BetMGM, one of the leading sports betting operators, is gearing up to launch its services in Maryland, following the state’s decision to legalize sports betting. In anticipation of this exciting development, the Maryland Lottery and Gaming Control Commission has selected ten applicants for final approval, paving the way for potential licenses to be awarded in November. As the state takes steps towards regulating online sports betting, Maryland’s casinos have already shown impressive revenue growth, setting new records in October.
Preparing for Sports Betting Launch:
BetMGM has taken the lead by opening pre-registration for sports betting in Maryland, eagerly awaiting the state’s go-ahead. The Maryland Lottery and Gaming Control Commission have shortlisted ten operators, including renowned names like Caesars Sportsbook, FanDuel, and DraftKings, for final approval from the Sports Wagering Application Review Commission (SWARC). The SWARC’s meeting on November 21 could determine which operators will be granted licenses to operate in the state.
Rigorous Review Process:
To ensure a seamless and secure betting experience, the selected operators must undergo a comprehensive review by the Maryland Lottery and Gaming Control Agency. Each applicant will conduct a controlled demonstration to verify the proper functioning of their systems and internal control procedures. This meticulous evaluation process is crucial in maintaining transparency and upholding the industry’s integrity.
GeoComply’s Role in Ensuring Compliance:
GeoComply, a geolocation data firm, has received a contractor license from the Maryland State Lottery and Gaming Control Agency. This enables the firm to provide essential services like geolocation, ID verification, fraud detection, and prevention to regulated operators once online sports betting is officially launched in the state. GeoComply’s involvement is instrumental in maintaining a secure and accountable betting environment for Maryland residents.
Maryland’s Booming Gaming Revenue:
Even before the launch of sports betting, Maryland’s gaming industry has been on an impressive trajectory. In October, the state’s six casinos collectively generated a staggering $212.9 million in gaming revenue, marking a remarkable 37% increase compared to October 2021. This achievement surpassed the previous single-month record set in July 2021, which stood at $180.1 million. This substantial revenue growth reflects the growing interest and engagement of Marylanders in the casino gaming experience.
Leading Casinos Driving Revenue Surge:
Among Maryland’s casinos, MGM National Harbor stands out as the leader, contributing over $115 million in gaming revenue in October—an astounding 105.8% surge from the previous year. Live! Casino & Hotel at Arundel Mills generated $59.7 million, maintaining its strong position despite a minor 1.9% dip. Baltimore’s Horseshoe Casino recorded $17.4 million in gaming revenue, experiencing a modest but encouraging 1.5% increase. These numbers showcase the casinos’ resilience and appeal to a diverse audience.
As Maryland edges closer to the official launch of sports betting, operators like BetMGM eagerly await the opportunity to provide residents with an exciting and responsible betting experience. The thorough review process and GeoComply’s involvement ensure a secure environment for Marylanders to enjoy online sports betting. Additionally, the remarkable revenue growth in the gaming industry showcases the immense potential and appeal of casino gaming in the state. With the imminent launch of sports betting, Maryland’s gaming landscape is set to witness even more thrilling developments in the months to come.