In the latest in sports betting news, Maryland sportsbooks see an increase in betting this May. According to the latest report from the Maryland Lottery and Gaming, sportsbooks in the state collected $320.2 million in wagers. This is 2.2% higher than the previous month, which is actually better than how other betting market across the country are reporting.
Other states are seeing declines in handle, with mixed numbers on revenue. But Maryland is fortunate to see an increase in both handle and revenue. The state also collects more tax for this period. If you want to see how sportsbooks compute for the total handle, and other data, you can try this Sportsbook Pay Per Head demo.
The gross revenue for the state this May is at $41.1 million. This is 16.4% higher than April. In addition, the hold percentage for the state is at 13.5%, which is slightly higher than the yearly average. This gives us a $31 million taxable sports betting revenue. The state will collect $4.6 million in taxes from sportsbooks, which is one of the highest the state has seen this year.
Maryland Sportsbooks See Better Numbers
Mobile sports betting continues to take in the majority of wagers. For this month, mobile sportsbooks account for 95.3% of all the wagers at $305 million. If you want to be a part of the industry and be a bookie, this Pay Per Head Bookie Software is the best tool you can use. Meanwhile, retail sportsbooks took in $15.1 million in wagers.
Sports betting has been legal in Maryland since December 2021. Since then, the state has collected over $25 million in taxes. Since going live, Maryland has become one of the largest betting markets across the country. Given that the industry is in its slow season, seeing month-on-month increases in handle and revenue bodes well for the market.
If they can sustain this activity, then the market will perform even better later in the year, when football season begins, heralding the peak season for sports betting in the country.