Maryland Sportsbooks Start New Year With Over $400 Million In Bets

Written By Giovanni Shorter on February 10, 2023
Maryland Sports Betting Revenue

Maryland sportsbooks have seen strong sports betting numbers in the weeks leading up to Super Bowl 57. January 2023 saw $441,481,779 bet at retail and online sportsbooks in Maryland. This figure is a slight decline from December’s $497,121,656. The report from Maryland Lottery and Gaming does show an increase in taxable revenue, however, showing a stronger hold for the Old Bay State.

Maryland Mobile Betting Continues To Impress

The report shows the market continued the trend of mobile sportsbooks being responsible for over 90% of the total market. In total, $422,657,954 was wagered at online operators. Retail sportsbooks were responsible for the remaining $18,823,825.

Moreover, the combined revenue numbers for January was $59,601,405 off of a 13.5% hold rate. Maryland taxes sportsbooks approximately 15.0% of their winnings. Subtracting $21,798,149 in free promotional pay and other deductions, the state was left with $14,097,423 in taxable revenue. This is up from just $2,933,619 available in December after deductions, which led to $440,043 in taxes.

The increased taxable winnings led to a bump in taxes to the state. Maryland saw $2,114,613 in taxes for January 2023. This number is the most in single-month taxes Maryland has seen since sports betting went live.

Deeper Look At Maryland’s Report

Handle (Amount players wagered, including free promotional wagers)

  • Retail: $18,823,825
  • Mobile: $422,657,954 (includes $21,798,149 in free promotional wagers)
  • Combined: $441,481,779

Prizes (Winnings paid to players)

  • Retail: $17,261,786
  • Mobile: $364,618,587
  • Combined: $381,880,374

Hold (Handle less prizes paid)

  • Retail: $1,562,039 (8.3%)
  • Mobile: $58,039,366 (13.7%)
  • Combined: $59,601,405 (13.5%)

Taxable Win (Amount remaining after deducting prizes, promotional play and other amounts)

  • Retail: $1,510,641
  • Mobile: $12,586,781
  • Combined: $14,097,423

Sports Wagering Tax (15% of the Taxable Win)

  • Retail: $226,596
  • Mobile: $1,888,017
  • Combined: $2,114,613

Since the inception of Maryland’s sports wagering program in December 2021:

  • Cumulative contribution to the Blueprint for Maryland’s Future Fund: $8,684,319
  • Cumulative expired prizes contributed to the Problem Gambling Fund: $1,288,466

Maryland Super Bowl Likely Huge

February numbers in Maryland are poised to be massive. This is the first time locals will have access to mobile betting apps during the Big Game. Fans will definitely be embracing Super Bowl betting during that time. The strong numbers in December and January indicate just how massive online betting has already become.

December currently sits as the strongest sports betting month in Maryland’s young market history. Fans should not be surprised if this is quickly overtaken by February’s numbers.

The Super Bowl is the biggest sports betting event in the U.S. every year. Maryland bettors will likely be more active than ever during this time.

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Giovanni Shorter Avatar
Written by
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.

View all posts by Giovanni Shorter