One of the most exciting developments of the past three years has been the expansion of sports betting partnerships between leagues and betting operators. As many states have legalized sports betting, the industry has been flooded with news of new partnerships between movers and shakers in the sports and gambling industries.
While it is a good idea to know the basics of the laws, it is also important to take a look at how these deals work in practice. Generally, these partnerships are mutually beneficial. Companies align with the leagues they work with because of a shared vision or strategy. However, these deals can also involve a lot more than meets the eye.
When a company is given an official betting partner status, they may be required to offer certain types of betting markets. These include money line, totals, spreads, parlays, and in-play betting. In-play bets are wagers that are placed during a live event. Although the process is similar to traditional betting, in-play bets are not typically based on time or player versus player. They are based on live events, and may include microtransactions.
There are two layers of regulatory oversight in Maryland. Firstly, there is the state lottery and gaming control agency, which oversees sports wagering and licenses sportsbooks. The second layer is the Sports Wagering Application Review Commission (SWARC), which ensures the market is fair and inclusive. It has approved 60 sportsbook skins and is actively reviewing applications.
SWARC announced that it would award 20 online and mobile sports betting licenses. Ten operators, including BetMGM, FanDuel, and Caesars, have applied to join the list. This means there are still plenty of options for sportsbooks to choose from.
The PGA Tour also has a betting partnership with DraftKings. As part of this deal, the two have been designated as the “Official Betting Operator” of the PGA TOUR.
While it is not as large as other sports, golf has been one of the most popular wagering markets since the Supreme Court decision to legalize sports betting in many U.S. jurisdictions. Since then, there has been a rapid expansion of the business. In fact, the amount wagered with PGA Tour official betting operators increased by more than 50 percent between 2020 and ’21.
Meanwhile, the NHL has its own betting market. The NHL offers in-game betting, money lines, spreads, and totals. All of these betting options are available on the mobile and desktop versions of the site.
In addition, the Baltimore Ravens recently signed a deal with DraftKings. MGM Resorts also has an official sports betting partnership with the team.
In the meantime, there are more than a dozen other state markets that have launched and are waiting for their chance to go live. Most of these have offered some sort of pre-launch promotion, such as free bets or a deposit match. Depending on the site, you might be eligible to get some free bets if you lose your first wager.