One of the states where gaming legalization is nearly brand-new, Maryland casinos are keeping the good times rolling following a report from the Maryland Gaming Commission. Per sources, the latest revenue numbers from the MGC have revealed that the state’s licensed sportsbooks reported gross revenues of $47.5 million during the month of March. In the same breakdown, sportsbooks recorded a hold of 12.3%, marking the ninth month in a row that the rate was 10% or higher. For those that are regular readers of this space, since mobile betting in Maryland was launched back in November of last year, the hold rate has been 11.9% or higher.
In this article, SBS will be going over what to look for from the latest gaming news in Maryland this month and also some more notes about gaming in the state.
According to the MGC document and some other news outlets, the report also illustrates that promotional credits have once again declined in March and were just short of $11.4 million this past month. Moreover, this was a drop of 27.9% from the prior month and 84% less than the $71 million paid out in credits during the mobile sports betting rollout in December 2022. After tallying the numbers, this means that promo credits for the first quarter of 2023 totaled $49 million.
With that in mind, the report goes on to say that sportsbooks reported adjusted revenues of $35.4 million in March. Per one article, this is the highest figure since sports betting launched in December 2021 and a jump of 89.9% over the previous month. This past March was also the first month since mobile sports betting launched that adjusted gross revenue was more than 50% of the gross revenue value.
Combing through the details of the MGC more, during March, the state collected $5.3 million in tax revenues. This number was more than the previous months combined. Moreover, this brings the quarterly total to $10.2 million, almost $8.9 million more than in the same period of 2022. Regarding bets themselves, wagers for March came to just under $386 million, a jump of 13.7% on the previous month. This means that since sports betting launched in 2021, Maryland gamblers have wagered more than two billion dollars on sports per one news outlet.
Digging into where these revenue numbers are going, WRDE in Maryland said that each sportsbook in the state (10 retail and eight mobile) contributes 15 percent of its taxable win to the Blueprint for Maryland’s Future Fund. This fund supports public education programs in the state. The combined sportsbooks in the state came together to generate a single-month record of over $5.3 million in contributions this last month. Moreover, since the inception of Maryland’s sports wagering program in December of 2021, over $16.7 million has been contributed to education. Indeed it would appear that Maryland’s growing sports wagering market enjoyed a nice March Madness run itself.
Once you are all squared away regarding the latest gaming news in the Old Line State, SBS has you covered with a variety of resources to help you stay on top of your game. If you are in need of more information pertaining to the state at hand, the SBS Maryland sports betting guide has you covered with the latest gaming news in Maryland. Moreover, as you are trying to maximize your wagers, the SBS best bonus betting sites breakdown covers a ton of different ways to supercharge your wagers. Here, you can find a catalog of the latest welcome bonus offers. On a final note, for those that are on the go, the SBS best betting apps rundown covers all of the perks of mobile betting and how you can get the most out of it.