Maryland’s Record-Breaking Sports Betting Performance in December
Maryland‘s sports betting market hit a new high in December, setting a record for the second month in a row. The state saw an impressive total of $559.9 million wagered, surpassing previous records and indicating a robust growth in the betting industry.
Unprecedented Growth in Betting Volume
December’s handle, inclusive of promotional bets, marked a 1.7% increase from November’s $550.7 million record and a substantial 17.1% rise from December 2022’s $478.3 million. This growth reflects the first full month of legal online betting in Maryland, showcasing a significant year-over-year increase.
Dominance of Online Betting
A staggering 96.7% of December’s bets, amounting to $541.7 million, were placed online. This figure included $19.7 million in free promotional wagers. In contrast, retail sportsbooks accounted for the remaining $6.2 million, demonstrating the growing preference for online betting among Maryland’s gamblers.
Revenue Insights: A Significant Uptick
Maryland’s overall taxable win in December reached $62.3 million, a 49.8% jump from November and a 26.7% decrease from December 2022’s $85.2 million. Mobile betting was a major contributor with a $60.1 million hold, while retail added $2.3 million.
Impact of Promotional Wagers on Revenue
After adjusting for $19.8 million in promotional wagers, December’s net revenue stood at $43.2 million. This revenue more than doubled November’s $21.3 million and represented a 1,389.7% increase from the previous year, influenced by a surge in free bets during online wagering’s debut month.
Tax Contributions from Sports Wagering
The state collected $6.5 million in sports wagering tax for December. Online activities contributed $6.2 million of this amount, with retail betting adding $316,369.
DraftKings Leading the Online Market
DraftKings emerged as the leader in Maryland’s online betting market, generating $10.0 million in taxable win from $167.1 million in total bets. BetMGM and Caesars followed, with respective handles of $35.9 million and $24.0 million.
Top Performers in Retail Betting
In the retail sector, Live! Casino Hotel and FanDuel led with a taxable win of $592,219 from a $3.8 million handle. MGM National Harbor and BetMGM took second place, followed closely by Oceans Downs Casino and TwinSpires.
Fiscal Year-to-Date Overview
Looking at the fiscal year-to-date, total betting spend reached $2.55 billion, with a taxable win of $164.0 million and tax payments totaling $24.6 million. This performance underscores the growing significance of sports betting in Maryland’s economy and its potential for future growth.