A summer slump is developing in the Old Line state when it comes to sports betting. Maryland Lottery & Gaming reported Wednesday that sportsbooks in July brought in $15.5 million in total handle.
July is the slowest month in the short eight-month history of Maryland sports betting thus far. The amount represents a further drop from the $19.1 million wagered in June.
Maryland sports betting comes to a summer crawl in July
June and July were the first months that total handle fell below $20 million since retail sports betting came to Maryland in December 2021.
And though July wagering was down almost an entire 20% compared to June, sportsbooks ultimately ended up pocketing more profits. While $13.5 million of July’s overall wagers were returned to bettors as winnings, the remaining $2 million fell into the hands of state sportsbooks. July’s 13.1% hold accounted for a $678,000 increase in sportsbook revenue from June’s $1.3 million.
The $2 million that sportsbooks collected as revenue ranks third-lowest of any month so far. That’s a relatively promising statistic, however, in that July is historically the worst month for sportsbooks across the nation.
Maryland was able to tax sportsbooks on $1.99 million of July’s overall income. Thanks to the state’s 15% sports wagering tax, that amounted to almost $300,000 in funds for the Blueprint for Maryland’s Future Fund. The program has now raised over $3 million in support of the state’s public education programs.
Maryland’s Overall Sports Betting Totals
|Month||Handle||Prizes Paid||Revenue||Hold||State (Tax)|
Live! logs highest handle, MGM most profitable
Although Live! Casino & Hotel retained the top handle for the month with $6.2 million, its 12.7% and $771,371 in taxable winnings were both second-best to MGM.
MGM National Harbor saw $4.1 million in total handle — a distant second from Live!. However, a 20% hold helped the property rake in $804,448 in taxable winnings. This comes one month after MGM posted just a 0.4% hold in June, reporting taxable winnings of only $6,230.
For July, MGM’s was $33,077 more than Live! despite having two-thirds of the amount in wagers. Combined, the two accounted for 79% of all sports betting revenue in the state.
Horseshoe Casino Baltimore unsurprisingly finished in third with $260,980 in taxable winnings, thanks to its $3.3 million handle (8.1% hold).
Ocean Downs Casino reported $105,118 in taxable winnings, which came from $869,586 in total handle (12.3% hold). That was less money wagered than at Hollywood Casino, whose $1 million handle drew just $43,942 in taxable winnings (4.6% hold).
Maryland’s Sports Betting Totals in July
|Casino||Handle||Prizes Paid||Hold %||Taxable Winnings||State Contributions|
|MGM National Harbor||$4,074,477.30||$3,259,842.60||20.0%||$804,448.51||$120,667.28|
|Live! Casino & Hotel||$6,215,895.95||$5,429,016.75||12.7%||$771,371.26||$115,705.69|
|Ocean Downs Casino||$869,585.98||$762,223.91||12.3%||$105,188.11||$15,778.22|
Brighter days on the horizon
Maryland bettors are eagerly awaiting the launch of mobile sports betting. While the hope for a fall launch seems out of reach, recent progress has been made.
The state’s Sports Wagering Application Review Commission meeting approved proposed online sports betting regulations and applications during its July meeting and will meet again on Aug. 17.
As for the current situation, the NFL preseason should soon lend to a revitalized Maryland betting environment. Regular season football and college competitions will then be there to supercharge fall betting activity, while the NBA and NHL wait eagerly in the wings.