BALTIMORE — Baltimore sports fans still have a ways to go before legally placing bets on their favorite sports teams in Maryland.
While regulators and legislators slowly turn the gears toward getting the infrastructure up and running, startups like 'Fanalysts' are watching and waiting.
'Fanalysts' will be research platform for sports bettors, once Baltimore brothers Spencer and Bradley Kronthal get it launched later this year.
"So we looked at the market and saw that, you know, sports betting is really an industry that typically takes advantage of its consumers. So we built Fanalysts to put the bettor first," says Spencer.
The company will allow users to have more control over the research settings - before they are sent to another app to place the bet.
"So most outlets out there, if you're looking at picks, if you're looking at research, so they'll give you either picks based off an expert's decision making or offer computer algorithm. But if you want to do your own research, as a lot of people do nowadays, a lot of people like having more control with their technology offerings, there's really no affordable way to do that in a quality fashion. So with our system, we let sports fans build and test their own strategy, really in minutes. And with an affordable subscription, they pay about $10 to $15 a month once we launch."
However, its unclear when betting in Maryland will be operational.
Last week, the Maryland Lottery and Gaming Control Commission opened up the online application platform for the 17 establishments that won't have to compete for licenses. These include:
- The six Maryland casinos
- Five off-track betting facilities
- Three professional sports locations
- Two Bingo halls
- Two horse racing tracks that will be sharing a license
Other companies or establishments that would like to provide sports betting will need to compete for the other licenses.
The Sports Wagering Application Review Commission will be allowed to award up to 30 licenses for in-person betting and 60 licenses for mobile sports betting.
And while those pre-selected establishments can begin their applications - SWARC hasn't yet finalized what the application requirements for others will be.
They held their second meeting Tuesday afternoon.
Meanwhile, how the MLGCC will regulate the sports betting industry is also still under review.
A public meeting is scheduled for Wednesday morning for the Commission to hear comments on the proposed regulations. They'll be taking public comments through September 27th.
Regulations that business owners like Spencer Kronthal are keeping an eye on as they develop.
"We're definitely staying aware of what's going on in the state. It's our home market, it's one we want to definitely capitalize on. And some states, even for research platforms or picks websites, you still need to apply for a license to market sportsbooks," he says. "So it's something that we're definitely keeping an eye on, especially as it pertains to Maryland's legalization."