Maryland Sports Betting Generates $6.5M in December 2024 Revenue

Key December 2024 Highlights

In total, players wagered $637.3 million during December, including promotional bets, with $591.7 million paid out in winnings. This left the state with a hold—the amount retained after payouts—of $45.6 million, representing 7.2% of all bets placed.

After accounting for other deductions, taxable revenue amounted to $43.4 million, which directly contributed to Maryland’s tax revenue for the month.

This success isn’t limited to December. Between July and December 2024, sports betting in Maryland generated $46.6 million in tax revenue, nearly doubling the $24.6 million collected during the same period in FY2023.

The Power of Mobile Betting

Maryland’s market owes much of its success to the convenience of mobile sportsbooks. With 11 licensed mobile platforms and 13 retail locations operating as of December, mobile betting has become the backbone of the state’s sports wagering industry.

Most of the state’s tax revenue can be attributed to mobile platforms, reflecting the growing preference among bettors for online convenience over in-person wagers.

Since the state launched sports betting in December 2021, it has contributed $135 million to the Blueprint for Maryland’s Future fund, which finances public education initiatives.

Additionally, expired winnings have generated over $3.6 million for the Problem Gambling Fund, which supports programs aimed at addressing gambling addiction and its associated challenges.

Maryland Looks Toward iGaming

Building on the success of sports betting, Maryland is now exploring the possibility of legalizing iGaming. Delegate Vanessa Atterbeary has introduced House Bill 17 (HB 17), a proposal to regulate online gambling comprehensively.

However, the road to iGaming legalization won’t be easy. A constitutional amendment is required, meaning the matter will ultimately go to voters in a referendum scheduled for November 2026.

If approved, Maryland would join a growing number of states embracing iGaming, potentially unlocking an even larger revenue stream for the state.