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PlayMaryland.com: State’s sports betting market could generate more than $3 billion in bets annually

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Maryland’s sports betting market will be capable of attracting more than $200 million in gaming revenue on more than $3 billion in bets annually, which could then generate as much as $35 million in tax revenue for the state once the market matures, according to estimates of PlayMaryland, which tracks the state’s regulated online gaming and sports betting market.

“Maryland will be an attractive market for operators in large part because regulators have embraced an open market,” said Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayMaryland.com. “The best predictor of a successful market has been whether it is designed to foster competition among numerous operators, which Maryland has done. A competitive market is more appealing to bettors, which in turn makes the industry a reliable revenue producer for the state.”

When Gov. Larry Hogan signs the bill to officially legalize sports betting in Maryland, which is expected, the state will join 26 other U.S. states and Washington D.C., that have regulated sports betting in some form. Twenty-two of those jurisdictions have launched.

At maturity, which could come as soon as the market’s third year, Maryland operators could take in as much $3.1 billion in bets annually, which would then produce between $125 million and $225 million in taxable revenue each year, according to PlayMaryland projections. With Maryland’s tax structure, which is 15% of an operator’s taxable revenue, that could mean as much as $35 million in taxes for the state.

“We have seen just how attractive sports betting has been in Virginia, which has a similar tax rate as Maryland, so we know this structure won’t scare away any potential operators,” said Jessica Welman, lead analyst at PlayMaryland.com. “There are questions unique to Maryland about whether local operators will be able to compete with the DraftKings and FanDuels of the world, which will surely be coming. Or if the state’s inclusion efforts will affect the early growth of the state’s industry. But the bottom line is that sports betting should be a reliable revenue generator for the state.”

As a market, Maryland does have some advantages. The most notable is that only Washington D.C. has a higher median income among legal sports betting jurisdictions. And the fan bases of the Baltimore Ravens and Baltimore Orioles, plus nine Division I athletic programs, including Maryland and Navy, will all help drive interest.

But it also has some disadvantages relative to other markets its size. By population, Maryland (6 million) most closely compares among established sports betting markets with Colorado (5.8 million), currently the eighth largest sports betting market in the U.S. Since launching in May, Colorado has taken in $1.8 billion in bets — including $611.5 million through the first two months of 2021 — which has produced $109.4 million in gross gaming revenue.

Maryland is unique in several ways though. For one, it will be the first market to launch while being completely surrounded by jurisdictions that have already legalized sports betting in some form. And Maryland is without a significant sports tourism industry. Those two factors will make the market almost entirely locally dependent.

“Maryland won’t have much opportunity to draw bets from neighboring states, which makes it a test case for the future of sports betting as more and more states legalize sports betting and make each state locally dependent,” Ramsey said. “But Maryland has enough local advantages to make it a strong bet to be a successful market.”

For more information and analysis on regulated sports betting in Maryland, visit PlayMaryland.com/news.

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Thunderkick’s portfolio makes Ontario debut through SkillOnNet brands

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Global entertainment brand SkillOnNet is deepening its existing partnership with Stockholm-based game studio Thunderkick to launch the developer’s unique, engaging slot titles in Ontario.

The Canadian province is one of the most exciting regulated markets in North America, and the Ontario players will now gain access to Thunderkick’s full portfolio of highly acclaimed games via SkillOnNet-powered online casino brands such as PlayOJO, SlotsMagic, and SpinGenie.

Thunderkick is known for its independent, boundary-pushing slot games like Pink Elephants, Esqueleto Explosivo, and Beat the Beast and has established a strong reputation for creativity and originality in the iGaming space. The deal allows the studio to further expand its global footprint while giving Ontario players the chance to enjoy a fresh wave of premium content.

Ontario’s regulated online gaming market, which officially opened in 2022, has quickly become a key market for the iGaming industry, and SkillOnNet was among the first brands to secure licensing in the province. The expansion reinforces SkillOnNet’s commitment to delivering top-tier entertainment in regulated markets globally.

