Sports betting in Maryland sets a record; exceeds state expectations
Legal sports betting in Maryland, almost all of which comes through mobile apps, set a record in December, and most of the wagers placed were paid out in prizes.
Maryland Lottery and Gaming reports almost $560 million in sports wagering last month — 96.7% of that was mobile app wagers.
Sports betting revenue in Maryland is exceeding initial projections with the latest data.
“The numbers we’re seeing over the last six to 12 months reflect the maturation of the market. Initial projects were that sports wagering would generate $25 million to $30 million annually for the state as the market was ramping up,” said Maryland Lottery and Gaming director John Martin. “We’ve now had more than a year of mobile wagering, and we expect the annual contribution to settle at more than $40 million.”
Retail sportsbooks, including those at casinos, accounted for $18.2 million in wagers, while mobile app betting was $541.7 million.
Combined, retail sportsbooks and mobile apps paid out $479.5 million in prizes, leaving $62.3 million on hold. Taxable win to the state, after deducting prices and free wagers, totaled $432 million. The state collects 15% of taxable win, or a total of $6.5 million.
Mobile sports betting apps gave away $19.7 million in free promotional wagers in December.
Currently, there are 13 retail sports betting locations in Maryland, and 12 mobile betting apps approved.
For the 12 months of Maryland’s fiscal 2023 year, sports betting totaled $46.2 million in contributions to the state.
Maryland’s sports wagering market started with five retail locations in December 2021. The first seven mobile apps launched about a year later. Additional retail and mobile sportsbooks will launch in the future in addition to the 13 retail and 12 mobile operators currently.
Maryland Lottery and Gaming posts sports wagering revenue monthly, year-to-date and by fiscal year online.