In July 2024, Maryland’s sports betting market significantly bolstered state revenue, contributing $6,254,056 from a total betting handle of $333,269,669. This marked a substantial growth from the previous year and fueled vital public education initiatives under the Blueprint for Maryland’s Future Fund.
The substantial $6.3 million contributed to the state represents the fourth highest single-month total since sports wagering was legalized, showing nearly a 90% increase from the $3.3 million recorded in July 2023. This growth is part of a broader surge in the state’s betting activity, which saw a 34.7% rise in total handle from the $247.4 million reported in the same month last year.
Betting activities spanned 13 mobile platforms and 12 retail locations throughout the state in July 2024, slightly up from the previous year’s numbers of 11 mobile sportsbooks and 10 retail locations.
The breakdown of the handle between retail and mobile platforms illustrates a significant leaning towards mobile betting. Of the total $333.3 million wagered, $324.9 million was bet through mobile applications, which included over $1 million in free promotional wagers. Retail betting contributed $8.4 million to the total handle, inclusive of $1,200 in promotional plays.
Players received a combined $289.5 million in prizes, with mobile platforms paying out $282.4 million. The remaining winnings were distributed at retail locations. The overall hold percentage — the amount retained by sportsbooks after payouts — was 13.1%, with mobile platforms recording a slightly lower hold of 13.1% compared to retail’s 15.2%.
After accounting for prizes, promotional plays, and other deductions, the taxable win for the state totaled $41.7 million. The sports wagering tax, set at 15% of the taxable win, thus amounted to over $6.25 million, which was allocated to the state’s education fund.
Additionally, $88,955 in expired betting prizes was directed to the state’s Problem Gambling Fund, supporting initiatives to combat gambling addiction.
Since the initiation of Maryland’s sports wagering in December 2021, the total contribution to the Blueprint for Maryland’s Future Fund has reached nearly $95 million, with around $3.3 million allocated to the Problem Gambling Fund.
For detailed information on the performance of each sportsbook and the breakdown of wagering by sport for July 2024, comprehensive reports are accessible online. Previous months’ data can also be reviewed at mdgaming.com.
