In most states, the summer months are usually the worst for sports betting. But Maryland is enjoying consistent success where others expect to see a dip.
After taking over $247 million in sports bets in July, that number jumped up by 6.1% in August to nearly $264 million. For a new sports betting market like Maryland, these figures show the industry is strong and only growing more by the day.
The biggest boon for August’s strong sports betting month came from wagers on MLB and parlay bets, which made up over 56% of the total sports betting handle.
Maryland sports betting continues to thrive
With a full NFL season just beginning for bettors in The Old Line State, Maryland sports betting should explode over the next several months. A dozen online sportsbooks in the state are expected to see increased betting as the Baltimore Ravens begin what’s expected to be an epic season.
The nearly $264 million in sports wagers in August were a combination of retail and mobile sports betting. Brick-and-mortar sportsbooks accumulated over $13.3 million in total handle, while online sports betting enjoyed over $250 million in betting. Retail sportsbooks in August accounted for just 5% of the total handle in Maryland.
MGM National leads all Maryland casinos in August retail sport betting
MGM National Harbor led the way for retail sports betting with over $5.8 million in bets placed. Bettors, though, came away with over $6 million in winnings. That put MGM in the red with a hold percentage of -2.9%.
Live! Casino was the second most popular casino in Maryland, with over $2.8 million in wagers placed. But its players won just under $2.5 million, equating to a hold percentage of 13.1%.
The bronze medal for August went to Horseshoe Casino, which took in nearly $1.3 million in wagers placed. But like MGM, it had a negative hold percentage of -2% after players won over $1.3 million.
While two of the top three retail sportsbooks reported a negative hold percentage, that did not hold up on the mobile side. All 12 mobile sportsbooks had positive hold percentages. Here are the top three mobile operators in Maryland for August:
- Live! Casino: Over $104 million in mobile wagers
- DraftKings: Nearly $92 million in mobile wagers
- BetMGM: Over $20 million in mobile wagers
Those three online sportsbooks took over 86% of the total mobile wagers in August. Bettors won $225 million, making the combined hold percentage of 9.8%, which left over $16.3 million in taxable wins after deductions and promotions were accounted for.
Bettors placed over $74 million of bets on professional baseball, which was 28.2% of all wagers placed. But where sportsbooks really won was through parlay bets. Over $74.6 million of parlay bets were placed, with only $62 million in winnings paid out. That left a hold percentage of 16.6% for sports betting operators. That is nearly $12.5 million in revenue from just parlay bets.
Two new retail sportsbooks conducted controlled demonstrations in August
Included in the numbers above are the controlled demonstrations from two retail sportsbooks vying for a sports betting license in Maryland.
Canton Gaming and its operator partner Parx Interactive had its controlled demonstration at The Green Turtle in Canton on Aug. 28 and Aug. 30. Afterwards, it opened its doors on Sept. 1 and began taking wagers.
Whitman Gaming and its operator partner FanDuel had its controlled demonstration at Sports and Social in North Bethesda on Aug. 29 and Aug. 31, before opening its doors on Sept. 2.
That means there are two new players in the growing sports betting marketplace in Maryland for bettors to check out.
Over $2.5 million generated for Maryland from sports wagering in August
The taxable win from sports wagering is the amount remaining from the handle after prizes, promotions and other deductions are accounted for. Whatever is left from that is how much money the sportsbook operators generated. From the taxable win, Maryland charges a 15% sports wagering tax.
Retail sports betting came away with just over $650,000 in taxable wins, which meant just under $98,000 was contributed to the state. Mobile sports betting finished August with nearly $16.4 million in taxable winnings, which led to just under $2.5 million being provided to Maryland through the sports betting tax.
When combined, Maryland took in over $2.5 million in taxes. That money is then added to the Blueprint for Maryland’s Future Fund, which goes toward public education programs.