Maryland sports bettors gambled $339.4 million during the month of February, per Maryland Lottery and Gaming.
February numbers were announced Friday by the commission. They show a sharp decrease in Maryland sports betting handle, but significant increases in revenue and contributions to state coffers.
Maryland sports betting goes down…
The $339.4 million total is more than $100 million less than Maryland operators handled in January. This is despite the presence of the 2023 Super Bowl during the second month of the year.
More than $325 million was wagered through online sports betting options. This includes promotional play, which came in at $15.8 million in February. That total alone eclipsed Maryland retail sports betting handle, which totaled $14.3 million.
…but revenue and tax money goes up
While handle was down considerably, Maryland sports betting operators did far better in February than January. Maryland sports betting revenue, or cumulative taxable win, came in at $18.6 million, up from $14 million during 2023’s first month.
Each Maryland sportsbook contributes 15% of its taxable win, minus promotional play deductions, to the Blueprint for Maryland’s Future Fund. As a result of a good month for operators, that fund received nearly $2.8 million, an increase of almost 25% from January’s $2.1 million.
Up next: Maryland online sports betting’s first March Madness
February’s handle and revenue numbers came two days before Selection Sunday, the unofficial start to March Madness. The annual college basketball extravaganza tips off next week. It marks the first time residents of the Old Line State can bet on the NCAA tournament online.
Last March, retail-only sports betting handled $31 million. It was the first March for sports betting of any kind in Maryland following its first launch in December 2021. Online sports betting launched this past November.
Given recent online and retail trends, Maryland could be in for a record-breaking month in March. If retail betting holds at $31 million, and online betting maintains its piece of the overall pie, it’s likely we see the first $500 million month in Maryland sports betting history.