The Maryland sports betting market continues to make strides, with May witnessing a total handle of $320 million. The Maryland Lottery and Gaming Control Agency (MLGCA) recently released figures that highlight the growing significance of mobile sportsbooks in the state’s gambling industry. This report provides an overview of the key data and developments from the Maryland sports betting landscape.
Handle Distribution:
Maryland’s sportsbooks saw a handle of $320 million in May, reflecting the combined wagers from ten retail and ten mobile sportsbooks.
Mobile betting dominated, accounting for 95.3% of the total handle at $305 million.
Retail bets contributed $13.5 million to the overall figure.
Gross Gaming Revenue (GGR):
Maryland sportsbooks reported a gross gaming revenue (GGR) of $42.7 million for May, representing a 13% hold rate.
The state imposes a 15% tax on sportsbooks, contributing $4.6 million to the state’s coffers.
Mobile wagering generated $4.4 million in taxes, while retail sportsbooks added $211,009.
New Entrant in Mobile Sports Betting:
The Maryland sports wagering market welcomed a new mobile licensee, Maryland Stadium Sub, and its operator, Fanatics Sportsbook, which received its license on June 1.
Wagering during a controlled demonstration on May 30 is included in the May totals, making Fanatics the 10th mobile sportsbook operator in Maryland.
Contributions to State Funds:
Since Maryland’s sports wagering program began in December 2021, cumulative contributions to the Blueprint for Maryland’s Future Fund have reached $25.3 million.
Additionally, cumulative expired prizes have contributed $2.2 million to the Problem Gambling Fund.
Maryland Casino Performance in May:
Maryland’s six casinos generated $169.4 million in gaming revenue for May.
MGM National Harbor led the way with $71.7 million in revenue, followed by Live! Casino & Hotel with $58.9 million.
Horseshoe Casino contributed $17.5 million, Ocean Downs Casino $8.4 million, Hollywood Casino $7.6 million, and Rocky Gap Casino $5.2 million.
Despite these figures, all casinos reported revenue decreases in May compared to the previous year.
The latest data from Maryland’s sports betting market and casino industry underscore the ongoing growth and contributions to the state’s revenue. Mobile sports betting continues to play a pivotal role, with new operators entering the market, and it remains an area to watch in the coming months.