The Sports Wagering Application Review Commission in Maryland has granted approval to Dan Snyder, owner of the Washington Commanders, for the establishment of a Class A-1 sports betting facility at FedEx Field. This move follows the successful implementation of sportsbook lounges at Capital One Arena and Nationals Park in Washington DC.
Commission Approval and Statement from the Commanders:
The Maryland Lottery and Gaming Control Agency, by a majority vote of 6 to 1, approved Snyder’s application for the sports betting license. The Commanders expressed their gratitude for the state of Maryland and its leaders’ efforts in creating a regulatory framework for sports wagering. In a statement, they commended the state’s commitment to promoting equitable and diverse participation in the legal sports betting market.
Evaluation of Snyder’s Application:
During the review process, concerns were raised regarding the Washington Commanders and owner Mr. Snyder. However, the Lottery Agency’s regulatory oversight determined that none of the allegations against Snyder could be substantiated. They concluded that Snyder meets the standards of financial stability, integrity, and responsibility required for the sports betting application.
Washington DC Sports Betting Performance:
In June, the sports betting handle in Washington DC amounted to $13.8 million, reflecting a 29.3% decrease compared to June 2021 ($19.5 million) and a 19.8% decrease from May 2023 ($17.2 million). Revenue for June reached $1 million, which was less than half of the revenue generated in the same month in 2021 ($2.2 million) and a decline from May 2023 ($2 million).
Market Expansion and Operator Increase:
Despite the decline in handle and revenue, the number of active operators in the Washington DC sports betting market has grown. Currently, five operators are actively participating, compared to three operators in June 2021. This expansion indicates the continued interest and potential growth of the market.
The approval of a sports betting facility at FedEx Field for the Washington Commanders marks a significant milestone in Maryland’s sports wagering landscape. The Commanders express their appreciation for the state’s support and endorse the efforts made to ensure an inclusive and regulated market. Meanwhile, Washington DC’s sports betting market experienced a decline in handle and revenue in June, but the presence of additional operators suggests the potential for future growth in the region.