The Maryland mobile sports betting market, which launched on November 23, has showcased strong performance in its inaugural month of activity. The Maryland Lottery and Gaming Control Agency (MLGCA) recently released figures detailing the state’s first full month of online sports betting operations. These figures paint an encouraging picture of the market’s initial success and its potential to contribute significantly to the state’s revenue streams.
Impressive Figures from December:
According to the MLGCA report, Maryland’s online sports betting platform garnered an impressive $478.3 million in bets during the month of December. Additionally, retail sportsbooks contributed $18.8 million to the total betting activity. This cumulative activity resulted in a total handle of $497.1 million for all sports betting operations within the state.
Promotional Play and Tax Revenues:
Online operators offered customers a total of $70.9 million in promotional play incentives, a figure that needs to be subtracted from the state’s taxable win. Consequently, online sports betting contributed $44,791 in sports betting tax revenue to the state. Meanwhile, retail sportsbooks generated $395,252 in sports betting tax revenue, resulting in an overall sports betting tax revenue of $440,043 for Maryland in December.
Leading Operators:
Among the operators, FanDuel Sportsbook emerged as a leader, registering a total handle of $236.2 million in December. DraftKings Sportsbook followed closely with $157.8 million in total bets. BetMGM reported a handle of $42.3 million, while Barstool Sportsbook and Caesars posted figures of $16.3 million and $15.5 million, respectively. The figures provided by PointsBet ($6.7 million) and BetRivers ($3.2 million) rounded out the statistics for the seven active operators.
Future Growth and Projections:
Maryland’s online sports betting landscape is expected to expand further as operators like Fanatics, Parx Interactive, and BetFred prepare for their launches. Recent approvals from the Maryland Lottery and Gaming Control Agency have opened the doors for additional operators to enter the market. Maryland Governor Larry Hogan has projected substantial revenue growth, estimating revenue of $30 million in 2023 and nearly $100 million by 2027.
Maryland’s online sports betting market has made a promising debut, demonstrating robust consumer interest and revenue potential. The impressive figures from December’s inaugural month indicate a strong appetite for sports betting among Maryland residents. As the market continues to mature and new operators join the landscape, the state is poised to enjoy substantial revenue gains, contributing to its economic growth and providing an engaging form of entertainment for its residents.