Three new applicants for sports gambling-related licenses were found to be “qualified” by the Maryland Lottery & Gaming Control Commission on Thursday.
At its monthly meeting, the commission found qualified for sports betting in Maryland two entities under the Parx Interactive Maryland, Inc., banner, and a third entity, Bee-Fee, LLC, a UK-based company.
All three licenses are operator licenses and, as a result, are not required to go through the Spots Wagering Application Review Commission for approvals.
More About Parx Interactive Bid
The Parx Interactive licenses are for Sports Wagering Facility Operators. In particular, Parx Interactive will be the operator for retail sportsbooks in partnership with two planned Greene Turtle sports bar-restaurants. One of those Greene Turtles will be in the Canton section of Baltimore City on Boston Street, and the other will be on York Road in Towson in Baltimore County.
Those Greene Turtle operations previously were awarded Sports Wagering Facility Licenses by the SWARC in February.
The Bee-Fee license is for an Online Sports Wagering Operator License to operate one of the Maryland betting apps. Bee-Fee entered into a revenue sharing agreement with Veterans Services Corporation to operate VSC’s mobile and online sports wagering platforms.
Veteran Services Corporation was previously awarded a Mobile Sports Wagering License by the SWARC in April.
Before taking bets, the sportsbooks will be required to go through a final approval process with the Lottery & Gaming Control Agency and successfully demonstrate their operations and compliance with state regulations.
Martin Gives MD Sports Betting Overview
Also at Thursday's commission meeting, Lottery & Gaming director John Martin reviewed the financial performance of the state’s young sports gambling industry from a tax perspective.
So far in Fiscal Year 2023, tax contribution to the state from sports gambling has been $17.7 million.
“With 10 months of sports wagering under our belt in this fiscal year and with 10 retail and nine online sportsbooks in operation, we should be around $20 million in contribution by the end of the (2023) fiscal year,” Martin said.
Martin reminded the commission that the initial projection for sports wagering taxes was $25 million to $30 million annually, “once all licensees were up-and-running, and we are far from that today.”
Martin concluded, “We are on pace to meet that (original) contribution goal in (Fiscal Year) ’24.”
Regarding another gaming option in the state, the lottery itself, Martin observed that May 24 was the 50th anniversary of the first drawing in Maryland.
Stanley Fine, who has held many leadership roles with the Maryland Lottery over its 50-year history, recalled that when that first drawing was held half a century ago, it was conducted in Hopkins Plaza in Baltimore and 10,000 people attended. In that first year of the lottery, the state netted $10 million in taxes.
In Fiscal Year 2022, various forms of legalized, regulated gambling, including the lottery, the state’s six casinos, sports wagering, and fantasy sports combined to contribute $1.511 billion to the state.
Find continuing coverage of gaming in the Old Line State as we as the best Maryland sportsbook promos here at BetMaryland.
