If you don’t play online games regularly, there’s a strong chance you’ll fall in love with gaming soon. Gaming is a $321 billion industry with more than two billion fans according to research firm PwC.
In Maryland, the gaming industry is worth over $1 billion. For clarity, we’re talking about both video games and online casino games. Surprisingly, Maryland doesn’t regulate iGaming.
Yet, the Maryland gambling scene is skyrocketing thanks to an influx of offshore casinos that accept players from the state. The industry’s popularity has people throughout MD asking their legislators to authorize iGaming.
In this article, we’ll delve deeper on the reasons behind Maryland’s booming online gaming scene. And we’ll explain how the state can adapt to this industry. Let’s take a closer look.
Legalize Online Casinos
Let’s cut the chase. The best thing Maryland can do to benefit from the growth of online casinos is to legalize the industry. Online gaming offers a plethora of advantages to states, from tax income to job creation.
Maryland’s best route for legalizing online gaming is through ballot voting. The state did this in 2020 with sports betting and voters passed the bill overwhelmingly.
Legislators are working on a bill that could be added to this year’s generation election. But it has yet to be accepted by the majority of lawmakers. Maryland already supports sports betting. In fact, it generates hundreds of millions of dollars from sports gambling companies.
That means it has enough reasons to legalize online gambling. After all, some of its neighbors also support online casinos—Pennsylvania, Delaware and West Virginia.
Pennsylvania generates more than $1 billion annually from online casinos. It generates $2 billion more from sports betting.
Provide a Conducive Business Environment
Maryland is one of the best states for businesses to operate in. The Old Line State is home to some of the country’s most important organizations—John Hopkins University, the National Security Agency and the Food and Drug Administration (FDA).
That means MD offers an environment that supports growth for both public and private companies. If it can offer a smooth business environment for online casinos to thrive, it can generate lots of revenues from the sector.
After legalizing online casinos, the state will need a clear guideline for applicants to apply casino licenses. For example, it will need to set affordable license application and renewal fees.
More importantly, it should set a reasonable tax rate to attract the world’s best casino providers. New Jersey, which generates up to $5 billion from online casinos, has a flat 13% tax for iGaming operators.
Protect Players from Unscrupulous Operators
Presently, online gaming fans in Maryland have no support system in their state. They play slots and table games at offshore casinos located overseas. While some black market casinos are safe and reliable, others are not.
If you get scammed while using an offshore casino in Maryland, you can’t ask your state for intervention. It has no way of holding foreign companies accountable. Legalizing iGaming is one way to offer support to vulnerable players in the state.
Legalization comes with an agency that regulates online gaming operators. This agency monitors operators to ensure they’re not breaking the law by taking advantage of vulnerable players.
Proper regulation can actually minimize all the dangers that come with online gambling. For example, the regulator can set aside money to create awareness about problem gambling. It can also draft casinos should use to protect their customers from addiction.
Permit all Forms of Casino Games
In Nevada, operators can launch online casinos. But there’s a catch. They can offer poker alone. They can’t feature blackjack, craps, slots, roulette and other games of chance.
Nevada’s online casino laws might be great for brick and mortar casinos in the state. But they wouldn’t be helpful if applied in Maryland. The Old Line State has six casinos only.
What’s more, people who play casino games online value the whole experience. They don’t want to be limited to poker or blackjack online. Online gaming sites are supposed to be an alternative for land-based casinos. That way, people who can’t access a local casino can gamble online conveniently.
Today’s online casinos offer some incredible games. Slots have high definition graphics, loads of bonus features like wilds and multipliers. And their payout rates have increased.
On the other hand, casinos offer table games through a live dealer format. You can view and interact with your opponents for a social gaming experience.
Allow Bonuses and Promotions
Nearly every state with legal online casinos support bonuses and promotions. Bonuses allow operators to market their brands effectively. They give new customers bonuses as a welcome gestures.
New players are more likely to try gambling if they’re given free betting credits. Without bonuses, casino sites would need to market their companies aggressively through TV and social media ads.
However, most states prohibit gaming companies from running ads on mainstream media networks. Where allowed, they can only advertise late at night.
Bonuses work efficiently for operators because they have ways to recover this money. Usually, casinos set terms players must complete before they can turn a bonus into cash. One of the conditions is called rollover. It requires players to spend a specific amount of money at the casino before they can withdraw their profits.
Support Online Gaming Innovations
Many online gaming innovations improve the industry in ways that benefit all its stakeholders. For example, new slots with high Return to Player (RTP) rates increase customers and sales.
Players love high payout games because they offer decent odds of winning. Casinos love these games because they improve their customer base. An innovation like live dealer games has the same benefits.
It is enjoyable to players. And as a result, they’re likely to spend more time and money on such a game. In turn, MD would earn higher revenues. Some iGaming creations aren’t entirely profit driven.
For example, Pay N’ Play, allows you to gamble online without creating an account. Sweden’s Trustly digital wallet created this platform to improve privacy in gaming.
Beyond enhancing privacy, it is revolutionizing the online gaming sector. That’s something everyone in the iGaming sector needs to support.
