Maryland Retail Sportsbooks Foreshadow Mobile Sports Betting Boom

Written By Giovanni Shorter on October 1, 2022
Maryland Online Sportsbooks

Lawmakers have finally made headway in bringing Maryland online sportsbooks to its residents. With Maryland mobile sports betting en route to launching in 2022, it’s interesting to predict how big the market will be.

Right now, only retail sports betting is available in the Old Line State. Even with limited betting access, the market is still thriving.

Maryland Sports Betting A Success

The Maryland Lottery Commission recently reported that sports betting helped push Maryland gaming revenue to a record high of $1.511 billion. These are the gaming figures for the fiscal year 2022.

For July 2022, retail sportsbooks in Maryland have a combined betting handle of $15,492,757. These operators also combined for $2,026,548 in revenue on a 13.08% hold rate. For the fiscal year, sportsbooks contributed $5.6 million according to the Maryland Lottery.

“We are immensely proud to be a vital source of funding for programs and services that Marylanders depend on every day,” said John Martin, Maryland Lottery and Gaming Director. “We’re in the entertainment business, but we never lose sight of the role we play and our place in the community.”

Maryland raking in this level of betting activity from its limited sports betting options is impressive. What’s even more impressive is the projections for the market once online sportsbooks launch.

Hundreds Of Millions In Projected Annual Revenue

Maryland will be able to host up to 60 online sportsbooks per HB 940. These sportsbooks are projected to bring in hundreds of millions in revenue annually and tens of millions in state taxes. Maryland’s neighbors in Virginia raked in more than $2 billion in betting handle for 2022 alone. Virginia is home to 14 online sportsbooks.

The most recent sports betting revenue report by the Virginia lottery shows that $266,001,583 was bet on sports in July alone, with $21,398,776 being collected in adjusted gross revenue (AGR).

Maryland can see similar monthly and yearly betting figures as both markets will have online and retail. They also have overlapping sports fans with the residents in the DMV. Once Maryland online sportsbooks go live, it would be no surprise to see the market balloon similarly to Virginia.

When Are Maryland Online Sportsbooks Launching

The Maryland Sports Wagering Application Review Committee (SWARC) now will allow for rolling application approvals. This means the committee will be able to issue applications in a staggering manner, hastening the process.

The deadline for online applications is October 21. Following this, SWARC will have 45 days to approve betting licenses. December could see the launch of online sportsbooks in Maryland.

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Giovanni Shorter

Giovanni Shorter is a sports enthusiast and writer with a passion for the legal and industry side of the sports betting market. Giovanni got his education from Florida State University where he honed his writing style writing narratives and short stories. He has spent his professional career covering sports and entertainment through articles and blogs and continues to look at the industry from multiple angles.

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