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Maryland releases January sports betting report: Handle up 23%, revenue at $55m

Updated:2024-03-25 14:19    Views:143

Maryland has published its sports wagering report for January 2024.

The state of Maryland launched retail sports betting in December 2021, but only launched online (mobile) sports betting relatively recently on 23 November 2022, meaning it has only been available in the state for just over a year.

Total handle for January this year was $545m, a 23% increase from the same period last year.

When split into the two platforms, retail accounted for $17.2m, including $8,028 in free promotional wagers, and online sports betting accounted for $527.8m and $22.4m in free promotion wagers.

Out of this, $465m was paid out in prizes, a 22% increase from last year’s amount, with $450m of this being distributed from online platforms.

Hold also increased from 13.5% to 14.7% for the state.

The taxable win, or revenue, totalled $55m for this month, a 290% increase from January 2023.

John Martin, Maryland Lottery and Gaming Director,Online Casino Games said: “The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers.

“The AFC Championship game didn’t go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw.

“It’s a reminder that unforeseen outcomes happen, so it’s always best for anyone who wagers to set a budget, have a plan and stick to it, and keep the focus on having fun.”

Out of the total amount, $8.2m was contributed to the state through taxes, also a 290% increase from last year's amount.

Since its inception in December 2021 with the launch of sports betting, the state has donated $61m to Blueprint for Maryland’s Future Fund, which supports public education programmes.

An additional $2.8m has been given to the Maryland Problem Gambling Fund, which was sourced from sports wagers that were not collected before the 182-day cutoff point.

However, Maryland did announce that despite the rise in sports betting, there was an 8.4% drop in gaming revenue for Jan 2024 when looking at the casino figures.





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