In Maryland, where online sports betting is on the verge of launching, the state enjoyed a record-breaking month in October between both sports wagering and casino revenue.
Maryland sportsbooks post record numbers
In-person sports wagering launched in Maryland in December of 2021. Since then, the amount of money wagered, prize money paid out and tax revenue keeps ticking up in the right direction. Online sports betting in Maryland is expected to begin just before Thanksgiving on Nov. 23.
In October, sportsbooks broke the monthly record for total wagers – $39.7 million. Prizes paid out also set a new record of $34.4 million. The total taxable amount for the sportsbooks – $5.2 million – was the second-highest total since sports wagering’s inception in the state.
Live! leads the pack in retail sports betting
Live! Casino and Hotel Maryland, which houses FanDuel Sportsbook MD, handled the most wagers in the state in October. The sportsbook had $15.4 million in total bets, which led to $13.4 million in prizes paid out to players. Ultimately, that led to $2 million in taxable wins for the sportsbook.
MGM National Harbor’s BetMGM Maryland handled $10.4 million in wagers, $9 million in prizes paid out and $1.4 million in taxable wins.
Hollywood Casino Perryville and Horseshoe Casino Baltimore each handled just over $5 million in wagers. Hollywood collected $5.3 million, while Horseshoe handled $5.2 million in wagers. Hollywood paid out $4.8 million in prizes, reporting $477,000 in taxable wins. Horseshoe paid out $4.4 million in prizes, with $803,000 in taxable wins.
Ocean Downs Casino had $2.2 million in handled wagers, which led to $1.9 million in prizes paid out to players. That led to $350,000 in taxable wins for the sportsbook. Bingo World had $1.1 million in handled wagers, $877,000 in prizes paid out and $193,000 in taxable wins.
Riverboat on the Potomac and Greenmount Off Track Betting saw $44,000 and $19,800, respectively, in October wagers. Riverboat paid out $41,700 in prizes, while Greenmount paid out $10,910. Ultimately, that led to $2,400 in taxable wins for Riverboat and $9,000 for Greenmount.
Maryland casinos enjoy record-breaking October
October revenue reports also revealed that Maryland’s casinos broke their own single-month records. All six of Maryland’s casinos combined to set a single-month record of $213 million. MGM National Harbor, in particular, saw an absurd 106% increase in revenue generated compared to October 2021.
Maryland saw a 37.4% increase in October for total year-over-year casino revenue. That’s $58 million more money. When comparing this record-breaking month with September, casinos saw a 17.3% jump, $31.3 million more in revenue than the next-best month. The previous record was $181.5 million in a single month.
MGM National Harbor generated $115 million in total revenue in October. Live! Casino and Hotel brought in $60 million — about 1.9% short of October 2021’s total. Horseshoe Casino Baltimore collected $17.4 million in total revenue in October, which was 1.5% better than Oct. 2021.
Ocean Downs Casino generated $8 million and Hollywood Casino Perryville totaled $7.5 million in October revenue. Ocean Down’s revenue was up 4.7% YoY, while Hollywood’s was 1.3% worse YoY.
Rocky Gap Casino Resort generated $5.2 million in total revenue. That was 9.5% worse than its revenue in Oct. 2021.
While some smaller betting locations are faltering compared to last month and last October, the total number of players and money wagered increased in October. Online sports wagering will boost everyone’s numbers when it finally launches.