The Maryland sports betting landscape saw remarkable growth in March, with both retail and mobile sportsbooks reporting impressive figures. The Maryland Lottery and Gaming Control Agency (MLGCA) recently released data showcasing the state’s strong performance in the sports betting sector.
Record Handle and State Contributions:
In March, Maryland’s sportsbooks collectively reported a substantial handle of $385.9 million. Notably, mobile sports wagering accounted for a dominant 95.9 percent of this total, amounting to $370.2 million. These figures represent a significant surge in sports betting activity within the state.
The impact of this surge was evident in the state’s coffers, as sportsbooks contributed a single-month record of $5.3 million to Maryland. Mobile sports betting, in particular, played a pivotal role, contributing $5.1 million to state funding initiatives. In contrast, retail sportsbooks contributed $198,953.
Education Funding:
Maryland follows a structured approach to utilize sports betting revenue for the betterment of education. Each sportsbook operating in the state allocates 15 percent of its taxable win to the Blueprint for Maryland’s Future Fund, which is dedicated to supporting public education programs.
The Influence of March Madness:
The NCAA basketball tournament, commonly known as “March Madness,” significantly contributed to the surge in sports betting activity during March. This event holds a prominent place on the sports wagering calendar and is known to drive substantial participation.
March 2023 marked the first instance of mobile wagering on March Madness in Maryland, and its impact on the market was profound. The surge in participation during this event demonstrated the state’s maturing sports betting market.
Maryland’s sports betting sector has made remarkable strides since its launch in December 2021, with the mobile sports betting segment being introduced in November 2022. The state achieved a milestone in February 2023 with the launch of Long Shot’s/Betfred Sportsbook, becoming the eighth mobile sportsbook in Maryland.