Maryland Lottery and Gaming reported on Thursday that the eight legal sports betting operators in the state handled 21.7% more money in October than September, hitting $39.6 million.
Despite the rise in Maryland sports betting revenue to almost $40 million, the amount the government collected dropped. This was directly caused by a fall in hold percentage, as after paying out winning tickets, October’s win rate for sportsbooks was 12.6%.
September, on the other hand, was a massive 17.5% — or $5.3 million of the total bets made.
From their revenue, Maryland taxes sportsbooks 15% for public education. This meant that the Blueprint for Maryland Future Fund received $781,642 in October, down from $984,308 in September.
Taxes on sports betting do not go towards a responsible gaming fund, but that fund does receive the winnings from a ticket that is not cashed in. Oddly, the number of uncashed bets is quite high: in October, $161,823 worth of winnings were forgotten or lost and year-to-date, that number is $752,779.
Retail betting landscape
With the launch of a BetParx Sportsbook at Greenmount Station on October 28th, Maryland now has eight retail sportsbooks. Despite being open for a few days, Greenmount took in $19,804 in bets which, if that holds, would mean the Hampstead restaurant and off-track betting site would be one of the top non-casinos by handle.
That said, casinos are still king in the Old Line State. Maryland Live! Casino leads all retail sportsbooks with $15.4 million. The breakdown is below:
- Maryland Live! (FanDuel): $15.4 million
- MGM National Harbor (BetMGM): $10.4 million
- Hollywood Casino Perryville (Barstool): $5.2 million
- Horseshoe Casino Baltimore (Caesars): $5.1 million
- Ocean Downs Casino (TwinSpires): $2.2 million
- Bingo World (BetRivers): $1 million
- Riverboat on the Potomac (PointsBet): $44,234
- Greenmount (BetParx): $19,804
The low handle for Riverboat on the Potomac is not surprising, since it’s really located in Virginia (which has mobile sports betting) but since Maryland owns the Potomac River, the restaurant is technically in Maryland.
Mobile betting on the horizon
The Maryland Lottery and Gaming Control Commission (MLGCC) approved 10 operators to have an online sports betting site for the state’s impending launch.
- Caesars
- Barstool
- BetFred
- BetMGM
- BetRivers
- DraftKings
- BetFanatics
- FanDuel
- Parx
- PointsBet
The Sports Wagering Application Review Commission (SWARC) will look at the above applicants in late November to decide whether to award them a mobile license. Once that is done, it will go back to MLGCC to finalize everything and check its internal controls.
If everything works out, Maryland could see mobile betting at the end of November or early December.
