In what could be the final full month without online sportsbooks, Maryland reports $39,663,586 in betting handle for October 2022. Of this total, sportsbooks saw $5,210,947 in Maryland sports betting revenue off of a 13.4% hold. The state saw $781,642 in taxes off of a 15% tax rate. Maryland sportsbooks continue to see an increase in activity as locals anticipate the online sports betting market.
Maryland Sports Betting Revenue Grows
October’s Maryland revenue report indicates a 20.8% increase month over month. September’s report showed $31,376,072 wagered. September did have a higher hold rate of 21.2% which led to $6,639,776 in revenue and $984,308 in taxes. These were higher than October’s numbers.
The decrease in revenue and taxes still lead to optimism as more bets were placed overall. This shows an increase in betting activity in Maryland. The market should carry on into the new market once online operators are live. This increase will surely see overall more handle, revenue, and state taxes.
The $39.6 million in bets for October came from the eight retail operators in the Old Line State. This limited number of operators still managed to see increased betting activity. The Maryland Lottery has already approved several online operators which will more than double the current market.
Additionally, the accessibility of online sportsbooks will see a boom in activity across the board. The Maryland market is expected to see massive betting activity once mobile betting launches.
Online Sportsbooks Incoming
Maryland revenue increases are inevitable and the market is only weeks away from launch. Locals will have access to Maryland online sportsbooks at either the end of November or in December. Bettors will see the likes of Barstool Sportsbook, BetMGM, Caesars Sportsbook DraftKings, and FanDuel on launch day. These are some of the biggest names in the industry.
Several sportsbooks are also hosting pre-live promotions in anticipation of the market launch. Fans can download these apps and collect early promos ahead of launch day. The online market is rolling towards going live and the excitement for betting is felt across the Old Line.