Maryland sports betting fell 21% in June
Wagering through sports betting apps and at retail sportsbooks in Maryland fell to $254.5 million in June, a drop of 20.5% from May.
BetMaryland.com said the drop is likely seasonal, based on annual trends in states where sports betting has been legal longer, and year-over-year comparisons are a better gauge of sports betting.
The first retail sportsbook opened in Maryland in December 2021, but legal sports betting apps did not launch until November of last year, making year-over-year comparisons difficult.
The majority of sports wagering in Maryland is through apps, with mobile sports betting falling 20% from May to $243.8 million. Sports betting at retail locations was down almost 30% from May, totaling $10.7 million.
“Revenue and state taxes were also down from May to June, with both of them dropping nearly 40%. Again, this is not atypical behavior, but in other, older markets, analysts measure health by year-over-year growth,” said BetMaryland.com analyst Dru James.
The taxable win from sports betting in June was $18.9 million, and taxes collected from wagers was $2.8 million. Taxes collected from sports wagering go to the Blueprint for Maryland Fund, which aims increase education funding in the state by $3.8 billion each year over the next 10 years.
There are now 10 approved mobile sports wagering apps up and running in Maryland, with Fanatics being the newest approved in June. There are also 10 retail sports wagering facilities in the state, including sportsbooks at five Maryland casinos.