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Maryland sportsbooks strong in September, online sports betting soon to follow
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The seven retail sportsbooks in the state showcased a strong September for Maryland sports betting.
According to Maryland Lottery and Gaming, September saw a handle of $31.37 million, which translated into $984,308 in sports betting taxes for the Old Line state.
It was quite the increase from August, as was expected with the start of the NFL and college football seasons. August’s total sports betting handle was $18.6 million.
September off to fast start
Each of the seven sportsbooks contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs. The hold percentage for all bets that were settled in the month was 17.58%. Since the start of Maryland sports betting in December 2021, the hold percentage for all settled wagers is 11.36%, according to Maryland Lottery and Gaming.
The total hold for the seven sportsbooks was $6.56 million, and at a 15% tax rate this translated into $984,308 for Maryland.
The total handles for the retail sportsbooks are as follows:
- MGM National Harbor (BetMGM): $8,639,400
- Live! Casino and Hotel (FanDuel): $12,738,889
- Horseshoe Casino Baltimore (Caesars Sportsbook): $4,916,390
- Ocean Downs Casino (TwinSpires): $1,806,095
- Hollywood Casino Perryville (Barstool Sportsbook): $2,548,876
- Bingo World (BetRivers): $706,612
- Riverboat on the Potomac (PointsBet): $17,807
Online sports betting on the way
On the heels of September’s impressive retail sports betting results, Maryland online sports betting is expected to potentially launch in late November or early December, according to at least one state legislator.
Maryland Lottery and Gaming Director John Martin said recently at a VIXIO “Meet the Regulators” meeting that Maryland online sports betting could take its first online sports bet by “late November.”
“I am confident there will be mobile wagering in the state of Maryland in 2022,” Martin said.
This estimate comes more than a week after Maryland’s Sports Wagering Application Review Commission (SWARC) decided to allow rolling approval of online sportsbook licenses, rather than call for a universal start date for all sportsbooks.
Online operators must submit applications to SWARC by Friday, Oct. 21, to be considered for a license. Maryland Lottery and Gaming will announced qualified online operators on Thursday, Oct. 27, and SWARC can then take up to 45 days to consider awarding a license. After SWARC awards a license, the operators will be sent back to Maryland Lottery and Gaming for the approval of their internal controls.
Companies currently operating Maryland retail sports betting facilities will likely be found qualified first, Martin said. Barstool, FanDuel, BetMGM, BetRivers, Caesars Sportsbook, and PointsBet all currently operate sportsbooks in the state.
If SWARC doesn’t take the entire 45 days to award licenses to applicants, Martin said Maryland online sports betting could potentially begin in late November.
Regulatory Writer and Editor for XLMedia. Sports. Gambling. Not necessarily in that order. Follow him on Twitter @rlinnehanxl