Maryland’s Sports Betting Drops While Casino Gambling Rises
LISTEN TO THIS ARTICLE:Sports fans in Maryland bet a total of $442.6 million in February, which was more than February 2023 but less than January 2024.
The handle was 30.4% more than in February 2023 at $339.4 million. However, January 2024 had a handle of $545 million, which is 18.8% higher. This means that both Maryland and New York saw smaller handles in February despite the Super Bowl betting surge. However, it is possible that the smaller handle is due to the slightly shorter month and the NBA All-Star break from February 16 to 21.
A total of $428.4 million was bet online in Maryland, which includes $13.4 million in free bets. A further $14.1 million was wagered at retail sportsbooks. The taxable win amount, which is what is left after deducting payouts, promotional bets, and other sums, was $28.1 million, 51.2% up on last year but 48.9% down from January’s $55 million.
The taxable win from mobile betting was $27.1 million and retail betting brought in $942,233. This means that a total of $4.2 million was contributed to Maryland State in February, an increase of 50.5% from last year.
FanDuel Leads the Market
FanDuel, partnered with Live! Casino Hotel was at the head of the market for online sports betting in February with a handle of $191.3 million and a taxable win of $16.1 million. It was followed by DraftKings, which had a handle of $137 million and $8 million taxable win. Third place went to BetMGM with a handle of $37.3 million and a $1.4 million taxable win.
In the retail market, Oceans Down had the largest handle of $2.9 million, which produced a taxable win of $442,849. Just behind was Live! Casino with a handle of $2.7 million and $202.491 taxable win.
In regards to casino gambling, the revenue was $159.2 million, up 1.4% from last year and 3.9% more than January’s $153.2 million. Of that, $109.2 million in revenue came from video lottery terminals and table games brought in $50 million.
BetMGM National Harbor was the leader of the pack with $66.8 million in total revenue and it was followed by Live! Casino with $59.3 million and in third place was Horseshoe Casino with $16 million.
The fiscal year figures are impressive. The sports betting handle for the eight months to February was $3.53 billion, up 120.6% from the previous year. The taxable win from sports betting was up an impressive 331.1% at $247 million and state contributions were 330.9% more at $37.1 million. However, the casino sector’s revenue fell by 6.5% to $1.29 billion.
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