Maryland SWARC To Host Educational Summit For Sports Betting

The Maryland Sports Wagering Application Review Commission is set to host an educational summit for small businesses’ participation in Maryland sports wagering on May 6. The summit will include industry experts discussing financial and regulatory topics throughout sports betting in Maryland. 

It’s a free event that will take place at Montgomery Park Business Center Auditorium, 1800 Washington Blvd., in Baltimore. It’ll be a three-hour event from 9 a.m. to 12 p.m. with two discussion panels scheduled.

 Summit Details 

The first-panel discussion will be on the topic of financial issues surrounding sports wagering. According to the SWARC press release, it will be “a window into the true costs of running an online brick-and-mortar sportsbook.” It will cover “everything from capital costs to security requirements and the impact of competitive promotions.”

The second panel’s topic is the licensing overview and the process of going through the application and all of the licensing and compliance requirements. 

Guests will include industry consultants, gaming lawyers, regulators, legislators, gaming suppliers, legal executives, and gaming operators. 

Small, Minority-Owned Business Sports Wagering Assistance Fund (SWAF)

When the sports wagering law went into effect in Maryland it established the Sports Wagering Assistance Fund. The purpose is to allow small, women and minority-owned businesses to seize opportunities to participate in the sports wagering industry. 

Five percent of Class A sports wagering licensing fees (licenses for commercial casinos and sports arenas) go to the SWAF. 

The loans can be used for three things:

  • Licensing application assistance
  • Training
  • Assistance with operations

The state of Maryland is committed to giving small, minority, and female-owned businesses the chance to break into and compete in the sports betting industry. 

Maryland Sports Betting Update

Since Maryland launched sports betting in December 2021 five retail sportsbooks have opened. Three off-track betting sites and Bingo World have received licenses but are awaiting final regulatory approval. 

In March, Maryland sports betting brought in a wagering handle of $31 million and contributed a little over $500,000 to the state. The March betting handle is a $5.5 million increase from February. The total handle since the launch of sports betting is $105.6 million with almost $2 million contributed to the state. 

While only in-person sports betting is currently legal, the launch of mobile sports betting is coming. The hope is that mobile betting will be up and running in time for the 2022 NFL season kickoff. 

About the Author

Kayleigh Toney

Kayleigh Toney is a Virginia-based freelance sports writer at Maryland Sharp. She’s an avid NWSL and USWNT fan and a lifelong Virginia Tech Hokie.