In a recent financial analysis, the State of Maryland revealed a notable fluctuation in its sports betting economy. February’s betting handle saw a significant rise of 30.4% from the $339.4 million recorded in February of the previous year. Despite this year-over-year growth, the monthly figures fell short by 18.8% in comparison to the $545.0 million handle of January 2023.
This downturn mirrors the pattern observed in New York, an earlier reporter of a diminished February handle notwithstanding the betting surge typically prompted by the Super Bowl. Analysts suggest that the deficit may partly derive from the inherent brevity of February coupled with the break in National Basketball Association (NBA) activities between February 16 to 21 due to the All-Star event.
In Maryland, the online betting sphere dominated, with wagers totaling $428.4 million, which included $13.4 million allocated to free bets. Meanwhile, the retail sportsbooks contributed to $14.1 million of the total bets placed. Upon subtracting prizes, promotional stakes, and other relevant deductions, the taxable win for February stood at $28.1 million. This figure surpassed the preceding year by 51.2% but did not reach the heights of January 2023’s $55.0 million, trailing by 48.9%.
Breaking the numbers down further, mobile betting generated a considerable $27.1 million in taxable wins, with retail betting adding a smaller segment of $942,233. State contributions totaled $4.2 million for the month of February, marking a 50.5% increase from the year prior.
The online sports betting arena continues to be commanded by Live! Casino Hotel and FanDuel, reporting a February handle of $191.3 million and a taxable win of $16.6 million. DraftKings maintained the runner-up position with $137.0 million in bets and an $8.0 million taxable win, with BetMGM completing the top three by registering $37.3 million in bets and netting a $1.4 million taxable win.
The retail segment painted a different picture, with Oceans Down emerging as the front-runner in bets taken, totaling $2.9 million and culminating in a taxable win of $442,849. Live! Casino trailed closely with $2.7 million in wagers and a taxable win of $202,491.
Beyond sports betting, Maryland’s casino market also painted a robust financial landscape for February. Total revenues hit $159.2 million, a 1.4% increase from the same period last year and a 3.9% improvement from January’s $153.2 million. Video lottery terminals were responsible for $109.2 million of this revenue, with table games accounting for the remaining $50.0 million. Standouts in the casino sector included BetMGM National Harbor leading with $66.8 million, followed by Live! Casino at $59.3 million, and the Horseshoe Casino contributing $16.0 million for the month.
Reflecting on the fiscal year-to-date figures starting with sports betting, the handle for the eight months leading to February soared to $3.53 billion—a staggering 120.6% climb from the same point in the previous year. The taxable win from sports betting skyrocketed 331.1% to $247.0 million, with the state’s share following suit with a 330.9% increase, totaling $37.1 million.
The casino sector, however, witnessed a 6.5% dip, with revenues settling at $1.29 billion for the corresponding eight-month period. Despite the fluctuations in monthly figures, the year-over-year growth in both sports betting and casino revenues indicates a thriving gambling industry in the State of Maryland, with significant contributions to the state’s finances. The forthcoming months will reveal whether this growth trajectory can be sustained in the face of ever-changing market dynamics.
