With mobile gaming going online last fall, Maryland sports bettors have seen a rise in sports betting adoption with the Super Bowl occurring last month and March Madness in progress now. Per a report from WMAR 2 in Baltimore, March Madness aka the NCAA Division I Men’s Basketball Tournament is the gambling biggest event since the Super Bowl in February. Moreover, since mobile gaming launched last fall, these huge sporting events have created big money for sportsbook operators, gamblers, and the state of Maryland itself. In fact, in the same article, Maryland Lottery and Gaming Director John Martin said “with March Madness and all the excitement over the next couple of weeks, we expect to have another good month.” The director has also said it is the sports calendar that dictates revenue.
For this article, SBS will be going over the latest gaming news coming out of Maryland along with even more notes and information about Old Line State betting.
According to the article from WMAR, Maryland made $2.8 million in tax revenue off of retail and mobile sports betting last month. This was preceded by $2.1 million in January of this year, now the article says, all attention has been turned to March. As indicated above, Martin has said that sports calendars dictate a lot of revenue that passes through the state as one might assume. For instance, between the NFL playoffs and college football bowl games, the first month of the year was a big one as bettors wagered more than $441 million, according to WMAR. Following that, February had just one big game, of course, the biggest one of them all in the Super Bowl, which bettors wagered nearly $340 million on.
While this does showcase that bets were down more than $100 million month-over-month, profits for sportsbooks were actually up, raking in $14 million in January and then $18 million last month according to WMAR. Moreover, Martin said that sportsbooks are now also easing back on their promotional spending so there are not as many free ads and promos in the marketplace. Also, beginning in 2024, sportsbooks can only deduct 20% from their previous year’s taxable win, which means they are going to start to lessen the amount of free play and promo spend they have in 2023 per the same article. Martin went on to say that the payoff will be bigger for the state as tax revenue should be in the $25-30 million range annually.
As referenced in the same report, Martin believes it will take a full year of mobile gambling in the state to see if the medium will live up to expectations as a whole in Maryland. In the article, the director said he expects one of the biggest impacts to be the return of football later this fall. This is because it will be the first full football season sports fans will be able to use online betting for all the games. On a separate note, players in Maryland say that the “convenience of mobile gaming cannot be beaten” and have seen a spike in usage over time.
After you are all squared away regarding all your updates from the world of Maryland sports wagering, SBS has you covered with even more awesome gaming info. For instance, in regard to a comprehensive page going over sports betting in the state, the SBS Maryland sports betting guide gives you a breakdown of all the latest sports betting news from the Old Line State as it comes online. Moreover, given the content of this article, another great page to check out this month is our March Madness betting strategy rundown which covers all the betting markets related to the NCAA Basketball tournament and even more tips. Finally, if you are perhaps uncertain about which route to placing your deposits and wagers is best, then the SBS payment methods breakdown is a must-read. Here you can find more info on payment options from crypto to traditional banking.
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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