The data, sourced from the Maryland Lottery and Gaming Control Agency (MLGCA), provides valuable insights into the state’s sports betting handle, tax revenue, top operators, and the performance of MGM National Harbor in 2022.
Maryland’s Sports Betting Landscape:
Handle Fluctuations:
In February, Maryland’s sports betting handle reached just under $340 million, a decrease from the previous month’s $441.5 million.
This fluctuation reflects the dynamic nature of the sports betting market and its sensitivity to sporting events and seasons.
Tax Revenue Contribution:
Despite the decline in handle, Maryland’s sports betting still contributed $2.8 million in tax revenue, demonstrating its financial benefit to the state.
Online Dominance:
Online bets accounted for a significant portion, 95.6%, of all wagers, totaling $325 million.
Additionally, free promotional play amounted to over $15.8 million, indicating operators’ efforts to attract and retain bettors.
Top Operators in Maryland:
FanDuel’s Leadership:
FanDuel maintained its position as the top operator in the state, generating a substantial $157.7 million in handle, although slightly down from January’s $208.9 million.
This data suggests the competitive nature of the market and the strong brand presence of FanDuel.
DraftKings and BetMGM:
DraftKings recorded a handle of $100.4 million, while BetMGM reached $33.1 million.
These operators play significant roles in Maryland’s sports betting landscape, contributing to its growth.
Retail Sports Betting:
In contrast to online betting, retail sports betting also made an impact. MGM National Harbor led the way with a $5.6 million handle, followed by Maryland Live! Casino with $3.4 million and Horseshoe Casino with $2.2 million.
Retail betting options provide a different experience for patrons and contribute to the overall market diversity.
Evolution of Maryland’s Sports Betting Market:
Launch Dates:
Maryland’s sports wagering market launched in December 2021, marking the state’s entry into the legalized sports betting arena.
The mobile sports betting market followed suit, opening on November 22, 2022, expanding accessibility for bettors.
On February 9, 2023, Long Shot’s/Betfred Sportsbook entered the scene as the eighth mobile sportsbook, further diversifying options for Maryland residents and visitors.
MGM National Harbor’s Remarkable Performance:
Casino Revenue:
In 2022, MGM National Harbor emerged as the top-performing commercial casino outside of Nevada, grossing a staggering $884.46 million in revenue from slots and table games. This represented a 15% increase from 2021.
MGM National Harbor played a pivotal role in Maryland’s casino gaming landscape, accounting for 43.12% of the state’s total casino gaming revenue.
Retail Sports Betting Impact:
The launch of retail sports betting at National Harbor in December 2021 further bolstered its financial performance, contributing $11 million to its revenue.
This highlights the synergy between casino gaming and sports betting, offering patrons a comprehensive entertainment experience.
Maryland’s sports betting industry has exhibited both promise and volatility, with handle fluctuations and the dominance of online betting. Top operators like FanDuel, DraftKings, and BetMGM continue to compete for market share. Additionally, the exceptional performance of MGM National Harbor underscores the symbiotic relationship between casinos and sports betting. As the market continues to evolve, it remains an exciting space to watch for both industry stakeholders and bettors alike.