March Madness Betting Propels Maryland Sports Betting Market

Written By Giovanni Shorter on April 10, 2023
Maryland Sportsbooks March

Maryland Lottery and Gaming have announced March’s sports wagering revenue and handle report. The March Madness tournament proved to be fruitful for both Maryland sportsbooks and the state’s coffers. Operators raked in a combined $385,967,195 in bets for March. These efforts saw a record high of $5,310,057 in taxes collected in the Old Line State.

Maryland Sports Betting Has Strongest Month

The over $5 million in tax revenue is 89% higher than the previous record of $2,796,880 set in February 2023. February also saw the highest betting handle with $478,270,326 in total wagers. With less promotional spending and a higher hold rate, March ended up being more profitable despite the lower handle.

This was aided a lot by the unpredictability of March Madness betting. For the first time in NCAA history, no No. 1 seed made it to the Elite Eight of the men’s tournament. This led to higher returns for sportsbooks and ultimately the state of Maryland.

“There are a few events on the calendar that really drive sports wagering participation, and the NCAA basketball tournament every March is right at the top of that list,” said John Martin, Maryland Lottery and Gaming Director. “This was the first time that mobile wagering on March Madness was available in Maryland, and as our market continues to mature we’re pleased to see it generate a strong contribution to education funding.”

Mobile betting continues to be the primary method for Maryland sports wagering fans. In March, $370,290,622 of total wagers came from mobile apps. This represents 95.9% of the entire betting market. Mobile books saw a 12.5% hold rate on wagers for $46,374,474. Combined with the $1,173,840 (7.5% hold rate) for retail sportsbooks, there was a 12.3% hold rate for a $47,548,313 total.

Removing deductions for prizes and promotional play, the total combined taxable win was $35,400,380. The $5.3 million in state taxes came via the 15% tax rate in Maryland.

Full Breakdown Of Maryland March Numbers

Handle (Amount players wagered, including free promotional wagers)

  • Retail: $15,676,573 (includes $12,407 in free promotional wagers)
  • Mobile: $370,290,622 (includes $11,382,730 in free promotional wagers)
  • Combined: $385,967,195

Prizes (Winnings paid to players)

  • Retail: $14,502,733
  • Mobile: $323,916,148
  • Combined: $338,418,882

Hold (Handle less prizes paid)

  • Retail: $1,173,840 (7.5%)
  • Mobile: $46,374,474 (12.5%)
  • Combined: $47,548,313 (12.3%)

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

  • Retail: $1,326,350
  • Mobile: $34,074,030
  • Combined: $35,400,380

Sports Wagering Tax (15% of the Taxable Win)

  • Retail: $198,953
  • Mobile: $5,111,105
  • Combined: $5,310,057
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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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