Senate Bill 4, introduced by Maryland lawmaker Craig Zucker, received the green light by the State House of Representatives this week, after the committee approved amendments made by the House Committee on Ways and Means. As a result of these amendments and additions to Zucker’s bill, the House voted 129-3 in favor of sending the bill off to Governor Larry Hogan for signing.
The stripped-down sports betting bill passed in the legislature’s final hours
Some of the key points of Senate Bill 4:
- It requires that, in an upcoming referendum on the bill, a question be set, asking Marylanders: “Do you favor the expansion of commercial gaming in the State of Maryland to authorize sports and event betting for the primary purpose of raising revenue for education?”
- It sets a $2.5 million licensing fee which sports betting operators will need to pay. This is in addition to an annual $250,000 renewal fee.
- It sets a tax rate of 20%.
- It allows online operators to offer sports betting on behalf of the holder of an existing sports betting license in Maryland. This is as long as they pay a $5,000 license fee.
- It allows sports betting at three local racetracks, namely Laurel Park, Maryland State Fairgrounds and Pimlico Race Course.
- It does not specify which companies will be able to apply for a license.
