Maryland: Senator Watson iGaming Bill SB 603 + Summary
February 2, 2024
Senator Watson’s iGaming bill became available on Friday late afternoon. It tracks with previous versions of the bill we had seen. You can access the bill here; summary included below.
As we’ve noted before, Watson is open to changes to the bill, and we understand that key lawmakers in the House are considering their own iGaming bill – or ways to amend the Watson bill.
Summary: SB 603
- Tax rate 47%
- Unlimited promo deduction year one; 20% in years following
- 12 licenses tethered to the land-based casinos (referred to as “Video Lottery Facilities”)
- Adds 5 additional licenses (only with a single skin) for Maryland-based companies.
- Based on the requirements to obtain this license, it is clearly written for a specific special interest in mind. We understand that Urban One is this entity.
- $1m licensee fee; 5 year term; renewal is 1% of average annual revenues from the preceding 3 years.
- RG requirements include a monthly certification by users that they have read and acknowledge self-exclusion items
- Permits the use of credit cards