State leaders certainly root for the home team, but with sports betting, they may now enjoy a playoff loss as tax revenue soars.
Maryland Lottery and Gaming reported $55 million in revenue in January (after deductions), well above December’s $43.2 million.
“The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers,” said Maryland Lottery and Gaming director John Martin.
Handle did fall slightly compared to December, but it was still the second best month on record. Sportsbooks saw $545 million in bets, compared to the $560 million the month before. But operators did more with less thanks to the Baltimore Ravens home loss to the Kansas City Chiefs.
“The AFC Championship game didn’t go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw,” Martin added.
Unsurprisingly, the hold percentage jumped from 11.1% to 14.7% and most sportsbooks recorded a double-digit hold in January as most Marylanders backed the Ravens. FanDuel (17.9% hold) and DraftKings (15.3%) were the only operators to exceed the state average and led the state in handle. FanDuel led the way with $244.8 million, with DraftKings at $154 million.
Retail books combined for a 10% hold in Maryland sports betting. MGM National Harbor led in handle and revenue while FanDuel’s Live! casino saw their profits drop as lucky bettors brought their hold down to just 3.2%.
iGaming bills coming to Maryland
For the second time in two years, a bill has been introduced that could bring iGaming to the Old Line State. State senator Ron Watson is bringing his 2023 bill back in hopes that it receives a vote. One problem is he no longer has senate majority leader Nancy King as a co-sponsor.
But help may be coming from the Maryland House of Delegates as Rep. Vanessa Atterbeary introduced her own bill, similar to Watson’s, to launch iGaming. Both bills bring a huge tax rate at around 50% of revenue. And any live dealer game must be recorded in Maryland.
Hearings for both will be later this month, Watson's on Feb. 28 and Atterbeary’s on Feb. 26.
