Maryland’s retail sports betting industry has been experiencing a remarkable growth trajectory, evident from the recent report released by the Maryland Lottery and Gaming Control Commission. In August, the state’s seven sportsbooks achieved an impressive handle of $18.7 million, marking a substantial 21% increase compared to July’s figures. This surge in revenue has bolstered the Maryland economy, with sportsbooks reporting $3.2 million in revenue and the state collecting $477,840 in taxes for August alone.
Remarkable Growth in Retail Sports Betting:
Maryland’s retail sports betting sector has seen a significant uptick in activity, driven by the enthusiasm of sports enthusiasts and the growing popularity of sportsbooks. In August, the total handle reached $18.7 million, reflecting a notable 21% surge from the previous month’s $15.5 million. This growth can be attributed to several factors, including the expansion of betting opportunities and the involvement of prominent casino establishments.
Top Performing Sportsbooks:
Among the seven sportsbooks in Maryland, Live! Casino, operating a FanDuel Sportsbook, led the pack with an impressive $7.2 million handle in August. Following closely was MGM National Harbor (BetMGM) with $5.5 million, and Horseshoe Casino (Caesars Sportsbook) with $3.5 million. Ocean Downs Casino (TwinSpires) and Hollywood Casino (Barstool Sportsbook) secured their places among the top five with $1.1 million and $1.08 million handles, respectively. This healthy competition indicates a robust market with multiple players contributing to the industry’s success.
Revenue Growth and Tax Contributions:
The surge in betting activity resulted in increased revenue for the sportsbooks in August. Compared to July’s revenue of $2 million, August saw a noteworthy growth, reaching $3.2 million. The win rate also improved, standing at 17.3%. Maryland’s economy reaped the benefits as well, with $477,840 in taxes collected in August, bringing the total tax revenue for the nine months since retail sports betting launched to a substantial $3.65 million. These funds, primarily directed to the Blueprint for Maryland’s Future Fund, will contribute to important initiatives and programs in the state.
Expanding Opportunities: Mobile Sports Betting:
The growth of Maryland’s sports betting industry is set to escalate further with the opening of the application process for mobile sports betting licenses. The Maryland Sports Wagering Application Review Commission (SWARC) has paved the way for up to 60 mobile sports betting licenses to be granted. Companies seeking to capitalize on this lucrative market must submit their applications by October 21.
The Maryland Lottery will play a pivotal role in the approval process, conducting thorough background checks to ensure each mobile entity is prepared to launch. In a forward-looking move, the new regulations also require approved companies to present a diversity plan within 30 days of receiving their sportsbook authorization. This emphasis on diversity and inclusion will foster an inclusive and equitable betting environment.
Maryland’s retail sports betting sector continues its impressive growth trajectory, as evidenced by the 21% increase in the August handle. With prominent players like Live! Casino and MGM National Harbor leading the way, the industry is thriving and contributing significantly to the state’s revenue through taxes. The forthcoming launch of mobile sports betting is poised to propel the sector to even greater heights, presenting new opportunities for both businesses and bettors alike. As Maryland embraces diversity and inclusivity in its sports betting landscape, it paves the way for a vibrant and sustainable industry that can serve as a model for other states considering sports betting legalization.