On November 3, 2020, while the country was focused on the presidential election, Maryland approved a referendum, known as Ballot Question 2, that allowed for the state to legalize sports wagering for the “primary purpose of raising revenue for education.” The measure enjoyed wide support amongst Maryland residents and will make Maryland the most recent state in the country to legalize sports wagering. Maryland now joins other jurisdictions in the region, such as the District of Columbia, Virginia, and Delaware, that have also legalized some form of sports wagering.
While Maryland’s vote indicates that sports fans may soon be able to place bets on their favorite teams, there is still a long road ahead before residents can place a bet. Now that the referendum has passed, it is incumbent on the legislature to pass enabling legislation that will provide the legal framework that will govern sports betting. This legislation will need to be approved by the governor, and once approved, the specific rules and regulations will need to be promulgated by the designated regulator. This process will not take place overnight, and there will be several months (at minimum) before the state is able to begin issuing licenses to operators.
Moreover, there are still many questions that remain on what the overall legislation will look like. It is presently unclear whether Maryland will allow mobile sports wagering, retail sports wagering, or some combination of the two. The tax rate for sports wagering revenues and the application fees also remain uncertain. In short, there are many parts of the law that are yet to be determined.
Regardless of the uncertainty concerning the timing and contents of sports wagering legislation in Maryland, the legalization of this industry will create numerous opportunities for businesses in the state.
Please feel free to contact Ian Thomas at firstname.lastname@example.org with any questions or interest about the industry.
ABOUT IAN THOMAS
email@example.com | 202-900-8592
Ian Thomas is an attorney in Offit Kurman’s Commercial Litigation practice group. Ian likes to apply a “think-outside-the-box” approach to litigation, through which he seeks to find creative ways to resolve each legal issue that his clients face. In applying this approach, Ian is able to identify a diverse and cost-effective set of options to resolve any legal problem that his clients encounter.
ABOUT TRACY BUCK
Tracy Buck holds a Bachelor of Science Degree in Finance from the University of Maryland, College Park and received her Juris Doctor from the University of Maryland Francis King Carey School of Law. While in law school, she was the Editor-in-Chief of the University of Maryland Law School’s Journal of Business and Technology Law as well as Vice President of the Business Law Society. She practices real estate law, with a focus on foreclosure and litigation in the District of Columbia, where she has been litigating judicial foreclosures since the commencement of the judicial process in the District of Columbia. Tracy is admitted to practice in Maryland, Virginia and the District of Columbia.
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