Maryland earns $704,000 from mobile and retail betting in November
In November, Maryland received about $704,000 from online sports gambling.
Seven mobile sportsbooks started on Nov. 23.
The first nine days of mobile sports wagering handled $186 million and $32,900 in retail wagers.
Sportsbooks give consumers $63,835,319 in free promotional play, which reduces the taxable win. Mobile wagering contributed $4,262 to the state in its first nine days.
Retail wagering contributed $700,466, mobile $4,262, for $704,728 in November.
Maryland Lottery and Gaming Director John Martin expect mobile sportsbook providers to offer many promotional wagers in the coming months as they enter a new market and try to recruit clients. “Many individuals are using several operator promotions because of pent-up demand. As many operators have admitted, this amount of promotional play is unsustainable, and our regulations will limit it over time.”
According to Maryland Lottery and Gaming, sports wagering licensees provide 15% of their taxable wins to the Blueprint for Maryland’s Future Fund, which funds public education.
Maryland’s sports wagering laws don’t limit a sportsbook’s promotional play in its first full fiscal year. After the first full fiscal year, sportsbooks’ promotional play amounts cannot exceed 20% of their prior year’s taxable win.
“Deducting promotional play definitely has an impact on the bottom line,” Martin added. “It safeguards the state’s interests and guarantees sports wagering generates education income. Sportsbooks’ promo play will be limited in their second fiscal year if they award a lot in their first.”
Maryland has nine retail and seven mobile sportsbooks in November 2022. Long Shot’s Frederick opened on November 18.
The accompanying chart shows each sportsbook’s handle, hold percentage, prizes paid, promotional play, taxable win, and state contribution.
November 2022 statewide sports wagering totals:
Handle (Amount players wagered, including promotional wagers supplied to players by bookmakers) (Amount players wagered, including promotional wagers provided to players by sportsbooks)
Handle (Amount players wagered, including promotional wagers provided to players by sportsbooks)
- Retail: $32,986,878
- Mobile: $186,084,496 (includes $63,835,319 in mobile promotional wagers)
- Combined: $219,071,374
Prizes (Winnings paid to players)
- Retail: $28,234,802
- Mobile: $160,216,032
- Combined: $188,450,835
Hold (Handle less prizes paid)
- Retail: $4,752,076 (14.4%)
- Mobile: $25,868,463 (13.9%)
- Combined: $30,620,539 (14.0%)
Taxable Win (Amount remaining after paying winners and deducting promotional play and other amounts)
- Retail: $4,669,773
- Mobile: (-$38,276,855)
- Combined: (-$33,607,083)
Sports Wagering Tax (15% of the taxable win)
- Retail: $700,466
- Mobile: $4,262
- Combined: $704,728
Since the start of Maryland’s sports wagering program in December 2021:
- Cumulative contribution to the Blueprint for Maryland’s Future Fund: $6,129,760
- Cumulative expired prizes contributed to the Problem Gambling Fund: $1,043,521
Featured Picture Credit (AP Photo/Jeff Chiu)