Growing popularity of sports betting in Baltimore

In-person sports betting was legalized in Baltimore a little over a year ago. Since then, punters have been hotly anticipating the passing of digital sports betting to join the party. As of  November 2022, Baltimore citizens can enjoy placing a bet online at DraftKings Sportsbook from their PCs and mobile devices.

Why are Baltimoreons so Excited about Online Sports Betting?

Even though punters who reside in Baltimore could have placed sports bets in person as of 2021, they could only place bets from a digital portal as of November this year. You would imagine that it would not make that big of a difference. However, since the launch of online betting sites like DraftKings, the state of Maryland has seen 80% – 90% of wagers placed through online portals.

The reason why this is such a big win for the state and, by extension, Baltimore, the more wagers that are placed by punters, the more tax revenue is generated.  As reported by The American Gaming Association, $4.33 Billion was generated nationally by sports betting revenue in 2021, which is a 180% increase from 2020. Even a small fraction of such large revenue would empower the state to invest in vital infrastructure and services such as teachers’ salaries or funding for state causes.

As a testament to the state’s intent, $5.4 million has already been raised for education and is projected to raise an astonishing $26.4 million in tax revenue in its first year due in thanks to mobile and online sports betting.

One of the main factors contributing to the growing popularity of sports betting in Baltimore is the increasing availability of online sports betting platforms. In recent years, the state of Maryland has legalized online sports betting, and a number of online sportsbooks have launched in the state. These platforms offer a convenient and accessible way for Baltimore residents to place bets on their favorite sports teams and events.

Another factor driving the popularity of sports betting in Baltimore is the city’s rich sports history and culture. Baltimore has a long tradition of sports, and its teams have a strong following among local fans. This has contributed to a culture of sports betting in the city, as fans look for ways to engage with their favorite teams and show their support.

Are there any downsides?

As with all things in life, nothing is all good. All things have a cost or obstacles to overcome. In the case of online sports betting for the state of Maryland and Baltimore in particular, there are two major concerns that have been brought forward and require addressing.

Worries that Gambling Addiction May Spike

The biggest concern that has been brought to light by concerned citizens and experts alike is that legalizing online and mobile betting so quickly after legalizing in-person betting may make the experience too accessible for those who have not yet built up a habit of playing and betting responsibly. The good news is that the USA has had an invaluable resource available for years to punters who may need help. There are also pre-emptive measures that can be taken.

• Think of gambling as entertainment, not a way to make money
• Only gamble with money you can afford to lose
• Set a spending limit in advance and do not go over it
• Take a break, especially after a losing streak
• Don’t gamble when you’re depressed or upset.

If you need any further information, check the responsible gambling resources.

Unmatialized Taxes

The second issue that was highlighted was projected taxes that never materialize. An example of such an issue can be found with Kansas’ last gambling tax revenue claim, which totaled up to $271,000 instead of the American Gaming Association projected $350 Million.

Of course, any previously uncollected tax revenue streams that can create any form of new income will help the state immensely to improve existing projects and to start up new ones. The state has already collected a sizable $5.4 million towards the education system, as mentioned earlier. This is already multitudes higher than what was expected and should be cause for relief and optimism to get as close to projected figures as possible.

Conclusion

The future for Baltimoreons seems bright and promising. There may be some pitfalls to be aware of, but with the right resources in place, the mobile and online betting industry that is blooming in Baltimore should be a precious cornerstone to help the state generate funds to make the quality of life for its citizens a little better than what it was yesterday. So far, Sports betting has called for the citizens of Maryland and Baltimore should be cautiously optimistic.