Maryland Sets New Record for Betting Handle in December

Maryland’s sports betting industry has once again broken its own record, setting a new benchmark for the state. In December, the Free State’s sports betting handle reached an impressive $559.9 million, surpassing the previous month’s record of $550.7 million.

This represents a 1.7% increase from November and a significant 17.1% increase year-on-year. It’s clear that the state’s sports betting industry has continued to grow and attract more customers since launching in December 2022.

A staggering 96.7% of all bets were placed online, in line with the trend seen in other states where both online and retail betting are legal. Marylanders wagered a total of $541.7 million with digital sportsbooks, including $19.7 million in free bets, while the remaining $6.2 million was spent in land-based sportsbooks, including $32,146 in free wagers.

The high handle led to stable revenue, with the state’s sportsbooks reporting an overall taxable win of $62.3 million for December. This marks a 49.8% increase from the previous month but also a 26.7% decline year-on-year. Online sportsbooks earned $60.1 million, while retail operators reported $2.3 million in taxable win.

Maryland’s sportsbooks paid $6.5 million in taxes, with the majority coming from the digital betting sector. This tax revenue will go to the Blueprint for Maryland’s Future Fund, supporting public education in the state.

John Martin, director of Maryland Lottery and Gaming, praised the market’s maturation in light of the record-breaking results. He believes that Maryland’s twelve online and thirteen retail sportsbooks will contribute even more to taxes than initially expected, potentially surpassing $40 million for the fiscal year.

Overall, Maryland’s sports betting industry continues to demonstrate its potential for growth and revenue generation, contributing to the state’s economy and public education fund.