In October, Maryland’s retail sports betting industry experienced unprecedented growth, reaching a staggering handle of $39.7 million. This marked a significant 26.4% increase from September’s $31.4 million, setting a new monthly record. With a hold of $5.3 million (13.4% of wagers) after paying out prizes, sportsbooks saw a taxable win of $5.2 million. The state collected $783,000 in taxes at a 15% rate, contributing to the Blueprint for Maryland’s Future Fund, which has accumulated $5.4 million since the launch of the sports wagering program in December 2021. Alongside the remarkable retail sports betting performance, Maryland eagerly anticipates the launch of mobile sports betting, as the final approval for ten applicants is underway.
Unprecedented Growth in Maryland’s Retail Sports Betting:
October witnessed a remarkable surge in Maryland’s retail sports betting industry, with the total handle reaching an all-time high of $39.7 million. This substantial 26.4% increase compared to September’s figures highlights the growing popularity of sports wagering in the state.
Impact on Tax Revenue and the Blueprint for Maryland’s Future Fund:
With a taxable win of $5.2 million, the state collected $783,000 in taxes at a 15% rate. These funds are primarily allocated to the Blueprint for Maryland’s Future Fund, which supports critical initiatives in education and development. Since the launch of Maryland’s sports wagering program, the fund has accumulated a substantial $5.4 million.
Maryland’s Leading Retail Sportsbooks:
Several retail sportsbooks are operating in Maryland, contributing to the impressive handle in October. These establishments include Live! Casino with its FanDuel Sportsbook, MGM National Harbor with BetMGM, Horseshoe Casino hosting Caesars Sportsbook, Ocean Downs Casino featuring TwinSpires, Hollywood Casino with Barstool Sportsbook, and Bingo World and Riverboat on the Potomac.
Launching of Mobile Sports Betting in Maryland:
Mobile sports betting is set to revolutionize the betting landscape in Maryland, offering convenience and accessibility to sports enthusiasts. The Maryland Lottery and Gaming Control Commission has sent ten applicants for final approval from the Sports Wagering Application Review Commission (SWARC), with potential licenses to be awarded soon.
Prospective Mobile Sports Betting Operators:
The ten operators on the verge of receiving licenses for mobile sports betting in Maryland are Caesars Sportsbook, FanDuel, Betfred, BetMGM, DraftKings, Fanatics, Parx, Barstool Sportsbook, PointsBet, and BetRivers. Their inclusion in the mobile betting market is anticipated to bring intense competition and innovation.
The Road to Mobile Betting Implementation:
Upon SWARC awarding the licenses, the Maryland Lottery and Gaming Control Agency will conduct a final review. Each operator will then conduct a controlled demonstration to ensure their systems and internal control procedures are functioning correctly. The official launch date for mobile wagering will be announced following the issuance of licenses.
Potential for Expansion in Mobile Betting:
Maryland’s sports betting law permits up to 60 mobile sports betting licenses, with 50 still potentially available. This leaves room for further growth and diversification in the mobile betting market, encouraging new entrants and enhancing user experiences.
Maryland’s retail sports betting industry achieved unprecedented success in October, with a record-breaking handle of $39.7 million. The accompanying tax revenue has significantly contributed to the Blueprint for Maryland’s Future Fund, benefiting education and development. Moreover, the imminent launch of mobile sports betting promises to bring further excitement to the state’s gambling landscape, offering sports enthusiasts enhanced convenience and opportunities to engage with their favorite teams and events. As Maryland takes significant strides in the world of sports betting, the industry looks poised for continued growth and prosperity.