November Analysis: Maryland Casino Revenue Holds Steady Amid Online Sports Betting Launch

Posted on December 19, 2022 - Last Updated on December 21, 2022

Maryland’s latest casino revenue report revealed a relatively strong November for retail gambling locations. These healthy numbers come despite the recent launch of online sports betting in the state, suggesting that in-person wagering will hold its own within Maryland’s ever-expanding gambling landscape.

Maryland casino revenue up YoY as online sports betting launches

As PlayMaryland previously reported, Maryland casinos combined to generate $163.4 million in November gaming revenue. Those numbers are up 1.9% from a year ago ($160.3 million) but down from October’s record $212.9 million.

The state collected $67.7 million from that revenue, up 0.8% ($538K) YoY. Nearly $50 million of that money went to the state’s Education Trust Fund (ETF), with the remainder going to fund:

  • Local communities
  • Maryland’s horse racing industry
  • Small, minority- and women-owned businesses

The Fiscal Year 2023 revenue now totals $886.4 million, up 6.9% YoY from last year’s $829.3 million.

While November wasn’t necessarily a record-setting month for casino revenue, the results remained impressive in the wake of Maryland sports betting. Online sportsbooks finally went live on November 23, with seven operators accepting bets via mobile app. Bettors wagered more in the first nine days of online sports betting action than they’ve wagered the entire year at retail sportsbooks.

Casino revenue holds steady in November

Historically, fall months are less busy for Maryland casinos than spring and summer, suggesting that October’s record $212.9 million in wagers was an outlier. Casinos are celebrating a $57 million YoY increase, despite the launch of online sportsbooks. Surprisingly, November’s numbers are back in line with the annual norm, falling firmly in the pack for monthly figures:

  • November: $163.4 million
  • October: $212.9 million
  • September: $159.3 million
  • August: $169.4 million
  • July: $181.5 million
  • June: $162.7 million
  • May: $178.8 million
  • April: $170.7 million
  • March: $170.6 million
  • February: $163 million
  • January: $153.8 million

While December’s first full month of online sports betting will tell a more complete story, November’s report suggests a promising future where all forms of Maryland gambling can coexist without issue.

MGM National Harbor, Live! remain above the rest

Once again, MGM National Harbor and Live! Casino & Hotel topped the monthly charts. The two properties accounted for 75% of all casino revenue.

With $71.6 million ($39.8 million slot win; $31.8 million table games win), MGM reported a 5.5% YoY increase from last November’s $67.9 million.

MGM also outperformed Live! by 25%, with the second-largest casino doing $57.1 million for the month. Though its $39.4 million slot win was close to MGM, it failed to keep pace due to a $17.7 million table games win. Moreover, its monthly revenue was down 1.8% YoY.

Unsurprisingly, Horseshoe Casino Baltimore retained the number-three spot. Its $16.3 million revenue was up 4.2% YoY, though well behind Maryland’s top two casinos.

The three smallest casinos in the state all took minor hits from November 2021. Though Hollywood Casino Perryville ($6.8 million; -3.4% YoY) outperformed Ocean Downs Casino ($6.6 million; -0.6% YoY) and Rocky Gap ($4.9 million; -1.3% YoY), it had the largest YoY drop in the state.

Online sports betting benefits retail casino revenue

The million-dollar question. Or rather — the multi-million-dollar question. 

Now that Marylanders can wager from anywhere in the state, will foot traffic diminish at retail casinos?

Sports betting revenue will undoubtedly grow by multiples due to legal online betting. And if anything, that will help casinos.

All but Rocky Gap and Ocean Downs have mobile partnerships. The rest can expect to see an overall increase in their bottom lines. Beyond that, a recent study showed online sports betting and casino gaming had a negligible effect on retail gaming, as customer bases do not overlap much.

Lastly, a thriving online sports betting industry could lead to talks of legalizing online casino gaming. New Jersey, Pennsylvania and Michigan all boast billion-dollar online casino markets, with the states making tens of millions in monthly tax revenue.

While online casino gaming could be years out on the horizon, the future of Maryland gambling is bright, and we expect overall numbers to continue to rise across the board.

Photo by Dreamstime
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Hill Kerby

Hill Kerby is a proponent of legal, safe, and responsible gambling. He feels fortunate to be able to contribute to the growing betting industry through his writing, primarily using his background in poker, sports, and psychology to do so.

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