Gordon Medenica, Director, Maryland Lottery & Gaming, provided commentary on “Structuring the Sports Betting Landscape.” The Maryland legislature was unable to pass legislation on sports betting in 2019. Medenica broke down sports betting into three categories: bet types, venues and distribution and why this creates confusion.
Bet types are complicated but are very important in determining the risk involved in operating sports betting. Parlay bets are the least risky. Players bet on multiple events on one ticket. The prizes are larger for parlay bets, but the chance of winning is greatly reduced due to additional risk of each outcome. Single game bets allow for choose the outcome of one event. Finally, in-play bets, the riskiest and the most complicated, allow players to bet on events happening in the game, like if the next play results in points being scored.
The next variable, venues, decides where players can engage with sports betting, whether that be private operators, lotteries or even sport venues. The last variable is the distribution model, deciding whether if players can participate in sports betting in person, over the internet or both.
Gordon Medenica, Director, Maryland Lottery