Maryland Lottery and Gaming reported sports wagering handle of $497.1 million for the month of December

Maryland Lottery and Gaming reported sports wagering handle of $497.1 million for the month of December, the first full month the state’s seven mobile operators conducted business.

The handle vaults the Old Line State into the picture for a potential top 10 status for state monthly handle rankings, with December’s figures in line with those typically seen in Michigan, Indiana, and Tennessee. Mobile wagering had been a long time coming in Maryland, as the state agency took a deliberative approach that was at times frustrating to a market that saw retail wagering launch in December 2021.

Operators continued to offer bonuses and promotional play at an incredibly aggressive level, reporting deductions totaling $71 million that lifted the total to $134 million for mobile sportsbooks including November. Both mobile and retail sportsbooks pasted the betting public, with the online group of seven claiming $82.3 million in gross revenue and the statewide total at $85.2 million, good for a 17.1% hold.

The stunning figure made Maryland one of just five states to surpass $80 million in monthly revenue in the post-PASPA era, along with New York, New Jersey, Illinois, and Pennsylvania. It was also nearly triple the $30.5 million generated in November that was aided by the small window of mobile wagering availability.

Though overall adjusted revenue from all operators totaled nearly $13 million, negative net adjusted revenue mobile operators were allowed to carry over from November meant that less than $300,000 of that total could be taxed. The nearly $45,000 in mobile sports wagering taxes in December was barely more than 10% of the overall $440,000 generated statewide including retail betting.

Maryland sportsbooks generated $6.1 million in tax receipts for the calendar year, including $3.7 million for fiscal year 2022-23.

Source: Sports Handle 

Preview Image: Shutterstock 

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