December 27, 2023
Maryland Sports Wagers Soar to New Highs in November
Maryland Sports Betting Wagers Soar to New Highs in November
The Maryland Gaming Commission’s latest revenue report reveals a remarkable surge in sports betting activity during November, with licensed sportsbooks recording a staggering $550.7 million in wagers.
Record-Breaking Performance
November’s sports betting handle sets an unprecedented record in Maryland, surpassing the previous milestone established in December 2022, with wagers exceeding $497.1 million. The year-to-date sports betting handle now stands at just over $4 billion, contributing to an all-time total surpassing $5 billion.
Performance Metrics
According to the report, sportsbooks reported a hold of 7.6%. However, the adjusted win rate, factoring in promotions, experienced a decline to 3.87%, contrasting with the 8% reported in October.
Despite the record-breaking wagers, sportsbooks reported initial combined revenues of $41.6 million, a notable decrease from the $58.7 million in the preceding month but reflecting a robust 35.9% year-on-year increase. Adjusted revenues for November amounted to $21.3 million, down by 39.5% compared to the same period in 2022.
Mobile Dominance
Out of the $550.7 million wagered, a substantial $533.2 million was placed through mobile sports betting apps, constituting a remarkable 96.8% of all sports wagers for the month. This underscores the growing prominence of online sports betting in Maryland.
Tax Revenues and Financial Impact
In November, the state collected $3.1 million in tax revenues from sports betting activities. The year-to-date tax revenue for sports betting in Maryland now stands at $39.6 million, contributing to an all-time total of $46.2 million.
Operational Landscape
As of the end of November 2023, Maryland boasted 13 retail sportsbooks and 12 active mobile sports betting operators, underscoring the robust and expanding sports betting landscape in the state.
| PERIOD | TOTAL HANDLE | MOBILE HANDLE | SPORTSBOOK REVENUE | ADJUSTED SPORTSBOOK REVENUE | STATE TAXES |
|---|---|---|---|---|---|
| Jan 2023 | $441,481,779 | $422,657,954 | $59,601,405 | $14,097,423 | $2,114,613 |
| Feb 2023 | $339,421,456 | $325,078,708 | $40,214,645 | $18,645,869 | $2,796,880 |
| Mar 2023 | $385,967,195 | $370,290,622 | $47,548,313 | $35,400,380 | $5,310,057 |
| Apr 2023 | $328,454,397 | $313,472,676 | $35,644,586 | $25,764,571 | $3,864,686 |
| May 2023 | $320,199,671 | $305,063,591 | $42,742,217 | $31,004,743 | $4,650,711 |
| Jun 2023 | $254,476,790 | $243,817,173 | $27,077,118 | $18,900,337 | $2,835,051 |
| Jul 2023 | $247,412,348 | $237,525,908 | $28,114,521 | $22,084,219 | $3,312,633 |
| Aug 2023 | $263,729,559 | $250,360,244 | $24,900,637 | $17,037,804 | $2,555,671 |
| Sep 2023 | $442,450,666 | $420,957,789 | $45,575,924 | $21,542,849 | $3,231,427 |
| Oct 2023 | $483,147,391 | $463,502,423 | $58,701,910 | $38,748,301 | $5,812,245 |
| Nov 2023 | $550,716,329 | $533,276,787 | $41,628,982 | $21,330,194 | $3,199,529 |
| Totals | $4,057,457,581 | $3,886,003,875 | $451,750,258 | $264,556,690 | $39,683,503 |
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