Maryland’s sports betting industry continues to thrive as it experiences an increase in revenue despite a slight decrease in the total handle for May. The state’s evolving sports betting market features a variety of online and mobile operators, along with several retail sports wagering options at brick-and-mortar casinos. As the industry expands, experts predict that the number of online sportsbook operators and retail sports wagering facilities will continue to grow shortly.
The handle, which represents the total amount wagered on sports in Maryland each month, reached an impressive figure of approximately $320.32 million in May. This generated a combined taxable win of $31 million. It’s important to note that the handle includes both mobile and retail wagers. Despite a decrease of about 2.5% from April’s handle of $328.4 million, Maryland’s sports betting industry remains strong and profitable.
Maryland Sports Betting, May vs. April
| Total Handle | Mobile handle | Revenue | |
|---|---|---|---|
| May | $320.200M | $305.064M | $31.005M |
| April | $328.454M | $313.473M | $25.765M |
| Change | Down 2.5% | Down 2.7% | Up 20.3% |
Note: Maryland mobile sports betting began on Nov. 23, 2022. Retail sports betting launched on Dec. 9, 2021.
Online sports betting is a major contributor to the state’s handle, accounting for about 95% of the total wagers placed. Among the individual online sportsbooks, Maryland Live! took the lead with a handle of $146.3 million, followed closely by DraftKings with $101.9 million. These online platforms have proven to be popular among Maryland bettors, offering convenience and a wide range of betting options.
On the retail side, Live! Casino & Hotel emerged as the leader with a handle of $4.98 million, closely followed by MGM National Harbor with $4.81 million. However, National Harbor outperformed its competitors in terms of taxable win, accumulating approximately $563,000 compared to Live! Casino’s $456,000. These retail sportsbooks give Maryland residents and visitors a unique and immersive betting experience.
MD Sports Betting Revenue
| Month | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|
| May 2023 | $305,063,591 | $29,598,020 | 9.70% | $4,439,703 |
| April 2023 | $313,472,676 | $25,099,796 | 8.01% | $3,764,969 |
| March 2023 | $370,290,622 | $34,074,030 | 9.20% | $5,111,105 |
| February 2023 | $325,078,708 | $17,991,778 | 5.53% | $2,698,767 |
| January 2023 | $422,657,954 | $12,586,781 | 2.98% | $1,888,017 |
| December 2022 | $478,270,326 | $298,609 | 0.06% | $44,791 |
| November 2022 | $186,084,496 | -$38,276,855 | -20.57% | $4,262 |
| Total | $2,400,918,373 | $81,372,159 | 3.39% | $17,951,614 |
The revenue derived from online Maryland sportsbook apps is known as a hold. It represents the amount that operators retain after paying out winning bets. From the hold, operators contribute to the Blueprint for Maryland’s Future Fund, supporting public education programs. Each sportsbook contributes 15% of its taxable win to this fund, ensuring that the benefits of sports betting reach various areas, including education.
In May alone, the contributions from the sports betting industry amounted to about $4.65 million, a significant portion of which was allocated to education.
BetMaryland.com supplied information for this article.
