BALTIMORE — The Maryland sports betting industry witnessed a significant uptick in its February 2024 performance, contributing over $4.2 million to the state’s education fund, a remarkable 50.5% increase from the previous year. This surge is part of a growing trend in the state’s wagering sector, with a total handle surpassing $442.5 million for the month, reflecting a 30.4% year-over-year growth.
These contributions are earmarked for the Blueprint for Maryland’s Future Fund, which is dedicated to enhancing public education across the state. This financial boost comes as a welcome development, indicating a healthy and expanding market.
February’s results show a robust performance across Maryland’s sports wagering landscape, encompassing both retail and mobile platforms. Retail sportsbooks accounted for a handle of $14.1 million, while mobile betting dominated with a staggering $428.4 million in wagers. This collective effort resulted in a combined handle of $442.5 million, leading to a total prize payout of $399.1 million to players.
The sports wagering tax, set at 15% of the taxable win, amounted to $4,210,511 for the month, with retail and mobile platforms contributing $141,335 and $4,069,176, respectively. The state’s overall hold percentage, representing the margin between wagers and payouts, stood at 9.8%, showcasing the profitability and efficiency of Maryland’s betting operations.
Since the launch of Maryland’s sports wagering program in December 2021, the state has seen a cumulative contribution of $65.2 million to the Blueprint for Maryland’s Future Fund. Additionally, expired prizes have added another $2.86 million to the Problem Gambling Fund, underscoring the state’s commitment to responsible gambling initiatives.
The detailed summary for February 2024 highlights the performance metrics of the state’s 13 retail and 12 mobile sportsbooks, including handle, hold percentage, and taxable win, among others. These figures are part of the ongoing tracking and reporting by the State of Maryland, with fiscal data running from July 1 through June 30 each year. As of the first eight months of Fiscal Year 2024, sports wagering has contributed a significant $37 million to the state, further solidifying its role in supporting public education through the Blueprint for Maryland’s Future Fund.
The comprehensive data for February’s sports wagering activities, including a breakdown by sport and additional financial details, is available through the Maryland Gaming website, offering transparency and insights into the state’s flourishing sports betting market.
