Maryland Sports Wagering Hits Record High in December 2023

The state’s burgeoning sports betting industry generated almost $6.5 million in revenue, marking a notable upswing in its financial contribution to public education programs.

A Record-Breaking Month for Maryland

December 2023 saw a remarkable surge in sports wagering in Maryland, with the total handle reaching over $559 million. This performance not only indicates the growing popularity of sports betting in the state but also underscores its potential as a significant revenue generator.

Maryland’s 13 retail and 12 mobile sportsbooks play a crucial role in supporting public education. They contribute 15 percent of their taxable win to the Blueprint for Maryland’s Future Fund, which is dedicated to enhancing public education programs. This model has proven effective, with the state receiving over $46 million in contributions from sports wagering in 2023.

Mobile Betting Leading the Way

The data indicates a clear preference for mobile sportsbooks, which accounted for 96.7 percent of the total handle. This trend reflects the convenience and accessibility of mobile betting platforms for Maryland residents.

Maryland Lottery and Gaming Director John Martin commented on the market’s growth, stating, “The numbers we’re seeing over the last six to 12 months reflect the maturation of the market. Initial projections were that sports wagering would generate $25 million to $30 million annually for the state as the market was ramping up. We’ve now had more than a year of mobile wagering, and we expect the annual contribution to settle in at more than $40 million.”

Maryland’s Sports Wagering Journey

The state’s sports wagering program, which began in December 2021 with the launch of the first five retail sports wagering locations, has seen significant growth. The introduction of mobile sportsbooks in November 2022 further catalyzed this expansion.

December’s figures show a healthy balance between the handle and prizes paid across both retail and mobile platforms. The sports wagering tax, calculated at 15% of the taxable win, contributed significantly to the state’s revenue.

Our Comment on the Article

Maryland’s record-breaking month in sports wagering is a testament to the successful integration of this industry within the state’s economic framework. The substantial contributions to the Blueprint for Maryland’s Future Fund highlight how sports betting can be leveraged for public good.

The preference for mobile sportsbooks mirrors a national trend towards digital platforms, suggesting a future where online betting could dominate the market. As Maryland continues to refine its sports wagering infrastructure, it sets a precedent for other states considering similar initiatives, showcasing the potential for significant revenue generation and societal benefits.