The demand for online sports betting in Maryland is quite high, and it is proven by the online handle for its first full month of operations. In the latest PricePerPlayer.com news, let us look at one of the newest online betting markets in the US.
Maryland is no stranger to sports betting. In fact, retail sports betting went live in the state back in 2021. However, it was not until late November of 2022 that online sports betting was allowed. Currently, there are seven online sportsbooks, and more will follow. And with avid fans of the Baltimore Orioles, the Baltimore Ravens, as well as collegiate leagues willing to place wagers on their favorite teams and sports, the handle gives us a good start to the market.
Online Sports Betting in Maryland: Its First Month in Numbers
When you are using a sportsbook pay per head software, you will be using its features to track your sportsbook’s activity. Your handle and revenue will be important to see how your business is doing. For Maryland, online sportsbooks took in $478.2 million in handle. For reference, retail sports betting took in $18.8 million, which brings the total monthly handle to $497.1 million. This seems consistent with a growing betting market for Maryland. During the 8 days in November that online sports betting was live (November 23-20), the online handle was at $219 million.
The hold percentage is 17.1%, and the tax revenue is at $444,032. This is actually a 38% decline from the previous month’s tax of $704,728. This is easily explained by the launch of online sports betting. Traditionally, opening a sportsbook means expenses towards promotions and bonuses to welcome players. This is of course will be a deduction from the handle, operational costs, and the like, to get the net revenue, and eventually, the tax revenue. For Maryland, sportsbooks give 15% in tax.