Sports Betting Contributes $4.8 Million to the State of Maryland During March

According to Maryland Lottery & Gaming, Maryland’s sports wagering market generated $4,853,985 in contributions to the state from a handle of $536,730,427 during March 2024.

Per the news release: Sports wagering contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs. The $4.8 million contribution to the state last month was 8.6% less than the $5.3 million total in March 2023. The $536.7 million in handle was an increase of 39.1% compared to the $385.9 million total in March 2023. After paying prizes to players, sportsbook operators held $45.1 million in March 2024 (8.4% of the handle) compared to the March 2023 hold of $47.5 million (12.3% of the handle).

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 nine months of Fiscal Year 2024 (July 2023 through March 2024), sports wagering has contributed $41,905,251 to the Blueprint for Maryland’s Future Fund.

A detailed summary of the March 2024 results for Maryland’s 13 retail and 11 mobile sportsbooks that operated during the month, 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 March 2024:

Handle (Amount players wagered, including free promotional wagers)

·         Retail: $14,622,924 (includes $5,900 in free promotional wagers)

·         Mobile: $522,107,503 (includes $10,796,291 in free promotional wagers)

·         Combined: $536,730,427

Prizes (Winnings paid to players)

·         Retail: $13,510,770

·         Mobile: $478,115,561

·         Combined: $491,626,331

Hold (Handle less prizes paid)

·         Retail: $1,112,153 (7.6%)

·         Mobile: $43,991,943 (8.4%)

·         Combined: $45,104,096 (8.4%)

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

·         Retail: $688,739

·         Mobile: $31,671,163

·         Combined: $32,359,903

Sports Wagering Tax (15% of the Taxable Win)

·         Retail: $103,311

·         Mobile: $4,750,675

·         Combined: $4,853,985

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

·         Cumulative contribution to the Blueprint for Maryland’s Future Fund:  $70,046,956

·         Cumulative expired prizes contributed to the Problem Gambling Fund:  $2,987,396