.
2.2 Immersive Viewing Experience:
The sportsbook further enhances the experience for visitors with 21 high-definition video screens broadcasting live events and BetRivers odds boards. This immersive environment adds to the overall excitement and enjoyment of sports betting.
Maryland Casinos Set Gaming Revenue Record in July:
July proved to be a landmark month for Maryland’s gaming industry, with the state’s six casinos collectively generating an impressive $181.5 million in gaming revenue. This figure surpassed the previous single-month record set in July 2021 by 0.8 per cent.
3.1 Revenue Breakdown:
The report released by the Maryland Lottery and Gaming Control Commission highlighted that while table game revenues experienced growth, slot machine revenues saw a slight decline. The variation is attributed to the differing tax rates applied to slot machines compared to table games.
3.2 Contributions to the State:
Despite the minor decline in gaming revenue, casinos contributed a substantial $76 million to the state’s finances. This contribution is essential in supporting various public services and initiatives within Maryland.
The Maryland Sports Wagering Application Review Commission’s introduction of new diversity rules for mobile sports betting licensees marks a significant step forward in promoting inclusivity within the industry. Companies now have an obligation to submit a diversity plan and work towards diverse teams. In the midst of these developments, the inauguration of BetRivers sportsbook outside of a casino offers sports enthusiasts an exciting and immersive betting experience. The thriving gaming revenue in July further solidifies Maryland’s position as a promising player in the gaming industry, benefiting the state’s economy and public welfare.