In the latest revenue report from the Maryland Gaming Commission, it was revealed that the state’s licensed sportsbooks saw a significant increase in wagers during the month of October. The total amount of wagers recorded was over $483.1 million, marking the second highest handle in the state’s history. The highest handle to date was recorded in December 2022, with sportsbooks taking in over $497.1 million in wagers. This brings the year-to-date sports betting handle to just over $3.5 billion, and the all-time total to $4.5 billion.
The report also indicated that sportsbooks recorded a hold of 12.1%, and after deductions of promotions, the adjusted win rate was 8.01%. This was a significant jump from the 4.87% reported in September. As a result, sportsbooks reported initial combined revenues of $58.7 million and adjusted revenues of $38.7 million, the highest taxable revenue total recorded since the launch of Maryland sports betting in December 2021.
Of the $483.1 million wagered on sports, $463.5 million was attributed to mobile sports betting apps, accounting for 95.9% of all sports wagers throughout the month. The state also collected the highest tax revenue ever recorded in a single month at $5.8 million, bringing the year-to-date total to $36.4 million and the all-time total to $43 million.
At the end of October 2023, there were 13 retail sportsbooks and 12 mobile sports betting operators active in the state.
The historical data on sports handle, revenues, and taxes in Maryland shows a significant increase in sports betting activities, with the month of October 2023 setting several new records. The growing trend of online sports betting is evident from the overwhelming majority of wagers being placed through mobile sports betting apps.
Overall, the sports betting industry in Maryland has seen considerable growth and success, as evidenced by the record-breaking numbers reported in the latest revenue update.
This article was written by Ciaran McEneaney, a gambling industry analyst with over a decade of experience working with leading names in the sports-betting, gambling, poker, and casino industry.