Maryland Has Its Best Sports Betting Month Ever in December

Maryland has recently joined the list of states reporting a surge in legal sports betting activity at the end of the year, with some of the top sports betting apps experiencing a successful December.

Maryland Lottery and Gaming reported that in December, the state saw record-breaking sports betting activity with its 12 mobile apps and 13 retail locations. This contributed to Maryland finishing the year with a total of $2.5 billion in sports wagers and over $46 million in tax contributions.

Since retail and mobile sports betting launched in November 2022, the Maryland sports betting industry has shown steady growth. The numbers for 2023 have solidified the state’s position as one of the top 10 legal sports betting markets in the U.S.

$559.8 million December handle

In December, Maryland sports betting sites and retail providers saw a total legal sports betting handle of $559.866 million, with residents of the Old Line State making the most of Maryland sportsbook promotions. Maryland sportsbooks also paid out $497 million in prizes during the month.

It surpassed the previous handle record of $550.7 million set in November and represents a nearly $63 million year-over-year increase from December 2022.

It came as no shock that Maryland sports betting apps dominated the market last month, making up $541,650,934, or 96.7%, of the total sports betting handle in the state. Retail only accounted for $18,214,529.

Taxable revenues climb month-over-month

Maryland sportsbooks saw strong revenues from sports betting, but they ranked seventh in monthly profit totals in the state. Maryland Gaming and Lottery reported $43,216,018 in taxable profits for the providers.

Although December’s taxable revenues increased by $1.6 million compared to November’s $41.6 million, they were still significantly lower than the record $85.1 million reported in December 2022.

In December, operators in Maryland recorded a hold rate of 11.1%, generating $19.7 million in promo plays. This represents an increase from the 7.6% hold rate in November, but a decrease from the 17.1% hold rate in December 2022, which was a record revenue month.

Maryland legal sports betting operators contributed nearly $6.5 million to the Blueprint for Maryland’s Future Fund, which supports public education programs in the state, thanks to a 15% tax rate.

The new record tax contribution of nearly $6.5 million surpasses the previous record of $5.8 million set in October.

Optimism

Maryland sportsbooks have seen continuous growth month after month in 2023, instilling a strong sense of optimism for the platform and its associated entities.

According to Maryland Lottery and Gaming Director John Martin, the numbers we’ve observed in the past six to twelve months indicate that the market is maturing. Initial estimates projected that sports betting would bring in $25 million to $30 million per year for the state as the market grew. With over a year of mobile betting now in place, it is anticipated that the annual contribution will exceed $40 million.