The state of Maryland has reported an exceptional start to the new year with revenue from sports betting registering at a considerable high. Statistics reveal that the month of January showed a jaw-dropping 23.4% surge in revenue compared to the same period in the previous year, illustrating the burgeoning growth of sports betting in the Old Line State.
The revenue for January soared to an impressive $441.5 million, which significantly outshone last year’s figures. The taxable win for the month reached a robust $55 million, and as a result, the state coffers were enriched by $8.2 million, marking an unprecedented contribution in Maryland’s sports betting segment.
An intriguing aspect of this financial windfall is the hold in January, which stood at 14.7%, demonstrating a 1.2% elevation from the same month last year. Concurrently, the prizes that were awarded to players tallied up to $465 million, marking a remarkable 21.8% increase year-on-year. Such robust figures attest to the competitive and engaging betting environment that Maryland offers.
Reflecting on the cumulative performance for the 2024 financial year thus far, Maryland has amassed a staggering $3.1 trillion in sports betting handle, transcending the previous year’s figures by 144.9%. This extraordinary growth showcases the dynamism and potential of Maryland’s sports betting market.
Maryland Lottery and Gaming Director John Martin has keenly attributed these flourishing revenue figures to the NFL playoffs. He emphasized that the sporting calendar acts as the “driving force” behind the state’s triumph in sports wagering. This suggests that the alignment of major sporting events with betting activities plays a critical role in revenue generation.
In the arena of online sports wagering, Live! Casino Hotel and FanDuel have taken the lead with an impressive handle of $244.6 million just in January. Not too far behind, DraftKings followed with a significant handle of $154 million for the same month, affirming the robust competition between operators.
Trailing in third place for handle was BetMGM, with a substantial sum of $40 million, and hot on its heels was Caesars, taking in $24.5 million in bets for the month. These figures not only highlight the success of these establishments but also signify the fusion of technology and gaming that is reshaping Maryland’s betting landscape.
In the domain of retail, Live! Casino Hotel and FanDuel led once more, showcasing a handle of $3.5 million. Retail generated $17.2 million in revenue, which, while only forming a diminutive 3.3% of the total, still represents a significant portion of the market. However, it is the online sector that continues to dominate and revolutionize the industry.
Since the initiation of online sports betting in Maryland back in November 2022, the state has relished strong and consistent revenue figures. December witnessed Maryland setting a new sports betting handle record for the second month in a row, with players wagering an astronomical total of $559.9 million.
Adding another feather to Maryland’s cap, online casino performance has also been nothing short of stellar. December alone saw online casino revenues reaching $165.6 million, which indicates a 5% growth over the previous month.
Maryland’s sports betting landscape is, without a doubt, evolving at a blistering pace. With encouraging policy frameworks, an avid sports audience, and innovative gaming platforms, the industry is on an accelerated path of growth. The future prospect is bright, and Maryland appears poised to etch its name as a keystone state in the sports betting circuit.
