While Election Day was rightfully focused on the vote for President, several other ballot measures were closely contested and worth the watch. When the votes were tallied, three more states approved sports betting.
Residents in Maryland, Louisiana, and South Dakota voted “yes” to allow sports betting in their respective states. With this decision, sports betting is now legal in 25 states.
In 2018, a ruling by the Supreme Court made the issue of sports betting legality something to be decided on the state level. Since then, many states have taken measures to approve the industry, which has proven to give state governments an additional revenue stream.
In a time where the coronavirus is harming the economy, sports betting has provided many states a crutch when it comes to the budget. Next year is sure to be filled with states launching this industry and possibly even more legislatures following suit.
It came as no shock that many sports betting stocks saw a jump on Wednesday after the news that three more states will be joining the industry shortly. Ohio, Massachusetts, and Hawaii are among the other states that currently have active legislation on the matter.
Two years have gone by since the Supreme Court ruling, and the country has seen half of the states welcome the industry. With that being said, there are still many other large markets, such as California, that are still untapped.
Maryland Sports Betting
Question 2 on the ballot in Maryland was in regards to sports betting in the state. The governor of Maryland was very aware of the financial benefits the industry could provide.
“Question 2 provides a critical revenue source for public education without raising taxes on families and businesses,” Governor Larry Hogan said. “This initiative builds on the very successful ‘Hogan Lockbox,’ which puts casino revenues in a lockbox dedicated to education. We are already funding our K-12 schools at record levels, and this is another way to ensure that is the case for years to come.”
The vote came back with 66% of residents voting yes for Question 2. They will be joining their neighbors, Washington D.C., and Virginia, as places that allow sports betting.
Louisiana Sports Betting
People in Louisiana approved daily fantasy sports back in 2018. However, that has yet to launch. Residents had the option to approve sports betting on the ballot in 2020.
Out of the 64 parishes in Louisiana, 55 of them approved the referendum. The number is a bit surprising when only 47 of them approved DFS.
New Orleans will be the biggest market, with the New Orleans Saints as the state’s biggest draw.
South Dakota Sports Betting
Residents in South Dakota have decided to allow sports betting in Deadwood, which will happen sometime in 2021. Amendment B on the ballot passed with roughly 58% of the vote.
It will be up to the legislature whether or not the language contained in the bill will allow for mobile sports betting. The question is whether or not operators could place its servers in Deadwood, making it legal.