Updated February 27, 2023By Chris Boline
In the Old Line State, online sports betting tax revenue has seen some solid growth, albeit with pullback in specific areas pertaining to wagering. Per one source, despite a drop in overall handle and revenue in the second full month of online Maryland sports betting, the state’s financial reserve saw a significant tax jump. This was further elaborated on when the Maryland Lottery and Gaming Control Agency announced in mid-February that the Maryland sports betting handle in January reached $441.5 million. With that figure finalized, this marked an 11.2% dip from December’s total of $497.1 million. However, despite month-over-month drawbacks, Maryland was still able to collect $2.1 million in taxes, which was a significant increase from December’s final tally ($440,043).
In this report, SBS will be going over what to look for from the latest news in Maryland along with some other notes about Maryland wagering.
Concerns about sports betting slowdown linger in Maryland
Per the same article from above, with online sports betting launching in Maryland during Thanksgiving of last year, there have been some ups and downs. The launch has been fantastic though with the first nine days of online wagering in the state bringing in $219.1 million in bets. However, with some revenues declining there is some reasoning for this with the start of sports wagering in the state bringing in a tremendous windfall. For instance, the first full month of online betting in December of 2022 saw that pent-up demand translates into nearly $500 in gaming handle. In terms of pent-up demand, regular readers of this space are no doubt familiar with the lead-up to online gaming legalization in the state with voters approving online betting two years ago.
On a similar note to overall revenues, promotional offers at sportsbooks also have seen a decrease in dollars. As referenced in one article, sportsbooks front-loaded many promotional offers into the first days of online sports betting in Maryland. For example, in December operators provided nearly $71 million in promotional play. However, in January of this year, sportsbooks gave out just $21.8 million in promo play.
FanDuel early leader in Maryland online gaming market
According to one report, FanDuel is the current leader in the online sports betting market as it pertains to bettors in the Old Line State. For this year, the online sportsbook has taken 49.4% of the online bets, good for $208.9 million. In the same article, DraftKings was a distant second, taking in around $131.9 million in bets. BetMGM was third with $40.7 million in bets, while Caesars notched a fourth place in market share with just less than $20 million in revenue.
While overall sports betting revenues have tapered off a bit since a hot start, sports betting options in Maryland continue to grow. In the same report, there are 10 in-person sportsbooks and seven online operators in Maryland just this last month. That said, online betting site, Betfred launched earlier this month as the eighth online sportsbook. Moreover, there are a handful of other mobile sportsbooks in line for the market which includes: Crab Sports Maryland, SuperBook, betPARX, and Fanatics Sportsbook.
Other notes and information about Maryland wagering
Once you are all caught up to speed regarding the latest in Maryland gaming news and information, SBS has a lot more great info about where that came from. For starters, our Maryland sports betting guide goes over the most up-to-date news from the state along with more information about bonuses and other promotions. Speaking of bonuses, the SBS best bonus betting sites breakdown is a great page for finding the best ways to maximize your bets. Here, you can find a catalog of the latest and great welcome bonuses available. On a final note, for those on the go, our mobile betting sites rundown is a great resource to have on hand and make sure you are always on top of the action.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball.
Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.
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