The Maryland Lottery and Gaming Control Agency (MLGCA) has published its monthly report, shedding light on the state’s sports betting and casino industry performance for April. With an overview of handle, revenue, and key operators, this report provides valuable insights into Maryland’s gaming landscape.
Sports Betting in Maryland:
In April, Maryland’s sports betting market showcased continued growth with a combined handle of $328 million, encompassing both retail and mobile sportsbooks. Impressively, mobile wagering contributed 95% of the total handle, amounting to $313.4 million. While this reflects a 15.3% decline compared to March, it underscores the significant role that mobile sports betting plays in the state’s gaming industry.
Gross Gaming Revenue and Taxable Revenue:
Gross Gaming Revenue (GGR) for April reached $35.6 million, with a hold rate of 10.9%. Maryland levies a 15% tax on sportsbooks, contributing $3.8 million in taxable revenue for the state. This revenue distribution is vital for supporting various public programs and initiatives.
Leading Sports Betting Operators:
FanDuel maintained its position as the top sports betting operator in Maryland, recording a handle of $150.7 million and taxable revenue of $16.4 million. DraftKings followed closely with a handle of $101.3 million, while BetMGM contributed $28.3 million to the state’s sports betting market.
Maryland’s Sports Wagering Market:
Maryland’s sports wagering market was inaugurated in December 2021, and mobile sports betting was introduced on November 22, 2022. These milestones have paved the way for a flourishing sports betting industry in the state.
Maryland Casinos:
Maryland’s casino sector also demonstrated notable growth in April, with the state’s six casinos collectively generating a record-breaking $174.7 million in gaming revenue. This marked a 2.3% increase compared to April 2022. MGM National Harbor led the way with $75.4 million in revenue, followed by Live! Casino & Hotel with $62 million, and Horseshoe Casino with $16.4 million. Ocean Downs Casino, Hollywood Casino, and Rocky Gap Casino contributed to the overall revenue, highlighting the industry’s robust performance.
Revenue Growth and Decline:
MGM National Harbor experienced substantial growth, registering a 7% increase in revenue compared to the previous year. In contrast, Horseshoe Casino witnessed a 13.2% decline in revenue. These fluctuations within the casino sector provide valuable insights into the performance of individual properties in Maryland.
The April report from the Maryland Lottery and Gaming Control Agency portrays a dynamic gaming landscape in the state. With a thriving sports betting market, led by prominent operators like FanDuel and DraftKings, as well as a robust casino industry, Maryland continues to make strides in the gaming sector. These statistics not only provide a snapshot of the state’s gaming performance but also underscore the importance of the gaming industry in contributing to Maryland’s economy and public programs.