Maryland casinos begin accepting first-time bets on horse racing
After being legalized in December of 2021, the state is now accepting wagers on Preakness for the first time.
For the first time, bettors in Maryland won’t need to travel to Pimlico to place a wager on the Preakness Stakes. Now, citizens can travel to local casinos within the state and place bets there instead.
Since December of 2021, sports betting has been legal in Maryland at five of the state’s casinos. From December to January, bets jumped from $16m to nearly $32m. Total casino gaming revenue in Maryland has gone up nearly 18% for the fiscal year 2022 from 2021, from $1.4bn to $1.6bn.
Since December, bettors have placed $132,544,146 in sports wagers at Maryland casinos. Since the legalization of sports betting, Maryland casinos have brought in $12.6m in revenue.
In regards to sports betting, Horseshoe Casino VP of Marketing Tom Yorke said: “It just gives something else that our customers wanted. They’ve been asking for sports gambling for a long time, and they’re having a lot of fun with it.”
He continued: “We’ve had the OTB for a minute, as well around Triple Crown is when it really starts to hit its high notes.”
When explaining horse racing, Yorke stated: “Betting on horses is very simple. Our most popular bets, win. If the horse wins outright. Place, come in first or second. Show is first second or third. Those are very simple bets to make.”
The state has yet to establish a form of mobile sports betting, however.
At the moment, the state can create up to 60 mobile licenses. The Sports Wagering Application Review Commission (SWARC) is looking at the industry to provide opportunities for women and people of color.
Sports betting dipped in Maryland after the Super Bowl in February. However, casinos are hoping the Preakness Stakes weekend will be successful after receiving strong interest in terms of betting on the Kentucky Derby.
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