Maryland Sets All-Time High Sports Betting Handle in December
LISTEN TO THIS ARTICLE:The Maryland sports betting market had an impressive outing in December with an all-time high sports betting handle of $559.8m, a 12.58% increase compared to the $497.5m recorded in the same month of the previous year.
The milestone is driven by the state's 13 retail and 12 mobile sportsbooks, with each contributing 15% of its taxable win to the Blueprint for Maryland's Future Fund—an initiative supporting public education. While online betting accounted for $541,650,934 of the total handle, retail betting contributed $18,214,529.
In December 2023, Maryland operators, including BetMGM, Caesars, DraftKings, ESPN Bet, and FanDuel, maintained an 11.1% hold, while promotional play amounted to $19.7 million for the month.
The operators generated $43.2m in total taxable wins in December, and as usual, 15% of the taxable wins, amounting to $6.4m, go towards the Blueprint for Maryland’s Future Fund, which supports public education.
Maryland's Sports Wagering Initiative Exceeds Expectations
Since its launch in December 2021, Maryland's sports wagering initiative has contributed $52,735,612 to the Blueprint for Maryland's Future Fund and allocated $2,765,070 to the Problem Gambling Fund from expired prizes. In the fiscal year to date, the operators have contributed to a total sports betting handle of $2.5 billion, disbursing $2.2 billion in prizes. The state has received contributions totaling $24.5 million in the fiscal year to date.
Related: Maryland Records Gaming Revenue of $155 Million in November
The numbers we’re seeing over the last six to 12 months reflect the maturation of the market.
Originally estimated to fall between $25 million and $30 million annually, contributions from sports wagering in the state are now expected to surpass $40 million annually, following over a year of mobile wagering.
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