Maryland’s gaming scene experienced notable growth in January 2024, as indicated by the latest figures from the Maryland Lottery and Gaming Control Agency (MLGCA).
Sports Betting Flourishes:
In January 2024, Maryland’s sports betting sector demonstrated robust performance, reflecting a 23% increase in handle compared to the same period in 2023. The $545 million handle comprised $527.7 million from online platforms and $17.2 million from retail sportsbooks, highlighting the dominant role of mobile betting in driving overall activity.
Taxable Win and Contributions to the State:
The taxable win, amounting to $55 million, marked a staggering 290% surge from January 2023. Notably, while retail sports betting contributed $1.6 million, the lion’s share of $53.9 million stemmed from mobile platforms. This substantial increase in taxable win corresponded with a parallel rise in contributions to the state, totaling $8.2 million, underscoring the economic benefits accrued from the burgeoning sports betting market.
Casino Revenue Dynamics:
Despite the exuberant performance of the sports betting sector, Maryland’s casino revenue experienced a modest decline of 8.3% in January 2024 compared to the previous year. MGM National Harbor emerged as the frontrunner, generating $66 million in revenue, followed closely by Live! Casino & Hotel with $56.7 million. The remaining casinos, namely Horseshoe Casino, Hollywood Casino, Ocean Downs Casino, and Rocky Gap Casino, contributed to the overall revenue stream with varying figures, showcasing the diverse landscape of Maryland’s gaming industry.
The juxtaposition of Maryland’s sports betting and casino revenue underscores a nuanced narrative of growth and resilience within the state’s gaming sector. While sports betting commands attention with its exponential rise, casinos continue to serve as pillars of stability, albeit experiencing slight fluctuations in revenue. As Maryland’s gaming landscape evolves, these insights provide valuable perspectives for stakeholders and enthusiasts alike, illuminating the trajectory of an industry poised for further expansion and innovation.