The sports betting landscape in Maryland has shown remarkable growth in July, as reported by the Maryland Lottery and Gaming Control Agency (MLGCA). Both retail and mobile sportsbooks in the state generated a substantial handle of $333.3 million. This figure represents a 34.7% increase compared to the same month in 2023, despite being 13.4% lower than June 2024.
Sports Betting Handle
In July 2024, the vast majority of sports betting activity in Maryland occurred online. Of the total $333.3 million handle, a whopping $324.9 million was wagered via mobile platforms, highlighting the increasing preference for online betting among Marylanders. This left $8.4 million being spent at retail sportsbooks, which continue to hold a smaller share of the market.
While the total handle saw a significant year-over-year increase, the month-on-month decline compared to June 2024 might suggest seasonal variations or the impact of specific sporting events that were less prominent in July.
Player Winnings and Operator Hold
From the total bets placed, players won $289.5 million, resulting in an operator hold of 13.1%. This percentage, which represents the amount of money retained by sportsbooks after paying out winnings, was up from 11.4% in July 2023 and also improved compared to June 2024’s 10.3%. A higher hold percentage generally indicates a more favorable outcome for operators, as they retain more of the money wagered.
Taxable Win and Tax Contributions
After accounting for promotional play, which amounted to $1 million, the taxable win for July stood at $41.7 million. This figure marks an impressive 88.7% increase from July 2023 and a 9.2% rise from June 2024. Breaking it down further, online sportsbooks contributed $40.7 million to the taxable win, while retail sportsbooks accounted for $1 million.
In terms of tax payments, the total reached $6.3 million in July, with a dominant $6.1 million coming from online operations. This reflects the strong performance of the mobile betting market and its substantial contribution to state revenues.
Popular Betting Categories: Parlays and Pro Sports Lead the Way
A significant portion of the handle in July was driven by parlays, which accounted for $109.3 million of all stakes. Parlays, which are bets that combine multiple wagers into one and require all selections to win for a payout, continue to attract bettors looking for higher potential returns despite the increased risk.
Among individual sports, professional baseball remained the most popular, with $85.1 million in bets placed. This aligns with the Major League Baseball (MLB) season being in full swing during July, providing ample opportunities for bettors to engage. Professional basketball also attracted considerable attention with $40.9 million in bets, likely influenced by off-season activities such as the NBA Summer League and player trades. Tennis and soccer followed, with $37.6 million and $22.5 million in wagers, respectively, underscoring the diverse interests of Maryland’s betting public.
Performance of Maryland’s Casinos
While the focus on sports betting is strong, Maryland’s casino industry also saw notable activity in July 2024. The state’s six casinos generated a total of $169.8 million in gaming revenue. However, this figure represents a 2.6% decrease compared to July 2023, indicating a slight dip in year-over-year performance. Despite this, the revenue was up 4.2% from June 2024, suggesting a month-on-month recovery.
Each of the six casinos reported a decline in revenue year-on-year, which could be attributed to various factors such as increased competition from online gaming platforms, changes in consumer spending habits, or the ongoing economic conditions.
The data from July 2024 clearly shows that Maryland’s sports betting market is thriving, particularly in the online sector. The substantial year-over-year growth in handle and taxable win demonstrates the growing popularity of sports betting in the state. The increase in operator hold percentages and tax contributions further underscores the expanding market’s positive impact on state revenues.
However, the dip in casino revenues highlights the challenges that traditional gaming establishments face in this evolving landscape. As more players turn to the convenience of online betting, casinos may need to innovate and diversify their offerings to maintain competitiveness.
Moving forward, the Maryland sports betting market is poised for further growth, especially as new operators like Bally Bet enter the fray. With ongoing advancements in technology and an ever-expanding array of betting options, Maryland’s gaming industry is set to continue evolving, offering more opportunities for both operators and bettors alike.