Maryland’s 10 retail and eight mobile sportsbooks totaled almost $340 million in handle and generated more than $2.7 million in contributions to the state in February 2023, as reported by the Maryland Lottery and Gaming Control Agency.
Sports bets made from mobile apps in Maryland totaled $325 million in February. That amount included $15.8 million in free promotional play provided to customers by sportsbooks, which is deducted from the taxable win, according to the report. The combined handle escalated to $339.4 million when adding $14.3 million in retail bets.
When it comes to operators’ hold, retail amounted to $545,471, while mobile reached $39.7 million, for a total combined of $40.2 million. As for the state’s cut, online bets contributed $2.6 million and retail sportsbooks $98,114 to coffers.
Maryland’s sports wagering market started with five retail locations in December 2021. The first seven mobile sportsbooks launched in November 2022. Ten retail locations and eight sportsbook operators were in Maryland at the end of February 2023.
Maryland’s sportsbooks do not have a limit on promotional play deductions in their first full fiscal year of operation. Thereafter, promotional play deductions are capped at 20% of the prior year’s taxable win.
Since the inception of Maryland’s sports wagering program, cumulative contributions to the Blueprint for Maryland’s Future Fund added up to $11.4 million; and cumulative expired prizes contributed to the Problem Gambling Fund reached $1.3 million.
Last month, the Maryland Senate had its first hearing for a bill that would allow for the removal of certain restrictions to gambling statewide. In November 2024, voters would decide whether to legalize online gaming, such as virtual table games or slot machines, under the measure.
SB0267 is sponsored by Sen. Ron Watson, D-Prince George’s, and Senate Majority Leader Nancy J. King, D-Montgomery, and seeks to expand the gambling options that the General Assembly has approved in recent years, including sports betting that began in November.
Currently, table gaming is limited to the premises of Maryland’s casinos. Funds generated for the state from the expansion would be used for education, particularly the Blueprint for Maryland’s Future, an education reform initiative.
Original article: https://www.yogonet.com/international/news/2023/03/14/66447-maryland-sports-betting-reaches-almost-340m-in-handle-during-february
