Maryland’s Sports Betting Thrives with $431.5 Million Handle in May

In May, Maryland reported an impressive $431.5 million in sports betting handle.

Contributions to Education

Sports betting activities contributed to the state’s educational initiatives. The Blueprint for Maryland’s Future Fund received around $7 million in May from sports betting taxable winnings.

This representing 15% of all taxable winnings, is earmarked for funding public education across the state. According to the Maryland Lottery and Gaming report, this amount is the second-highest monthly total since the legalization of sports betting, and more than double the contribution made in May of the previous year.

For the current fiscal year, which runs from July 1 to June 30, the contributions to the Blueprint for Maryland’s Future Fund have surpassed $54.5 million.

Year-over-Year Growth and Breakdown

Maryland’s sports betting handle saw a notable year-over-year increase of 34.8% compared to May of the previous year, indicating a rapid expansion in the market.

The breakdown of May’s figures shows that $419.5 million of the total handle came from mobile sports betting, while retail sports wagering locations contributed $12 million.

Players in Maryland enjoyed considerable winnings in May, totaling $380.4 million. Of this, $369.5 million was won by online and mobile players, while retail bettors took home $10.8 million.