Baltimore, MD – Maryland’s burgeoning sports betting industry saw a notable increase in total wagers placed in March 2024, yet contributions to state education funding dipped compared to the previous year. The state’s gambling oversight authority reported a handle, or total amount wagered, of $536.7 million, marking a significant 39.1% increase from March 2023’s $385.9 million. Despite this growth, the revenue contributed to the Blueprint for Maryland’s Future Fund, dedicated to enhancing public education, fell by 8.6%, totaling approximately $4.85 million.
March’s sports betting proceeds were earmarked for the Future Fund, a critical component of Maryland’s strategy to improve education across the state. This decrease to $4.8 million from March 2023’s $5.3 million has caught the attention of stakeholders, highlighting the dynamic nature of the sports wagering market. Notably, the sportsbooks’ hold, or revenue after paying out winnings, stood at $45.1 million, constituting 8.4% of the total bets placed, down from the previous year’s 12.3% hold.
The report detailed activities from Maryland’s 13 retail and 11 mobile sportsbooks, offering a comprehensive view of the market dynamics, including handle, hold percentage, and prizes paid out. This data underscores the increasing preference for mobile betting, which accounted for the vast majority of the handle at over $522 million.
For the fiscal year running from July 2023 through March 2024, sports betting has funneled $41.9 million into the Blueprint for Maryland’s Future Fund. This figure emphasizes the industry’s role in supporting educational initiatives through its first nine months.
March’s breakdown revealed a significant discrepancy between retail and mobile betting, with mobile platforms dominating the scene. Retail sportsbooks contributed a smaller portion of the handle at $14.6 million, including promotional wagers, while mobile betting surged to over $522 million. After accounting for prizes, the taxable win—revenue remaining after deducting promotional plays and other costs—amounted to $32.3 million, leading to a $4.85 million contribution to the state after taxes.
Since the launch of Maryland’s sports wagering in December 2021, the program has contributed over $70 million to the Blueprint for Maryland’s Future Fund, alongside nearly $3 million to the Problem Gambling Fund from expired prizes. This ongoing financial support underscores the significant impact of sports betting on state educational and public health initiatives.
