ANNAPOLIS, Md. - Maryland voters are betting on sports gambling to fuel a new source of revenue for the state.
With the voters’ approval, the state legislature can begin crafting a bill that will determine how sports gambling will be implemented.
Proponents of the bill have stressed its impact on education.
Cordish Companies Managing Partner Joe Weinberg says the measure could produce a $50 billion windfall for schools.
The state will tax the industry 20% – 19% going to education, and 1% going to the minority business enterprise program.
Governor Larry Hogan has expressed support for the bill – and was optimistic it would pass – but a poll taken earlier in the fall indicated that voters were split on the issue.
Perhaps predictably, betting companies FanDuel and DraftKings were keen on the measure passing.
The companies reportedly pumped millions into a campaign in support of the measure.
Legalizing sports betting puts Maryland on equal footing with its closes neighbors.
D.C. has already begun legalized betting, and Virginia approved it earlier in the year.