Maryland Regulators Not Yet Ready to Loosen Sportsbook Oversight

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With roughly six months of operation under their belts, Maryland’s online sports betting sites asked regulators for less oversight. State regulators, however, weren’t ready to give up their right to review promotions that might mislead potential sports bettors. Maryland's legal sports betting sites are required to provide regulators with descriptions of promotional offers at least two days before they go live. According to public records obtained by The Baltimore Sun , online sportsbooks requested regulators waive that requirement. Instead, sportsbooks wanted to notify regulators within five days of launching a new promotion. Focus on local sporting events The sportsbooks argued...

With roughly six months of operation under their belts, Maryland’s online sports betting sites asked regulators for less oversight. State regulators, however, weren’t ready to give up their right to review promotions that might mislead potential sports bettors. Maryland's legal sports betting sites are required to provide regulators with descriptions of promotional offers at least two days before they go live. According to public records obtained by The Baltimore Sun , online sportsbooks requested regulators waive that requirement. Instead, sportsbooks wanted to notify regulators within five days of launching a new promotion. Focus on local sporting events The sportsbooks argued that some promotions needed to be timelier, to respond to local sports events. For instance, sportsbooks might want to offer a promotion featuring the advance of the Maryland Terrapins to the next round of the NCAA Basketball tournament or when the Baltimore Orioles make it into the postseason. The industry proposal argued, “The submission of promotions prior to advertising/marketing efforts limits the ability to adequately consider promotions because of unknown variables which often accompany events that are attractive for sports bettors.” Maryland Lottery and Gaming director John Martin told The Sun, “We’re eager for Maryland’s sports wagering industry to thrive and generate funding for education and we’re also mindful of consumer protections. We provide guidance to sportsbook operators so they may bring a variety of promotions to the market. At the same time, we feel that reviewing the details of promotions before they launch is a reasonable step that’s in the best interests of consumers.” Free bet cap remains Maryland sports betting regulators also rejected a proposal by DraftKings, which requested ending the limit on the total dollar amount of free bets companies could offer in Maryland during a given year. Right now, the limit is determined by the taxable revenue each company generates in the previous year. Online sports betting launched in Maryland last November. While the Old Line State has seen healthy sports betting revenues thus far , April’s numbers dipped a bit.  Nine online sportsbooks currently operate in the state. The latest company to join Maryland’s online sports betting ranks was SuperBook , which received its license on April 13. More than 95% of Maryland’s handle in April was generated by its mobile sportsbooks.  This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/maryland-maintains-sports-betting-operator-regulations-june-10-2023