In the first month of Maryland’s online sports betting market, players wagered an impressive $478 million. However, due to the high number of promotional bets that were given out by operators as an incentive for customers to bet in the state, only a minimal amount of tax revenue was generated – just $44,000 – highlighting how useful additional regulations may be for States looking to capitalize on tax revenue from mobile sports betting markets. Nevertheless, despite the low figures for taxation revenue this first month, it is encouraging to see how popular the market has become so quickly in such a short space of time.
Maryland spent December generating a great deal of revenue from its sports betting industry, with operators taking in an impressive $478.3 million in bets. However, a significant amount of that was due to promotional play given away to customers – totaling $70.9 million – which brought the state’s taxable win down to $44,791.
While this may be small compared to the massive sums taken in, it is still beneficial for the state’s coffers. Furthermore, retail online sportsbooks delivered an additional $395,252 in sports betting tax revenue for December, bringing the total sports betting tax revenue for Maryland up to $440,043. All in all, it was a successful month for Maryland’s gaming industry as it continues to grow and evolve.
7 Online Sports Betting Handle Totals
According to the figures provided by the MLGCA, total sports betting handle in the state amounted to a staggering $497.1 million. On November 23rd, the MLGCA authorized ten online sports betting operators to go live, yet only seven have been launched. It seems that we must still wait for Fanatics, Parx Interactive and BetFred before the entire platform is up and running.
The following list outlines the total handle for sports betting from seven live operators:
- Caesars: with $15.5 million
- PointsBet: $6.7 million
- BetRivers: $3.2 million
- FanDuel Maryland Sportsbook: $236.2 million
- DraftKings Sportsbook: $157.8 million
- BetMGM: $42.3 million
- Barstool Sportsbook: $16.3 million
BallyBet And WynnBET On Maryland
The Maryland Lottery and Gaming Control Agency (MLGCA) has given the green light to BallyBet and WynnBET, granting them each a license to offer Maryland residents online sports betting. The Maryland State Lottery Agency Regulatory Commission (SWARC) officially awarded these operators licenses on December 14th.
Before they are allowed to launch, however, they will first have to pass through a series of regulatory tests administered by the MLGCA. Both operators currently have no ties with any existing retail sports betting facilities within the state; in fact, John Martin, Director of the Maryland Lottery, estimates that come 2023 NFL season, around 21 online sports betting operators and 15-20 retail outlets will be available for punters across the state.