Legal online sports betting in Maryland could generate more than $4 billion in bets in the first full year.
And according to PlayMaryland estimates, the majority of that action is going to be on football and basketball, and mostly during the months when those sports are hot.
Now that launch finally took place Nov. 23 and seven sportsbook apps are live, it means big business in Maryland.
Maryland online sports betting set to boom in 2023
The state could collect close to $75 million in taxes in 2023 from Maryland online sportsbooks, PlayMaryland forecasts. Projections are that retail and online sportsbook operators can generate more than $481 million in revenue from more than $4 billion in legal wagers next year.
“Maryland obviously hasn’t come close to realizing its potential yet, but the coming addition of online betting is about to change that,” said Eric Ramsey, lead data analyst at PlayMaryland. “The competitive framework and the growing familiarity with betting among residents have sown the seeds for what figures to be a quick ramp-up. A $4-billion year would immediately bring Maryland into the same range as Tennessee and Indiana, markets that are both more mature and more populous.”
Based on the projections, MD could become perhaps just inside the top 15 of sports gambling markets in the country by the end of 2023.
Thus far, Maryland’s retail-only sports betting industry has produced $3.7 million in taxes from $24.9 million in sportsbook revenue and more than $208.9 million in wagers through August.
Football, basketball to spur Maryland online sports betting
As is the case in every jurisdiction with legal sports gambling, football and basketball will be the primary moneymakers for Maryland sportsbook operators.
PlayMaryland’s forecasting shows nearly $900 million in legal college football and NFL bets next year. Current projections without online sports betting show slightly more than $77 million in pigskin wagers.
Because basketball and football carry the load, months like March (think “Madness”) and October (the first full month of NFL football) stand out on the calendar.
Parlay projections expect bets to skyrocket
One of the most popular betting markets for online gamblers (and sportsbook operators) is the parlay. Operators are pushing them through same-game parlays, a more house-friendly option than straight pre-game markets.
Maryland sports bettors could bet nearly $300 million on parlays, though those numbers are difficult to project, as most regulators don’t break them out in reporting throughout the country.
Brands are also pushing live betting more as time goes on, a trend expected to continue in Maryland. Operators will push those forms of betting by building more promotions around them and featuring them more prominently on apps.
Maryland releases launch date and time
After months of uncertainty, Maryland Lottery Director John Martin said he was “confident” that sports betting online would be available in 2022. Before those comments, the Old Line State expected to launch online sports betting by no later than Jan. 1, 2023.
Instead, Maryland online sports betting made an early launch on Wednesday, Nov. 23 at 9 a.m. Regardless, annual projections do not change much.
Maryland’s Sports Wagering Application Review Commission beat Ohio and Massachusetts to the punch, becoming the 22nd state with legal, regulated online sports wagering. Retail sportsbooks have been open at MD casinos since Dec. 2021. Both in-person and online sports betting are currently available in Washington, D.C.
Of the three states expected to launch next, Maryland was pegged to be the smallest market and the first to go live. Online sports gambling will be available in Ohio on Jan. 1 and in Massachusetts by early 2023.