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Maryland sports betting takes in $32.5 million in bets in first full month
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Maryland Lottery and Gaming reported the state’s five sportsbooks took in more than $32.5 million in retail sports bets in January, Maryland sports betting’s first full month of operation.
Of the $32,530,831 total handle for the month of January, the sportsbook paid out $28,155,515 in prizes. This resulted in a hold of $4.375 million, a 13.4% hold rate. After reducing the winning payouts and promotional plays, the total taxable win for Maryland was $4.29 million.
More than $640,000 in Maryland sports betting taxes
At a 15% tax rate, Maryland took in $644,098 in January for the Blueprint for Maryland’s Future Fund, which supports public education programs.
The Live! Casino led the way in handle for January, reporting $14.4 million in bets. Here are the total January handles for the five Maryland casinos:
- Live! Casino: $14,354,392
- MGM Casino: $10,562,319
- Horseshoe Casino: $4,689,513
- Hollywood Casino: $1,513,567
- Ocean Downs Casino: $1,411,040
MGM National Harbor, Live! Casino, Horseshoe Casino, Ocean Downs Casino and Hollywood Casino began their sportsbook operations during December 2021 with openings occurring from Dec. 9 to Dec. 23. Additional facilities are expected to open in the near future.
Live! Casino leads the way in total handle for the fiscal year to date, reporting more than $21.4 million in total handle. Here are the total fiscal year to date handles for the five Maryland casinos:
- Live! Casino: $21,457,337
- MGM Casino: $16,551,261
- Horseshoe Casino: $7,276,837
- Ocean Downs Casino: $1,965,258
- Hollywood Casino: $1,832,568
The total handle in this fiscal year for the state is $49.1 million with $41.5 million in prizes being paid out to bettors, resulting in a 15.4% hold.
Since the inception of the sports wagering program in December 2021, the hold percentage for settled wagers is 10.61%.
Regulatory Writer and Editor for XLMedia. Sports. Gambling. Not necessarily in that order. Follow him on Twitter @rlinnehanxl