Maryland Reports Unprecedented Sports Betting Numbers in December

Quick Intro

December marked a historic high for Maryland’s sports betting sector, with sportsbooks contributing an impressive $6.48 million to the state, generated from a record $559.87 million betting handle. Notably, online wagering accounted for a substantial 96.7% of this total handle, breaking it down further:

  • Online sports betting brought in $541,650,934.
  • Retail sportsbooks contributed $18,214,529.

This handle in December signifies a 1.66% growth over the previous month, surpassing November’s record of $550.72 million. It also marks a significant 12.62% increase from December 2022’s $497.12 million.

Since the introduction of retail sports gambling in December 2021, Maryland’s market has seen remarkable growth, especially with the addition of more online operators since the first seven launched in November 2022.

Currently, Maryland offers gamblers a choice of 13 retail locations and 12 mobile sportsbooks, with plans for further expansion on the horizon.

Substantial Revenue from Maryland’s Sports Betting in December

A notable portion of sportsbook earnings, specifically 15%, is allocated to the Blueprint for Maryland’s Future Fund, supporting educational initiatives. The total taxable win for December stood at $62.33 million, reflecting a 49.73% increase from the previous month, albeit a 26.81% drop compared to the same period last year.

Online sports betting alone contributed a remarkable $6.17 million to the state in December, while retail sportsbooks added $316,369.

The Maryland Lottery and Gaming’s report for December 2023 highlights the financial impact since the beginning of the state’s sports betting program in December 2021:

$52,735,612 directed to the Blueprint for Maryland’s Future Fund.
$2,765,070 in cumulative expired prizes allocated to the Problem Gambling Fund.

Total tax payments reaching $24.59 million in the first half of FY2023.
The entire fiscal year of 2023 saw a tremendous $46.17 million contribution to the state from sports betting. For the first half of Fiscal Year 2024 (July 2023 to December 2023), the contribution amounted to $24.59 million.

John Martin, the Director of Maryland Lottery and Gaming, commented on the market’s expansion, noting the significant growth over the past 6 to 12 months. The maturation of the market is evident, with initial estimates of annual contributions from sports wagering ranging between $25 million and $30 million. Now, with over a year of mobile wagering, annual contributions are expected to surpass $40 million.

DraftKings Leads the Online Scene in Maryland

In the realm of individual sportsbooks, DraftKings Casino emerged as the top performer among Maryland’s online operators in December. It reported a considerable $10.01 million in taxable win, generated from a hefty $167.12 million betting handle.

For retail sportsbooks, MGM National Harbor took the lead with a $5.16 million betting handle. However, Live! Casino stood out with the highest taxable win, reporting $592,219.

The Growing Appeal of Online Sports Betting in Maryland

The surge in Maryland’s sports betting figures, particularly in the online segment, underscores the increasing appeal and convenience of online sports betting. This trend is not just a reflection of the pandemic’s impact but also indicates a broader shift in consumer preferences towards digital platforms. The substantial growth in online betting activity points to a more tech-savvy, convenience-seeking demographic of bettors, a trend that is likely to continue shaping the future of sports betting in Maryland and beyond.

Final Thoughts

Maryland’s sports betting market, particularly in the online sector, has shown remarkable growth and potential. The impressive figures from December, led by strong performances from key players like DraftKings and MGM National Harbor, highlight the state’s successful expansion and robust contribution to educational initiatives. The continued development and maturation of this market signal a promising future for sports betting in Maryland.

Source: https://www.mdgaming.com/sports-wagering-contributes-nearly-6-5-million-to-the-state-during-december/