Maryland Sports Bettors Are Active
The state of Maryland just recently launched online sports betting, and it appears that this is going to lead to some big revenue figures for the state. GeoComply is a company that specializes in geolocation services and then shares data to help provide insight on how a market is shaping up.
According to the first set of data that was released, there were over 16 million unique transactions made in Maryland from November 23-27. Maryland was hoping to see these results when mobile betting was officially launched, as retail betting just wasn’t getting it done in the state.
Online sports betting got off to an interesting start due to the strange laws that were put in place by the Maryland Lottery. Online sportsbooks were able to have a soft launch for a few hours, and then had to wait a few days to launch again.
Seven mobile sportsbooks were ready to go on the official opening day, and that list included some of the biggest names in the industry. Maryland also timed it just right as the Thanksgiving Day weekend provided a full slate of games to wager on.
The first few days also saw nearly 500,000 new accounts get created in the state, and that total is going to increase in the future. This state will also see the launch of more online sportsbooks, although many operators are choosing to wait until 2023.
Comparing Other Sports Betting States
In order to compare the amount of sports betting that took place in the state of Maryland, it’s important to look at states with a similar population. Colorado, Indiana, Tennessee, and Virginia, all are around the same size of Maryland and they all have legal sports betting.
The state of Virginia had 8.5 unique transactions from November 23-November 27, and that was the closest any state was to the state of Maryland. This should speak to the potential of Maryland, but those other states also have an established industry.
Sports betting is extremely popular, and it tends to take off quickly as soon as mobile betting is first offered. Maryland sportsbooks will see some slowing down eventually, but there should be good numbers through football season.
PointsBet Partnership a Problem?
Opponents of legal sports betting in Maryland have expressed concerns about the threat of problem gambling, and they have specifically pointed to one sportsbook operator. PointsBet Sportsbook has grown into a big name in the United States, but it has a unique partner in Maryland that has some people concerned.
PointsBet Sportsbook has a partnership with the University of Maryland dating back to last year, and some worry about the impact that could have on college students. Other states have seen similar partnerships, but it’s the first of its kind in the Big Ten Conference.
This will be something that regulators in the state will be keeping a close eye on, but there are a number of resources in place to prevent problem gambling.