The Thanksgiving Holiday weekend has proven to be essential for Maryland’s first go as part of the online market. The numbers show that Old Line State’s monthly handle and revenue will reach new heights in no time.
Will Maryland Become a Strong Market?
Undoubtedly, those residing in the state have taken full advantage of the new opportunity they have been given. According to the figures, the sportsbook operators combined to register approximately 16.5 million in geolocation transactions.
These are the types of numbers one will see in a mature market like New Jersey during the same span of time. The 16 million-plus transactions were recorded during the 23rd-27th.
GeoComply Senior Vice President of Compliance Lindsay Slader stated in a press release, “A strong start for the regulated market delivers on the promise of new revenues and consumer protections…Marylanders will continue to ditch illegal offshore sportsbooks for the security of legal, regulated operators that provide player safeguards and tax dollars for the state, just as lawmakers intended.”
Barstool Sportsbook, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, FanDuel, and PointsBet were the first to take full advantage of the situation. The three other bookmakers, betPARX, Betfred, and Fanatics, will launch during the early part of 2023, as they weren’t quite ready to launch with the rest of the group.
Maryland Launch At the Perfect Time
Gov. Larry Hogan’s constant push to start the online sports betting initiative might have paid off as the schedule is a bettor, and a sportsbook’s dream. Thanksgiving NFL games, World Cup matches, college football rivalry games, NBA, and other sports leagues are in the mix.
The United States men’s national team will also see another day as they were able to pull off a 1-0 victory over Iran to advance to the Knockout Stage. This was due to Christian Pulisic’s heroics as he put his body on the line which helped secure the win.
Maryland has 477,365 unique accounts according to GeoComply’s data. The number will probably grow as we head into 2023. The beginning of next year will most likely produce solid numbers as well due to the strength in the schedule.
Bowl Games, the Super Bowl, and March Madness will certainly drive up the betting volume before the numbers slowly stall once baseball is fully back in the mix after June. Still, bookmakers operating in the state could take full advantage of the schedule as mobile sports gambling will become more dominant as it’s not a requirement to go to casinos to place bets.
Comparing the Numbers to Other States
During the same time period, GeoComply data revealed 16.5 million transactions, significantly exceeding Virginia’s (8.5 million), Indiana’s (6.7 million), Tennessee’s (6.6 million), and Colorado’s (3.8 million).
The next revenue report for the state will be released on December 12th. The report will include the first week of mobile sports betting. In 2023, regulators estimated sports betting revenue to be $123.3 million, according to Eilers & Krejcik.