Nearly $545 Million Waged by Sportsbooks Last Month in Maryland; Sports Betting Contributes $8.2 Million to State

According to Maryland Lottery & Gaming, Maryland’s sports wagering market generated $8,246,847 in contributions to the state from a handle of $544,971,369 during January 2024.

Per the press release: The $8.2 million contribution to the state surpassed the previous single-month high of $6.5 million in December 2023, and was nearly four times more than the January 2023 total of $2,114,613. The January 2024 handle was a 23.4% increase compared to January 2023.

“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. “The AFC Championship game didn’t go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw. It’s a reminder that unforeseen outcomes happen, so it’s always best for anyone who wagers to set a budget, have a plan and stick to it, and keep the focus on having fun.”

Sports wagering data is tracked and reported based on the State of Maryland’s fiscal year, which runs from July 1 through June 30. During the first seven months of Fiscal Year 2024 (July 2023 through January 2024), sports wagering has contributed $32,840,755 to the state. February totals, which will include wagers on the Super Bowl, will be reported on March 11.

A detailed summary of the January 2024 results for Maryland’s 13 retail and 12 mobile sportsbooks, including handle, hold percentage, prizes paid, promotional play, taxable win, and contribution to the state, along with a summary of statewide handle and hold by sport is included in the attached chart and available for download at mdgaming.com.

Here are the statewide totals for January 2024:

Handle (Amount players wagered, including free promotional wagers)

·         Retail: $17,192,740 (includes $8,028 in free promotional wagers)

·         Mobile: $527,778,629 (includes $22,381,924 in free promotional wagers)

·         Combined: $544,971,369

Prizes (Winnings paid to players)

·         Retail: $15,464,968

·         Mobile: $449,505,750

·         Combined: $464,970,718

Hold (Handle less prizes paid)

·         Retail: $1,727,772 (10.0%)

·         Mobile: $78,272,879 (14.8%)

·         Combined: $80,000,652 (14.7%)

Taxable Win (Amount remaining after deducting prizes, promotional wagers and other amounts)

·         Retail: $1,691,417

·         Mobile: $53,287,561

·         Combined: $54,978,978

Sports Wagering Tax (15% of the Taxable Win)

·         Retail: $253,713

·         Mobile: $7,993,134

·         Combined: $8,246,847

Since the inception of Maryland’s sports wagering program in December 2021:

·         Cumulative contribution to the Blueprint for Maryland’s Future Fund:  $60,982,459

·         Cumulative expired prizes contributed to the Problem Gambling Fund:  $2,797,966