Online Casino Bill Tabled for Approval in Maryland

In February 2023, the Maryland Senate held hearings concerning a bill eliminating some impediments to online casino gaming in the state. This proposal would involve asking for citizens' approval, with the condition that the sponsors pay a hefty licensing fee.

SB 0267 was proposed by Senate Majority Leader Nancy J. King and Senator Ron Watson. Senator D-Montgomery and D-Prince George's are also part of the bill. This bill would put the decision to legalize online casino games, such as virtual table games and slots, to a public vote in November 2024.

The legislation comes at a time when gambling in Maryland is broadening. In November last year, the state approved online sports betting, with numerous betting sites accepting bettors. Right now, table gaming is restricted to Maryland's brick-and-mortar casinos.

The money acquired from legal online gambling would be devoted to learning, specifically the Blueprint for Maryland's Future.

According to Senator Watson, the state is missing a vital component of internet gaming, the casino tool. The legislator said they are appreciative of the efforts to fund the Blueprint but are aware of the challenges that will come in the future. Watson added that the Comptroller's Office's fiscal note suggests that this bill will potentially generate up to $97 million by 2028.

The License Won't Come Cheap

Under the proposed bill, the best online casinos approved by the state may obtain an online gaming permit valid for five years, costing $500,000. Of the profits from internet gaming, 85% will remain with the licensee, and the remaining 15% will go to the Education Trust Fund.

The Blueprint for Maryland's Future Fund is a decade-long strategy for the public education system passed in 2021 and is funded through a trust fund. This plan broadens access to preschool and improves college and career readiness. The program also elevates the quality and inclusivity of school staff, besides generally providing additional resources to further student success.

Gov. Wes Moore has allocated money to this plan that should be adequate to last until FY 2026. This is when the state anticipates the potential returns from SB 0267 could contribute.