In November, Maryland witnessed a substantial surge in sports betting activities, with a combined handle of $550.7 million across its 13 retail and 12 mobile sportsbooks. The robust performance, as reported by the Maryland Lottery and Gaming Control Agency (MLGCA), underscores the growing popularity of sports wagering in the state. Notably, mobile sports betting dominated the landscape, constituting 97% of the total handle.
Breakdown of Sports Betting Figures:
Total Handle: The cumulative handle reached an impressive $550.7 million, reflecting the collective bets placed by Maryland bettors during the month of November.
Mobile Dominance: Mobile sports betting emerged as the primary driver of the surge, constituting a staggering 97% of the total handle. The convenience and accessibility offered by mobile platforms continue to attract a significant share of sports wagering enthusiasts.
State Contributions: Sportsbook operators made notable contributions to the state, with $3.1 million in taxes paid. The taxation model, where operators contribute 15% of their taxable win to the Blueprint for Maryland’s Future Fund, serves to support public education programs.
Revenue Allocation: Mobile wagering accounted for the majority of contributions, contributing $3,052,509 to the state. Retail sportsbooks also made a noteworthy contribution of $147,020, collectively reinforcing the positive impact of sports betting on the state’s finances.
Casino Gaming Revenue:
In tandem with the robust sports betting figures, Maryland’s six casinos generated a combined gaming revenue of $157.7 million in November. Although this represents a 3.5% decline compared to the same period in 2022, and a 1.3% decrease from October 2023, the casino sector remains a significant contributor to the state’s overall gaming landscape.
Financial Contributions to Education Programs:
The 15% contribution model to the Blueprint for Maryland’s Future Fund demonstrates the commitment of the sports betting industry to support public education initiatives. This financial injection plays a crucial role in advancing educational programs across the state.
Maryland’s sports betting landscape continues to flourish, with mobile platforms spearheading the surge in wagering activities. The substantial handle of $550.7 million in November underscores the enthusiasm and engagement of Maryland residents in sports wagering. The state’s innovative approach to taxation ensures that the benefits of this burgeoning industry extend to support vital public education programs, marking a win-win for both operators and the community at large.