In April 2024, Maryland’s sports wagering market made a significant contribution of $5,686,446 to the Blueprint for Maryland’s Future Fund, driven by a total betting handle of $486,319,124. This performance underscores a growing trend in the state’s betting industry, with proceeds aimed at enhancing public education programs.
April’s contribution marked a 47.1% increase from April 2023, when the state received $3.8 million. The handle for April 2024 also showed a substantial rise of 48.0% from the previous year’s $328.4 million, highlighting the robust growth in this sector.
The sports wagering operations in Maryland, including 13 retail and 11 mobile sportsbooks, have collectively bolstered the Blueprint for Maryland’s Future Fund. From July 2023 through April 2024, the first 10 months of Fiscal Year 2024, sports wagering has contributed a notable $47,591,698 to the fund.
The detailed breakdown for April reveals insights into the dynamics of sports betting within the state. Retail operations generated a handle of $11,325,301, including $9,150 in free promotional wagers. Mobile platforms accounted for the lion’s share, with a handle of $474,993,823, including over $11 million in promotional wagers. The combined handle for the month stood at $486,319,124.
Prize payouts to players were also substantial. Retail sportsbooks paid out $10,996,106, while mobile platforms awarded $424,902,313, summing up to a total of $435,898,419 paid in winnings.
The net earnings, after prizes, stood at $50,420,705, with retail sportsbooks earning $329,195 (2.9% hold) and mobile platforms earning $50,091,510 (10.5% hold).
After accounting for prizes, promotional plays, and other deductions, the taxable win amounted to $37,909,642. From this, the state garnered $5,686,446 in sports wagering tax, calculated at 15% of the taxable win.
Since its inception in December 2021, Maryland’s sports wagering program has significantly contributed to the Blueprint for Maryland’s Future Fund, amassing $75,733,402. Additionally, $3,052,020 from expired prizes has been allocated to the Problem Gambling Fund, supporting initiatives against gambling addiction.
More details on April’s sports wagering results, including a summary of statewide handle and hold by sport, can be found on the Maryland Gaming website, mdgaming.com.
