Thanks to a strong outpouring of support from the 2024 NCAA Tournament, Maryland’s gaming revenues perked up this past March. Per a recent article from CBS News, sports wagering in Maryland contributed a record $4.8 million to the state’s coffers in March, the Maryland Lottery and Gaming Commission said earlier this month. Perhaps fueled by NCAA March Madness betting, the state’s 13 retail and 12 mobile sportsbooks handled $536 million in wagers last month, with mobile sportsbooks doing the heavy lifting with $522 million in bets. Of that handle, sportsbooks paid out a combined $491 million in prizes. The sportsbooks’ handle includes more than $10 million in promotional wagers.
For this report, SBS will be going over what to look for from the latest gaming news coming from the world of Maryland sports betting and also tap into more notes about the state.
As noted in the same article, each sportsbook contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs. Maryland’s sports wagering program has contributed over $70 million to the Blueprint for Maryland’s Future Fund since its inception, gaming officials noted. This is in conjunction with the nearly $3 million to the Problem Gambling Fund.
The report also notes the general excitement around March Madness betting as well. Per the article, the American Gaming Association said bettors in the United States are expected to wager more than $2.72 billion on this year’s NCAA tournaments using legalized sportsbooks. Moreover, the proliferation of convenient online sports betting and a spike in interest in women’s basketball likely drove wagers in the tournament. As many are aware, online sports betting is legal in Maryland, 36 other states, and Washington D.C. More states have legislation pending that would legalize sports betting.
As noted in another report, Maryland’s retail sportsbooks and sports betting apps handled almost $100 million more in wagers in March than they did in February, largely thanks to interest in March Madness wagering. Total sports betting in Maryland in March was $537 million, up 21.3% from February and 39.1% more than sports wagering in March 2023 when there were few retail and app-based options. Also noted in the article, it would appear that the momentum has not let up quite yet.
“Men’s and Women’s Final Four and National Championship games landing in April could provide a decent boost for the state’s coffers,” a gaming analyst from an outlet covering betting in the state said. “Orioles fans could also play a major role in Maryland’s sports betting revenue during the spring and summer months when there is typically a downtick in amount waged with sportsbooks.”
During the first nine months of Maryland’s current fiscal year, sports wagering has contributed $41.9 million to the Blueprint for Maryland’s Future Fund. The vast majority of sports wagering, per the article, is done through apps. Gamblers also won $491.6 million in prizes in March. Sportsbooks also pay a 15% tax on the balance remaining after prizes are deducted from the handle. Moreover, retail sports and mobile sports betting apps gave away almost $11 million in free promotional wagers last month. However, not everything is all “fun and games” in the Old Line State.
As noted in a report from the University of Maryland’s school newspaper, The Diamondback, a proposed Maryland General Assembly bill would restrict access to online gambling apps on college campuses across the state. The bill, sponsored by Del. Pam Queen (D-Montgomery), would establish a digital boundary called a geofence around Maryland’s college and university campuses that restricts access to gambling platforms such as FanDuel and ESPN BET. The legislation will apply to private and publicly-funded universities, Queen said and looks to prevent online gambling addictions. Online sports betting is legal in Maryland for people 21 years and older.
Queen, also an associate professor at Morgan State University, said an April 2023 NCAA survey on sports betting inspired her to pursue the legislation the article notes. Moreover, about 27 percent of the NCAA survey’s respondents ages 18 to 22 said they have placed a bet on a sports betting app or website. Respondents who live in states where betting is illegal reported betting at almost equal rates to those who live in states where it is legal. Universities would also not have to procure or establish the technology, Queen said during the hearing. They will only have to create a policy declaring their campus a no-gambling zone.
After you are all dialed in regards to the latest gaming news and notes coming out of Maryland, make sure to tap into the wide array of fantastic information over at SBS. Of course, for even more information on the topic at hand, the Maryland sports betting guide is a fantastic resource where you can see the latest news from the state. Conversely, if you are interested in maximizing your wagers, make sure to check out the best bonus betting sites rundown which goes over a variety of fantastic information. This includes tips for getting the most out of promotions and a catalog of different bonus offers. Finally, for those on the go, our best betting apps breakdown is a must-read page that goes over the tips and tricks you need when it comes to mobile betting
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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