Maryland Sportsbooks Cashing in on Football
As expected, the return of college and NFL football has brought a huge boost to the United States sports betting industry, and that is especially true in the state of Maryland. Sportsbooks in this state weren’t just sitting around and waiting for the action to pick up though, as they were aggressive in the promotions and bonuses that were offered.
According to the September report from the Maryland Lottery and Gaming, gross sports betting revenue came in at $45.6 million for the month. The total sports betting handle jumped all the way up to more than $442 million in September, and that represented a increase of 67.8% in August.
Over $24 million in site credits were issued in September by the dozen sports betting operators that are currently in operation. That is the second highest total on record in the state, and it was strategic from the operators as they knew people would be ready to make some bets.
The adjusted gross revenue was just $21.5 million for the month, and the state was able to collect just $3.2 million. It’s great that the sportsbooks were able to see so much activity, but all of the promotions hurt the taxable revenue that was produced.
Maryland Keeping Pace
When lawmakers in the state of Maryland first started to discuss sports betting, there was always the hope that this state could compete with others in the industry. It was never going to be one of the biggest in the country, but the overall numbers from this state have exceeded expectations.
Maryland has now gone past $3 billion in total sports betting handle in 2023, which is the 10th state to get to this number. This is just the first full year of online and retail sports betting in the state, and there should be growth in 2024 and beyond.
Sportsbooks in this state continue to perform well against the public as the hold percentage has been higher than 10% in 19 of the 22 months of legal wagering. The national average when it comes to the hold rate is still just above 7%, and Maryland sportsbooks have consistently performed better than other markets.
Football, Parlays Lead the Way
It should come as no surprise that football was easily the most popular betting market in the state of Maryland for the month of September. There was more than $133 million wagered on the sport of football, and that was a combination of college football and the NFL.
Baseball was also a popular sport to wager on during the month of September as the total handle for that sport was right around $60 million. The great season by the Baltimore Orioles definitely pushed those numbers as they are a popular team in the state.
Bettors in the state of Maryland were also looking to cash in on parlay bets, but the sportsbooks held nearly 21% of those wagers. Total handle on parlay wagers came in around $150, and other states across the country have seen similar results.