Maryland’s sports wagering industry has been experiencing exponential growth, as evidenced by the remarkable 67.9% month-on-month increase in betting handle in September. According to the latest report from the Maryland Lottery and Gaming Control Commission, sportsbooks recorded a staggering $31.4 million in bets, surpassing August’s figures of $18.7 million. This unprecedented surge has significant implications for the state’s economy, with considerable tax revenue collected to support vital projects like the Blueprint for Maryland’s Future Fund.
Sports Betting Industry Flourishes:
The surge in sports betting activities in Maryland is attributed to the success of seven licensed sportsbooks. Leading the pack is Live! Casino, which operates the renowned FanDuel Sportsbook and boasted an impressive $12.7 million handle in September. Following closely behind was MGM National Harbor, operating as BetMGM, with a notable handle of $8.6 million. Additionally, Horseshoe Casino (Caesars Sportsbook) and Ocean Downs Casino (TwinSpires) both reported substantial handles of $1.5 million. Hollywood Casino, home to Barstool Sportsbook, rounded out the top five with a commendable $1 million handle.
New Entrants and Their Impact:
Excitingly, Maryland witnessed the entry of two new sportsbooks during September, Bingo World, and Riverboat on the Potomac. Despite their recent launch, these newcomers recorded an encouraging combined handle of just under $18,000 during their first weeks of operation. This indicates that the appetite for sports betting remains high, and their future contribution to the industry is eagerly anticipated.
Tax Revenue and Public Investments:
The remarkable growth in sports wagering has not only thrilled sportsbooks but also provided a substantial boost to the state’s finances. The 17.6% hold in September translated into $984,308 in tax revenue, a significant portion of which will be allocated to the Blueprint for Maryland’s Future Fund. This fund supports essential initiatives aimed at enhancing education, infrastructure, and community welfare, ultimately benefiting the residents of Maryland.
A Look Ahead: Mobile Sports Betting on the Horizon:
The exciting growth prospects in Maryland’s sports betting industry are further fueled by the upcoming introduction of mobile sports betting. The Sports Wagering Application Review Commission (SWARC) has decided to expedite the launch of online sportsbooks, allowing them to operate as soon as they secure licensing approval, rather than waiting for a coordinated launch. This move is expected to attract a broader audience and drive further growth in the market.
Operators have been invited to submit applications for online sports betting licenses by October 21, with the SWARC committed to a swift 45-day review process. As a result, Marylanders can look forward to the possibility of experiencing the state’s first sports betting apps as early as late November or the first week of December.
Maryland’s sports betting industry has undergone a phenomenal transformation, as evident from the impressive 67.9% surge in betting handle witnessed in September. The state’s sportsbooks have been thriving, contributing substantially to the economy through tax revenue that supports essential public projects. With the imminent introduction of mobile sports betting, the future of Maryland’s sports wagering market appears exceptionally promising. As the state embraces this flourishing industry, residents and sports enthusiasts eagerly anticipate the convenience and excitement of placing bets through online platforms, further solidifying Maryland’s position as a burgeoning hub for sports betting activities.