Sports betting is still fairly new to Maryland, but a recent report showcases that the outlet was a rousing success in 2023. According to the same article from earlier this month, on January 10, 2024, the Maryland Lottery and Gaming Control Agency published its financial report for December 2023. According to the agency, Dec. 2023 was Maryland’s single-best month to date for the state’s sports wagering market. The state recorded $6,482,403 in the form of taxes collected on a record handle of $559,865,463. As per state laws, each licensed sportsbook in Maryland contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which has been set up to support public education programs.
In this report, SBS will be going over what to look for from the latest gaming news regarding Maryland and also some more notes and information about the state of gaming in the Old Line State.
Per the same article, December was the second straight month Maryland betting operators posted a new handle record, with the total amounting to a 1.7% increase over the $550.7 million handle from November 2023. When calculated on a YoY basis, the handle for December 2023 is 12.6% higher than Dec. 2022, which was the first full month for legal sports betting in the state. The state’s 12 sports betting apps contributed $542.7 million out of the $559.9 million in recorded wagers. Between the state’s operators, the combined hold stands at 11.1% for the month, a significant increase over the 7.6% recorded in the previous month. Nov. 2023 recorded the lowest hold in the 12 months during which sports betting has been legal in the state.
According to the same article, citing multiple sources, the sports wagering numbers for Dec. 2023 in Maryland are as follows, regarding handle (which means players wagered, including free promotional wagers. For the retail handle, the amount was $18,214,529 (including $32,16 in free promotional wagers). Mobile came in at a dominant $541,650,934 (which includes $19,731,089 in free promo bets). This came out to a resounding $559,865,463. Moreover, regarding prizes (winnings paid to players), the combined winnings came out to $497,534,530. Finally, the three other important numbers highlighted in the report were the combined hold (handles less prizes paid) at $62,330,932 (11.1%), taxable win at $43,216,018, and sports wagering tax (15% of the taxable win) at $6,482,403.
As noted in the same article, of the adjusted gambling revenue of $62.3 million, Maryland levied tax at a rate of 15%, resulting in a contribution of $6.5 million. Over the 2023 calendar year, the state received $46.2 million in sports wagering taxes, an increase of a staggering $40 million compared to the $6.1 million collected in 2022. Moreover, it is important to note that online wagering only began on Nov. 23, 2022.
Additionally, in a statement accompanying the report, the Maryland Lottery and Gaming Director John Martin said: “The numbers we’re seeing over the last six to 12 months reflect the maturation of the market. Initial projections were that sports wagering would generate $25 million to $30 million annually for the state as the market was ramping up. We’ve now had more than a year of mobile wagering, and we expect the annual contribution to settle in at more than $40 million.”
As another portion of the report notes, despite committing to a lighter spend in 2023, ESPN BET has made inroads in Maryland, heightening the competition between the likes of DraftKings, FanDuel, and other established giants of the sports betting industry. FanDuel got ahead of its competitors to end 2023 with $33.6 million in gross gambling revenue, which was contributed by a 13.7% hold. This hold figure is almost six percent higher than the all-time low recorded in the (7.7% in Nov. 2023). Some of the growth recorded by the dominant platforms came at the expense of Fanatics Sportsbook. The platform saw its handle drop by 26.6% to $14 million.
Finally, like the rest of the country, Maryland bettors strongly favor parlay wagers, including same-game parlays. During the last five months of 2023, the parlay handle in Maryland has grown from $74.7 million in August to $254.8 million in December. This spike figure amounts to 78% of December’s total gross gambling revenue.
Once you are all squared away regarding the latest news and updates coming from the Old Line State, SBS has your back with even more fantastic information to keep the good times rolling. If you are in need of some more insights as it pertains to the topic at hand, the Maryland sports betting rundown has you covered. Here you can find the latest gaming news as it relates to Maryland and its industries. Conversely, for those looking for options when it comes to deposits and withdrawals, the payment methods breakdown is a must-read page that goes over all kinds of outlets from crypto to traditional banking methods. Finally, if you are perhaps curious about higher-stakes wagering, then the VIP sports betting sites guide is a fantastic resource to learn more about the nuances of VIP wagering and how it can potentially make sense for you.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.
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