- Maryland Lottery and Gaming reported $483.1 million in sports betting handle for October
- The lottery reported $5.8 million in sports betting tax revenue, its most profitable month since launching sports betting in 2021
- Online sports betting delivered $5.5 million of the sports betting tax revenue
Maryland sports betting had its most profitable month ever.
According to Maryland Lottery and Gaming, the Old Line State reported $483,147,391 in sports betting handle for the month of October. This generated $5,812,245 in sports betting tax revenue, the most Maryland has ever taken in for a single month since launching in December 2021.
Through the first four months of fiscal year 2024, sports betting has generated more than $14.9 million in taxes for the state.
Football Driving Profits
The October 2023 sports betting tax revenues was the best single-month total in the state’s sports betting history. The $5.8 million in sports betting tax revenue was 9.5% higher than the previous high of $5.3 million in March 2023.
October’s handle was Maryland’s second-best single-month total, trailing only December 2022’s $497,121,656 total.
“People love to bet on football, and that is certainly reflected in the handle this time of year,” said Maryland Lottery and Gaming Director John Martin in a release. “The Ravens’ success and college football are contributing factors, and there is a convergence of the seasons in October, with the baseball playoffs and World Series and the start of hockey and basketball. From an overall perspective, the results show that a robust market has taken shape here in Maryland and is making a steady contribution to the state’s education programs.”
Maryland’s sports wagering market launched with five retail locations in December 2021. The first seven mobile sportsbooks launched in November 2022. As of the end of October 2023, there were 13 retail locations and 12 mobile operators.
Here are the October handle and taxable win totals for online sports betting:
- BetMGM: $38,471,830 hndle. $2,742,162 taxable win.
- BetRivers: $4,421,638 handle. $179,440 taxable win.
- Caesars Sportsbook: $21,757,813 handle. $1,147,315 taxable win.
- Crab Sports: $481,802 handle. $228,709 taxable win.
- DraftKings: $157,590,509 handle. $12,154,000 taxable win.
- Parx Interactive: $1,327,163 handle. $35,129 taxable win.
- Barstool Sportsbook: $9,573,139 handle. $476,487 taxable win.
- FanDuel: $210,548,643 handle. $19,508,264 taxable win.
- BetFred: $1,234,577 handle. $0 taxable win.
- Fanatics Sportsbook: $13,743,909 handle. $0 taxable win.
- PointsBet: $3,962,339 handle. $205,346 taxable win.
- SuperBook: $389,057 handle. $0 taxable win.
13 Retail Sports Betting Locations Open in State
The Green Turtle in Townson became the 13th sportsbook location to open in Maryland in late September. The sportsbook location opened on Friday, Sept. 29 after the sportsbook completed controlled demonstrations on Sept. 25 and Sept. 27. Customers participated in live sports betting as Maryland Lottery and Gaming representatives ensure the sportsbook complied with all required procedures and that its systems functioned properly.
No new locations opened in October.
Here are the open 13 retail sportsbooks in the state:
- Bingo World in Brooklyn Park
- Greenmount Station in Hampstead
- The Greene Turtle in Canton
- Hollywood Casino in Perryville
- Horseshoe Casino in Baltimore
- Live! Casino in Hanover
- Long Shot’s in Frederick
- FedEx Field in Landover
- MGM National Harbor in Oxon Hill
- Ocean Downs Casino in Berlin
- Riverboat on the Potomac in Charles County
- Sports & Social in North Bethesda
The post Maryland Has Most Profitable Month of Sports Betting in its History appeared first on Sports Betting Dime.
