Horseshoe Casino Baltimore, under Caesars Entertainment, is taking a significant step towards expanding its sports betting offerings by applying for a mobile sports betting license in Maryland. Since its opening in December, the venue’s Caesars Sportsbook has successfully accepted in-person wagers. The application, spearheaded by the limited liability corporation Caesars Maryland Mobile Opportunity, underscores Caesars Entertainment’s commitment to promoting diversity, equity, and inclusion by incorporating 40 percent women and minority membership. Collaborating with local business partners, the casino aims to seize business ownership opportunities while aligning with the spirit of Maryland’s sports betting legislation. As Maryland’s sports wagering market continues to thrive, the Maryland Sports Wagering Application Review Commission has opened the application process for up to 60 mobile sports betting licenses. Amidst this growth, Maryland’s retail sports betting handle in August surged to $18.6 million, accompanied by an impressive revenue of $3.2 million and a win rate of 17.3 percent.
Horseshoe Casino Baltimore Ventures into Mobile Sports Betting
In a bid to expand its sports betting operations, Horseshoe Casino Baltimore, a Caesars Entertainment property, has submitted an application for a mobile sports betting license in Maryland. Following the success of its Caesars Sportsbook that commenced in-person wagering in December, the casino is poised to venture into the digital sphere, catering to the growing demand for mobile sports betting. The application is led by Caesars Maryland Mobile Opportunity, a limited liability corporation committed to promoting diversity and inclusion within the industry. By collaborating with local business partners, Horseshoe Casino Baltimore aims to set an example of responsible and inclusive business practices in the thriving sports betting landscape.
Maryland’s Pursuit of Diversity and Inclusion in Sports Betting
Caesars Entertainment’s commitment to diversity aligns seamlessly with Maryland’s sports betting legislation, which emphasizes the creation of opportunities for minority ownership within the industry. As part of its application, Caesars Maryland Mobile Opportunity ensures that 40 percent of its membership comprises women and minority stakeholders. This approach not only reflects Caesars’ corporate mission but also serves as tangible evidence that the General Assembly’s pursuit of diversity in new markets can yield successful outcomes. By fostering an environment that encourages inclusivity, Maryland’s sports betting market continues to evolve and flourish.
Maryland Sports Wagering Application Review Commission (SWARC) Evaluation Process
The Maryland Sports Wagering Application Review Commission has opened the application process for mobile sports betting licenses, with up to 60 licenses up for grabs. Companies seeking to obtain a license must submit their applications by the deadline of October 21. The SWARC will undertake a thorough review of the applications, which may take up to 45 days. During this evaluation period, industry stakeholders eagerly await the outcome as Maryland’s sports betting market stands on the precipice of a transformative shift towards mobile betting.
Maryland’s Retail Sports Betting Success in August
Maryland’s retail sports betting market experienced significant growth in August, with seven sportsbooks reporting a handle of $18.7 million—a remarkable 21 percent increase compared to July’s $15.5 million. The revenue generated from sports betting also saw an upswing, reaching $3.2 million with an impressive win rate of 17.3 percent. Taxes collected from these operations amounted to $477,840 in August, contributing to the Blueprint for Maryland’s Future Fund. The overall tax revenue for the nine months since the launch of retail-only sports betting climbed to $3.65 million, highlighting the positive impact of the sports wagering industry on the state’s financial landscape.
Horseshoe Casino Baltimore’s application for a mobile sports betting license marks a significant milestone in Maryland’s betting market, emphasizing Caesars Entertainment’s commitment to diversity and inclusion within the industry. As the Maryland Sports Wagering Application Review Commission evaluates the numerous applications, the state’s sports betting landscape eagerly awaits the influx of mobile sports betting opportunities. Maryland’s thriving retail sports betting market in August further cements its position as a burgeoning player in the sports wagering arena, showcasing impressive handle and revenue figures. As the industry continues to grow, Maryland’s commitment to promoting diversity and creating a conducive business environment serves as a testament to its dedication to fostering an inclusive and prosperous sports betting ecosystem.