Posted on: December 15, 2022, 03:34h.
Last updated on: December 15, 2022, 03:34h.
FanDuel is making good on its promise of being a community steward in Maryland in exchange for being allowed to operate sportsbooks in-person and online in the Old Line State.
FanDuel announced this week a $1 million contribution to the United Negro College Fund (UNCF). Founded in 1944, the philanthropic organization provides Black students with scholarships to historically black colleges and universities (HBCU).
FanDuel, which has been operating retail sports betting at Live! Casino & Hotel Maryland in Hanover since December 2021, debuted its online operations in Maryland last month. Maryland gaming regulators took considerable time in allowing sports bets to be wagered over the internet.
FanDuel, along with Barstool, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, and PointsBet, started taking bets remotely in Maryland on Nov. 23.
Maryland uses its gaming industry, which currently consists of six commercial brick-and-mortar casinos, plus sports betting, to prop up K-12 education. But the state’s ongoing expansion of gambling will now also help certain students achieve their post-secondary education dreams.
FanDuel’s Second UNCF Donation
FanDuel cut a check for $1 million and gave it to the UNCF on Wednesday. The money will be used to help underprivileged students in a variety of ways, including tuition, room and board, and other education-related expenses.
FanDuel says the grant will also establish a program that will allow students enrolled at four historically black schools in Maryland — Morgan State University, Bowie State University, Coppin State University, and the University of Maryland-Eastern Shore — to pursue internships with the sportsbook firm.
“FanDuel is delighted to be able to legally offer our sportsbook platform here in Maryland,” said Christian Genetski, FanDuel Group president. “More importantly, we’re proud to partner with UNCF once again in support of Maryland’s HBCU community.”
Our goal is that these funds help make a difference in the lives of hard-working students while also creating a track for some to join us at FanDuel as part of our summer intern program,” Genetski added.
FanDuel in February 2021 made a joint $1 million gift with the NFL Washington Commanders to the UNCF. That gift benefitted HBCU students in Virginia.
Marylanders Gamble, Students Win
Maryland’s commercial casino industry is a little more than a decade old. But public education has already benefited by more than $4.84 billion from gaming taxes.
Maryland’s Education Trust Fund (ETF), which is where the bulk of the gaming taxes are directed, supports early childhood education, public elementary and secondary education, public school construction, and capital improvement projects.
Maryland’s inclusion of sports betting won’t significantly increase contributions to the ETF because it’s a thin-margin business. State estimates expect annual taxes from in-person and online sports betting to be around $15 million to $19 million.
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