A handful of sportsbooks at Maryland casinos managed to make a fistful of money in December, which was the first month of legal sports betting in the state.
Maryland Lottery and Gaming reported Monday that five casinos took $16,552,430 in sports bets last month and that they held onto $3,170,000 of that handle, or a win rate of 19.2%.
After some allowable deductions from that haul, the revenue for the books was $3,128,660 for December. The win amount for operators is taxed at a rate of 15%, which resulted in the casinos owing $469,297 to the state due to their monthly hold. That money is used to help fund public education programs.
“We are truly excited that sports wagering is available, and we’re eager to do our part to keep the market growing,” Maryland Lottery and Gaming Director John Martin said in a press release.
There were five sports-wagering facilities in operation in Maryland last month. Those locations, their operating partners, and their opening dates were:
- MGM National Harbor in Oxon Hill and BetMGM (opened December 9)
- Live! Casino & Hotel in Hanover and FanDuel Sportsbook (December 10)
- Horseshoe Casino in Baltimore and Caesars Sportsbook (December 10)
- Ocean Downs Casino in Berlin and TwinSpires (December 17)
- Hollywood Casino in Perryville and Barstool Sportsbook (December 23)
Live! generated the most handle last month among the casinos, as the facility took a little more than $7.1 million in sports wagers. Runner-up was MGM National Harbor, with almost $6 million in handle.
Much more to come
More brick-and-mortar sportsbooks are set to open in Maryland in the coming weeks and months. There are, for instance, three off-track betting facilities that have recently received various regulatory approvals.
Online sports betting isn't expected to officially start in the state until later this year, as regulators have first been addressing certain retail-wagering applications. Until then, bettors will have to make the trip to a casino or other authorized location to get down a legal wager.
At any rate, Maryland’s legal sports betting model (which was approved by lawmakers last year) allows for up to 60 online sportsbook licenses to be issued, as well as 47 permits for brick-and-mortar books. Retail licensees who want to take mobile wagers would still need to apply for a separate online wagering permit.
