Although Maryland has already launched its online sports betting market, operators still need to do some work to comply with the state’s rules and regulations. According to sports betting and casino news reports, the Sports Wagering Application Review Commission met on Wednesday to consider sports betting diversity plans from ten licensees.
Companies seeking to provide online sports betting in Maryland must make specific preparations, which may not be necessary for operators in other jurisdictions.
Why? Because the State of Maryland has a one-of-a-kind sports betting statute that mandates the SWARC, make an effort to guarantee diversity in issuing licenses. For example, the law requires applicants for state licenses to have a diversity plan. Also, operators signed a memorandum of understanding with the SWARC promising to make good-faith efforts to conduct investor interviews with underrepresented groups.
Sports Betting Diversity Plans
Applicants must submit a diversity strategy within 30 days of receiving a license. In addition, companies commit to making further good-faith efforts to achieve the diversity goals outlined in the plan and to report relevant data that may be made publicly available.
During the conference, SWARC Chairman Tom Brandt reported that the organization’s initial mobile sports betting licensees had turned in their diversity plans within the 30-day deadline.
For instance, BetMGM gave the green light to two minority investors who bought into the company’s Maryland branch. In addition, historically Black Colleges and Universities (HBCUs) are beneficiaries of BetMGM’s partnership with the Tom Joyner Foundation.
The SWARC voted Wednesday to accept all ten plans presented to the commission and will oversee their execution. In addition, Barstool Sportsbook, Caesars Sportsbook, and DraftKings all had their diversity programs approved by the commission.
Although voters approved a ballot initiative in Maryland in November 2020, it wasn’t until December 2021 that residents of the Old Line State could place wagers on sporting events. Even then, it was only at land-based casinos. The first mobile sports bets were placed in Maryland in November 2022, and by the end of December, nine brick-and-mortar and seven virtual sportsbooks were up for business.
On the other hand, Maryland hasn’t kept up with the online gaming trends. At present, cryptocurrency casinos revolutionize online gambling. Maryland should allow such companies to operate in the state.
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