Pushing $1 Million in September
Maryland’s seven retail wagering facilities contributed close to $1 million to the state during September, according to a recent report from the Maryland Lottery and Gaming Control Agency.
The month of September produced a $31.38 million handle in the state, which is the second-highest monthly handle (behind January 2022) since the state launched sports betting in December 2021.
Maryland bettors hauled home $24.74 million of the total handle, equating to a hold of around $6.64 million, or roughly 21.2%. This is the highest monthly hold percentage the state has seen since launching.
After deductions, operators were left with roughly $6.56 million that was taxable by the state. At the state’s 15% tax rate, the state of Maryland took home $984,308 in sports wagering tax revenue in the month of September. This money goes to the Blueprint for Maryland’s Future Fund, which supports public education programs in the state. Since inception, sports wagering has produced $4.64 million in revenue for the fund.
Running Top 10 #SportsBetting handles by state for September:
1 NEW YORK $1.26B <-NEW
2 Iowa $200.2M
3 West Virginia $45.9M
4 Oregon $39.3M
5 Maryland $31.4M <-NEW
6 Delaware $8.9M
7 Montana $4.9M
— Chris Altruda (@AlTruda73) October 12, 2022
The state’s seven sports wagering facilities are:
- MGM National Harbor – Oxon Hill, MD
- Live! Casino and Hotel – Arundel Mills, MD
- Horseshoe Casino Baltimore – Baltimore, MD
- Oceans Downs Casino – Berlin, MD
- Hollywood Casino Perryville – Perryville, MD
- Bingo World – Baltimore, MD
- Riverboat on the Potomac – Colonial Beach, MD
Maryland’s Live! Casino and Hotel, which operates a FanDuel retail sportsbook, led the pack in September, generating a $12.74 million handle. Its fiscal year-to-date handle also leads all operators in the state as it has generated over $26 million since July 1. MGM National Harbor’s BetMGM sportsbook came in second in September, bringing in $8.64 million to add to its fiscal year-to-date handle of $18.24 million.
Riverboat on the Potomac launched on Sept. 12, so it’s unsurprising that they were last in handle by a wide margin, generating just $17,807 in revenue for the month.
Where are you watching the baseball game from today? Reply with a pic! pic.twitter.com/qj7RsCM60y
— Live! Casino & Hotel Maryland (@LiveCasinoMD) September 9, 2022
Maryland Online Sports Betting & Future Outlook
Mobile sports betting in Maryland has been a big discussion in the state over the last few months as it’s been two years since voters approved the activity and people are still waiting to place bets online.
The Sports Wagering Application Review Commission (SWARC) is in charge of issuing licenses to mobile operators in the state. Their next meeting is set for Oct. 19 to discuss final changes to the regulations. Then, on Oct. 21, the mobile sports wagering license application will close and (hopefully) the SWARC will start awarding mobile licenses to those that applied. Up to 60 licenses are available.
FanDuel, Caesars, BetMGM, Barstool, BetRivers, PointsBet, and TwinSpires all have retail presence in the state already, so these seven are expected to receive mobile licenses without question. DraftKings will join the mix via the Maryland State Fairgrounds.
The Washington Commanders also applied for a Class A-1 sports betting facility license which seeks to open a sportsbook at FedEx Field. They were approved by the SWARC in mid-August. The Baltimore Ravens have not yet announced any plans to do the same, however they have three different partnerships already in place with various sportsbooks including Caesars, DraftKings, and BetMGM. While both teams, and the Baltimore Orioles, will be allowed to partner with sportsbooks to roll out sports betting at their respective stadiums, none have determined which sportsbook they will use.