BALTIMORE, MD — In an unprecedented surge, Maryland's sports wagering market recorded its highest single-month total in November 2023, with a combined handle of $550,716,329 from its 13 retail and 12 mobile sportsbooks. This figure marks a significant increase from December 2022's $497,121,656 and represents a noteworthy contribution of $3,199,529 to the state's education funding.
The lion's share of November's handle came from mobile wagering, accounting for an overwhelming 96.8% ($533,276,787). This mobile dominance contributed $3,052,509 to the state, compared to $147,020 from retail sportsbooks. The funds are earmarked for the Blueprint for Maryland's Future Fund, which supports public education programs. Each sportsbook contributes 15% of its taxable win to this fund.
November's statistics show a clear preference for mobile betting among Marylanders, aligning with the broader shift toward digital platforms in various industries. The handle breakdown, including free promotional wagers, stood at $17,439,542 for retail and $533,276,787 for mobile platforms.
The prizes paid out to players, known as the 'hold', were also significant. Retail sportsbooks paid $16,307,928, while mobile platforms paid $492,779,418. The combined hold, the handle less prizes paid, amounted to $41,628,982, with retail contributing 6.5% and mobile 7.6%.
The sports wagering tax, calculated as 15% of the taxable win, further highlights the scale of the industry's growth. Retail sportsbooks generated $147,020 in taxes, while mobile platforms contributed a substantial $3,052,509, cumulating to $3,199,529 for the state.
Since the inception of Maryland's sports wagering program in December 2021, the cumulative contribution to the Blueprint for Maryland's Future Fund has reached $46,253,210. Additionally, expired prizes amounting to $2,708,307 have been contributed to the Problem Gambling Fund, addressing concerns about gambling addiction.
Maryland's sports wagering market initially launched with five retail locations in December 2021 and expanded to include seven mobile sportsbooks by November 2022. As of November 2023, the state boasts 13 retail locations and 12 mobile operators, with more expected to launch soon. This growth trajectory signifies a robust and expanding market, poised to further contribute to the state's economy and public welfare programs.
For a detailed summary of each sportsbook's performance in November 2023, including handle, hold percentage, prizes paid, promotional play, taxable win, and contribution to the state, along with a statewide handle and hold by sport, visit mdgaming.com. The detailed chart and download options offer comprehensive insights into this thriving sector of Maryland's economy.
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