Maryland Achieves Record-Breaking Sports Betting Handle in December

In December, Maryland’s sports betting industry achieved an astounding $559.9 million in handle, breaking the record set in November. The December results showed a 1.7% increase from November, with a notable 17.1% year-on-year growth.

Since its launch in December 2022, the betting industry in Maryland has demonstrated remarkable potential for growth. A staggering 96.7% of all bets were placed online, following the trend seen in other states where both online and retail betting are legal.

Digital sportsbooks in Maryland saw a total of $541.7 million in wagers, including $19.7 million in free bets, while land-based sportsbooks recorded $6.2 million in wagers, including $32,146 in free wagers.

The high handle resulted in stable revenue for the state’s sportsbooks, with an overall taxable win of $62.3 million for December. This marked a significant month-on-month increase of 49.8%, although it also represented a 26.7% year-on-year decline. Online sportsbooks earned $60.1 million in taxable win, while retail operators reported $2.3 million.

Maryland’s sportsbooks paid a total of $6.5 million in taxes, most of which came from the digital betting sector. These taxes contribute to the Blueprint for Maryland’s Future Fund, which supports public education in the state.

John Martin, director of Maryland Lottery and Gaming, commented on the market’s maturation, noting that this will lead to a significant increase in tax contributions from both online and retail sportsbooks. Initial estimates projected operators to generate between $25 million and $30 million in taxes for the fiscal year, but it is now believed that this number may surpass $40 million.

The impressive results in December reflect the continued growth and maturity of Maryland’s sports betting market, indicating a promising future for the industry in the state.

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