A new online gambling company has won a $20 million federal grant to continue expanding its operations in Maryland.
The Gaming Act, which regulates online gambling in the United States, allows the Department of Commerce to grant up to $20,000 to any company in Maryland that is not already licensed.
“We have a great vision for Maryland, which we think is a fantastic state,” said Mark Miller, CEO of GamingGate, in a statement announcing the grant.
“Our vision is to create a world-class gaming and entertainment ecosystem that connects people and communities and is able to provide entertainment for the next generation of gamblers and gamblers everywhere.”
Miller said GamingGate plans to use the money to expand its operations and expand the number of locations in Maryland where it will offer online games, live tournaments and mobile gambling apps.
The company will pay $3.5 million to be the sole licensee in the state, and $2.5 billion to be a licensee for a period of 10 years.
It is currently licensed in Maryland, Washington, D.C., Pennsylvania and Connecticut.
Miller said he believes GamingGate’s ability to expand beyond Maryland will allow the state to be “the largest gaming destination in the nation.”
“Gaming is a cornerstone of our state’s economic vitality,” he said.
“We will be able to serve our growing state population and grow our economy in a way that creates more jobs and opportunities for all of our residents.”
Miller did not say how much GamingGate will pay for the grant, which he said will cover the cost of expanding its operation and adding new gaming locations.
He said that once GamingGate has its license in Maryland it will not be able do so until 2021.
“I believe we can get it done in Maryland,” he added.
“GamingGate is a proven company,” said David McBride, a professor at Washington and Lee University who specializes in online gambling regulation.
“They’re an industry that’s grown from nothing.
They’re a technology company that’s gone from zero to a global leader in technology.”
Miller’s company has already received $5 million in federal grant money from the Department and $7 million from the states Gaming Enforcement Commission.
The grant money will help the company expand its presence in Maryland and will allow it to purchase additional licenses in other states.
Miller told the Baltimore Sun he is committed to expanding his business and said that the $20-million grant will help him keep his focus on Maryland and help him focus on the business.
He said he will also look to continue working with Maryland officials to expand his business beyond Maryland.
“My goal is to keep going in Maryland because that’s where my heart is, and that’s my family,” he told the newspaper.
“It’s where I grew up and where I’ve been for the last 10 years.”
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