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Maryland Sports Betting Achieves Unprecedented Heights In November

Maryland’s sports wagering market reached unprecedented heights in November 2023, recording a combined handle of $550,716,329 from 13 retail and 12 mobile sportsbooks. This figure marks a substantial increase from December 2022’s $497,121,656 and contributes significantly to the state’s education funding with a total of $3,199,529.

Mobile Wagering Dominates November’s Betting in Maryland The lion’s share of November’s handle was attributed to mobile wagering, making up an overwhelming 96.8% ($533,276,787). This mobile dominance not only fueled the industry’s growth but also contributed $3,052,509 to the state, overshadowing the $147,020 from retail sportsbooks. The funds generated are directed towards the Blueprint for Maryland’s Future Fund, which supports public education programs, reflecting a commitment to enhancing educational initiatives.

November’s statistics underscore a clear preference for mobile betting among Maryland residents, aligning with the broader trend of a digital shift across various industries. The handle breakdown, inclusive of free promotional wagers, stood at $17,439,542 for retail and an impressive $533,276,787 for mobile platforms.

The prizes paid out to players, known as the ‘hold,’ were substantial. Retail sportsbooks disbursed $16,307,928, while mobile platforms paid a staggering $492,779,418.

The combined hold, calculated as the handle without prizes paid, amounted to $41,628,982, with retail contributing 6.5% and mobile 7.6%.

Maryland’s Booming Sports Betting Industry Drives Tax Revenues and Market Expansion The sports wagering tax, calculated as 15% of the taxable win, further accentuates the industry’s growth. Retail sportsbooks generated $147,020 in taxes, while mobile platforms contributed a substantial $3,052,509, cumulating to a total of $3,199,529 for the state.

Since the inception of Maryland’s sports wagering program in December 2021, the cumulative contribution to the Blueprint for Maryland’s Future Fund has reached an impressive $46,253,210.

Additionally, expired prizes totaling $2,708,307 have been allocated to the Problem Gambling Fund, addressing concerns about gambling addiction.

Maryland’s sports wagering market initially launched with five retail locations in December 2021 and expanded to include seven mobile sportsbooks by November 2022.

As of November 2023, the state boasts 13 retail locations and 12 mobile operators, with further expansions anticipated in the near future. This growth trajectory signifies a robust and expanding market, poised to make substantial contributions to the state’s economy and public welfare programs.

A notable addition to the Maryland online betting market was ESPN Bet. Penn Entertainment‘s newly rebranded sports gambling app, launched on November 14 across 17 US states, including Maryland. The operator had a significant impact on the state’s record numbers in November with an impressive handle of $33,309,326 and a whopping $13,023,420 promotional spend.

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