The Maryland Lottery and Gaming Commission recently disclosed that the state raked in an impressive $8.2 million in sports betting revenue in Jan. 2024, a stark contrast to the $2,114,613 generated in Jan. 2023 and the $6.5 million from Dec. 2023.
Handles surged by 23.4% from Jan. 2023 to a staggering $545 million, attributed largely to the fervor surrounding the NFL playoffs.
Maryland Lottery and Gaming Director John Martin underscored the seasonal influence on sports wagering trends in a press release, emphasizing that betting activity fluctuates based on the sporting events occurring during different times of the year.
“The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers.”
Discussing the potential unpredictability of game outcomes, Martin advises bettors to establish a budget and adhere to it rigorously. He emphasizes the importance of financial discipline in navigating the uncertainties of sports betting, urging individuals to proactively manage their expenditures to mitigate risks effectively.
“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.”
Maryland Mobile Sports Betting Continues to Lead Over Retail
Maryland sports betting witnessed a significant surge in activity, with the total handle reaching $544 million. Mobile sports betting emerged as the clear preference, comprising $527.7 million of the total handle, which also included $8,028 in free promotional wagers. In contrast, retail sports betting accounted for $17.1 million, with $22.3 million attributed to free promotional wagers.
Players in the Oyster State reaped substantial rewards, with total prize winnings amounting to $464 million. Of this sum, $15 million was from retail sports betting, while a staggering $449 million was generated from mobile sports betting.
The hold percentage in Maryland experienced a slight uptick, rising from 13.5% to 14.7%. Retail sports betting contributed $1.7 million to this hold, whereas mobile sports betting totaled $78.2 million.
Taxable win figures surged impressively to $54.9 million, marking a remarkable 290% increase from Jan. 2023. Of this amount, $1.6 million was attributable to retail sports betting, while the lion’s share of $53.9 million stemmed from mobile sports betting.
Maryland Gaming Sector Contributes to State Education Funding
Since the launch of sports betting in Maryland in Dec. 2021, a portion of the generated revenue has been allocated to Maryland’s Future Funds, specifically earmarked to bolster educational initiatives. Under this arrangement, sportsbooks operating in the state remit 15% of their taxable winnings. To date, this contribution has amounted to a substantial $60.9 million.
Furthermore, in line with efforts to cultivate a responsible gambling environment, the state also collects expired prizes, channeling these funds towards programs aimed at addressing problem gambling. This initiative has yielded $2.8 million thus far, aiding in the support of individuals affected by gambling-related issues.
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