Maryland's gambling regulator has fined a group of legal sports betting operators.
The Maryland Lottery and Gaming Control Commission has handed sports wagering violations to a group of marquee sportsbooks following the release of monthly audits detailing the state’s online betting sites and retail operators. The collection of sportsbooks in the MLGCC’s violation reports included DraftKings, FanDuel, PointsBet, BetRivers owner Rush Street Interactive, and Penn Sports Interactive — the owner of Barstool Sportsbook.
As a result of the violations, each operator has entered into consent agreements with the MLGCC to resolve the issues. The agreements all require that the gambling operators take necessary steps to ensure future compliance with regulations. However, each operator has been handed separate penalties for their failure to adhere to Maryland sports betting laws.
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DraftKings was handed a $94,400 fine for underage sportsbook marketing in December.
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FanDuel is required to pay $4,250 for account misuse and delayed tax payments.
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PointsBet will have to fork over $14,000 for issues involving the use of reserve accounts.
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Rush Street was fined $6,000 for similar violations.
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PENN received a $2,000 fine for improper account registration.
The violation for Penn follows a major shift for the company.
Earlier this month, the company reached a long-term agreement with ESPN to launch a sportsbook in the United States. As part of the deal, PENN will rebrand its Barstool Sportsbook property as ESPN Bet later this year. PENN will pay the Disney-owned entertainment giant $1.5 billion in cash and also give the “Worldwide Leader in Sports” roughly $500 million in stock.
PENN purchased a 36% stake in Barstool Sports in 2020 for $163 million, and in February, the company acquired the remaining 64% for $388 million. In August, Barstool was sold back to founder Dave Portnoy for $1.
ESPN, which will purchase around 31.8 million shares of PENN stock as part of its agreement with the company, can acquire 6.4 million additional shares based on ESPN Bet’s market performance. PENN, which offers casino, retail, and mobile wagering across 43 properties in 20 states, will continue to have operations in Ontario under theScore Bet branding.
PointsBet is also undergoing changes.
Earlier this year, the company agreed to sell its U.S. business to Fanatics in a deal valued at $225 million. The deal has been approved by PointsBet shareholders and will give Fanatics access to more than 12 states across the U.S.
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