Even though less money was gambled overall in the Old Line State last month, Maryland still had its second-best sports betting tax payout since it launched in November 2022. Per one report, this number was an unexpected one, but a welcome surprise for the state. While this certainly is an impressive accomplishment, another website explains why this was the case for Maryland sports wagering in May. According to Maryland’s sports betting laws, online sportsbooks must give the state 15 percent of their winnings. This number is determined after all winning bets have been paid out. However, while the increased payout is fantastic, Maryland Lottery and Gaming Control Agency officials do not believe this trend will necessarily continue.
In this report, SBS will be going over what to look for from the latest wagering news coming out of Maryland and also some more notes about Old Line State wagering.
Per the same article, the remaining funds from the month were taxed at 15 percent, which amounted to $4.6 million in May. This then amounted to an impressive 20% increase, especially so considering the drop in overall money being bet in the state. As referenced above, Steh Elkin of the Maryland Lottery and Gaming Control Agency however does not believe this trend will continue. “That’s always gonna vary.” Elkin was quoted saying in regard to the May tax numbers, “There’s no firm way of predicting it.”
Another report pointed out some different reasons as well for the 20 percent increase. In this case, the NBA Finals and NHL Stanley Cup Final were two of the biggest factors in raising the overall revenue numbers. As noted in one article, both featured eight seeds that advanced all the way to the championship round. Their improbable postseason runs have led to more losing bets and thus more winnings for the online sportsbooks. This has been especially true of the NHL, where the Boston Bruins were a heavy favorite to win the Stanley Cup but were dispatched by the eventual runner-ups, the Florida Panthers, in the first round.
Per one source, while the increase in revenue is being celebrated, there are doubts this success will carry over into June. With the two championship series wrapping up last earlier this month, this boost in revenue numbers is unlikely to last through June. For example, as one report notes, this will leave baseball as the only major sports league to have games until September. Baseball betting and other smaller summer sports do not draw as many bets, meaning sportsbooks typically see a sharp decline in revenue. Thus this signals that June could see a significant tax revenue drop for not only Maryland but across the country as well.
Nonetheless, there promises to be some exciting new additions to the Maryland sports betting scene this month. The state is set to add a tenth online sportsbook in June. Fanatics Sportsbook opened registration on June 1st and is expected to launch this month. This means there will be “lucrative welcome bonuses and promotions” that will draw more bettors, despite the lack of pro sports to wager on.
Once you are all squared away regarding the latest betting news coming out of Maryland, make sure to tap into the variety of resources that SBS has in store for you. If you need more information relating to the topic at hand, then our Maryland sports betting guide is just for you as you can find all kinds of topics and news related to Maryland wagering. Conversely, if you are perhaps uncertain about which payment options are the best for you, then our payment methods breakdown is a must-read. On this page, you can find a variety of different ways to make deposits and withdrawals from crypto to traditional banking routes. Finally, for those looking for some higher stakes wagering, the SBS VIP sports betting sites rundown is a great place to check out as it goes over the nuances of VIP sports betting.