Jani Kontturi at SkillOnNet said: “Thunderkick has been a key partner of ours in other markets, and we’re delighted to bring their outstanding content to Ontario. This region is fast becoming a vital part of our operations, and we’re confident players here will respond just as positively to Thunderkick’s games as they have elsewhere.”

Mariam Dodosh, Account Manager at Thunderkick said: “We’re thrilled to expand our relationship with SkillOnNet and enter the Ontario market together. Our games have a track record of strong performance, and we’re excited to see them go live in one of the most dynamic new regions in iGaming.”

The post Thunderkick’s portfolio makes Ontario debut through SkillOnNet brands appeared first on Gaming and Gambling Industry in the Americas.

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Maverick Games Launches Sports Betting Operations in Ontario

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Maverick Games has launched sports betting operations in Ontario, through a partnership with Delasport.

Maverick Games will offer Ontarian players a premium sports betting experience, built on Delasport’s superior technology and known for its unique innovative features that players love including personalization, recommendations, gamification, quick bets, player engagement features, and more.

Maverick Games is the second brand to launch on Delasport’s technology in Ontario, with another full turnkey brand set to go live soon. Delasport also recently unveiled its innovative sports betting jackpot network game, SuperPot. The company will showcase this unique product at the Canadian Gaming Summit next month and begin rolling it out to Ontarian operators shortly thereafter.

“We are proud to see Maverick Games live and thriving with our one of a kind sportsbook solution at its core. They have been a fantastic partner from the start, and this launch further demonstrates how fast and efficient our technology is when paired with a clear vision and strong collaboration,” said Rosaire Galea Cavallaro, VP of Business Development at Delasport.

“Maverick Games’s sports vertical is a major step forward for us and launching it with Delasport has been the right move from day one. The platform’s performance and flexibility allow us to deliver the kind of user experience we believe Ontario players deserve. We’re excited to now bring that vision to life,” CEO Matt Rathbun said.

The post Maverick Games Launches Sports Betting Operations in Ontario appeared first on Gaming and Gambling Industry in the Americas.

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Tsleil-Waututh Nation Signs MoU to Acquire Casino Business at Hastings Racecourse & Casino

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Tsleil-Waututh Nation (TWN) announced that it has signed a Memorandum of Understanding to acquire the casino business and related real property interests at Hastings Racecourse & Casino (Hastings) in the City of Vancouver from Great Canadian Gaming Corporation (Great Canadian Entertainment).

“We are thrilled to take another important step towards economic self-determination for our Nation in our traditional territory, and we are eager to work with the senior management team at Great Canadian Entertainment to finalize due diligence and execute a definitive agreement, as well as working with the City of Vancouver to ensure the best long-term use of this important asset within the City. We believe that this opportunity is historic for us in many ways, and we look forward to entering the gaming industry in due course,” said Jen Thomas, Chief of the Tsleil-Waututh Nation.

“We are excited about working with TWN on their potential acquisition of the casino operations and related real property interests at Hastings Racecourse & Casino. Recognizing that Hastings is part of the TWN’s traditional territory, we can think of no better entity to inherit this asset, and we look forward to supporting them in the transition after the anticipated close of the sale,” Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment.

The agreement is subject to further due diligence, finalization of financial terms and the execution of a definitive purchase and sale agreement. Once a definitive agreement has been executed by the parties, it is anticipated that the transaction will be subject to customary closing conditions as well as customary approvals by gaming regulatory and other authorities, including certain approvals by the City of Vancouver given its ownership of the real property. It is expected that Great Canadian Entertainment will provide transition services to TWN for a period of time following the anticipated closing.

The post Tsleil-Waututh Nation Signs MoU to Acquire Casino Business at Hastings Racecourse & Casino appeared first on Gaming and Gambling Industry in the Americas.

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