Maryland Sports Betting Overview
Maryland, known as the Old Line State, has a population of approximately 6.2 million residents as of 2024. The state is known for its rich history and Chesapeake Bay seafood, and it is close to major metropolitan areas like Washington, D.C. Politically, Maryland leans Democratic, with the party holding the governorship and legislative chambers. Despite its emphasis on education and infrastructure, Maryland has embraced innovation with the legalization and regulation of sports betting, positioning itself as a leading market on the East Coast.
Sports betting in Maryland was officially legalized in May 2021 after Former Governor Larry Hogan signed House Bill 940, which allowed for both retail sportsbooks and mobile sports betting licenses. The first retail sportsbooks launched in December 2021, followed by the introduction of online sports betting platforms in November 2022, significantly expanding market accessibility and consumer engagement.
Annual Sports Betting Growth in Maryland
Monthly Sports Betting Growth in Maryland
Maryland Sports Betting Revenue
Based on the Maryland Lottery and Gaming Commission annual reports, Maryland’s sports betting revenue has grown rapidly since its launch in December 2021. In its first partial year, the state reported a modest handle of $16.5 million, generating $3.17 million in gross revenue and contributing $469,297 in tax revenue to state funds.
In 2022, the market expanded significantly with the addition of mobile sports betting, resulting in a handle of $979.6 million and $149.5 million in gross revenue. This marked a pivotal year for Maryland’s sports wagering market as mobile platforms gained widespread adoption, allowing more residents to participate. The state collected $6.1 million in sports betting taxes during this period.
The momentum continued into 2023, with Maryland achieving a handle of $4.6 billion, an increase of over 370% from the previous year. Gross revenue rose to an impressive $514 million, and tax contributions reached $46.2 million. The state’s hold percentage stabilized at 11.19%.
As of October 2024, Maryland reported a monthly handle of $593.1 million, a 22.8% year-over-year increase from October 2023. This performance resulted in $47 million in taxable wins and a $7.05 million contribution to the state, including funds directed to the Blueprint for Maryland’s Future Fund and other initiatives.
The Blueprint for Maryland’s Future Fund, which has received $116.7 million in contributions since the market’s inception, presents the transformative impact of sports betting tax revenue on public education and infrastructure. Maryland’s problem gambling fund has also benefitted, with $3.5 million allocated to support responsible gambling programs.
Latest Updates in the Maryland Sports Betting Sector
- October 2024: Maryland Lottery and Gaming report a 22.8% increase in the monthly handle at $593.1 million.
- Sept. 15, 2024: Hollywood Perryville rebrands as an ESPN Bet sportsbook. (ESPN Bet, 2024)
- Sept. 13, 2024 — In a new partnership between BetMGM and GameSense, M&T Bank Stadium, home of the Baltimore Ravens, will feature responsible gambling messages prominently throughout the venue.
Maryland Online Sports Betting
Maryland's online sports betting market officially launched on November 23, 2022, providing residents with access to a variety of online sportsbooks. As of December 2024, there are ten sportsbooks in the state including BetMGM, FanDuel, Caesars, Fanatics Sportsbook, DraftKings, BetRivers, ESPN BET, Bally Bet, Crab Sports, and LetsBetMD.
In Maryland, sports betting operators are taxed at a rate of 15% on their revenue. This taxation framework has fostered a competitive market. The presence of multiple sportsbooks enhances competition, benefiting consumers through more betting options.
How Maryland Sports Betting Tax Revenue is Used
Maryland's sports betting tax revenue is primarily allocated to the Blueprint for Maryland's Future Fund, which supports public education initiatives across the state. Since the inception of sports wagering in December 2021 through October 2024, contributions to this fund have totaled $116,720,865 (MD Gaming, 2024).
Additionally, unclaimed sports wagering prizes—those not redeemed within 182 days—are directed to the Maryland Problem Gambling Fund. As of October 2024, this fund has received $3,509,971 from expired prizes, aiding in problem gambling awareness and treatment programs.
Maryland Snapshot
| Key Aspect | Details |
|---|---|
| Population | Approximately 6.2 million residents as of 2024 (World Population Review, 2024). |
| Political Affiliation | Predominantly Democratic, the party controls the governorship and has a majority in the state legislature (270towin.com). |
| Year Sports Betting Legalized | Permitted from April 5, 2021. Sports betting operations began in September 2021. |
| Number of Sportsbooks Operating | Ten major online sportsbooks: BetMGM, FanDuel, Caesars, Fanatics Sportsbook, DraftKings, BetRivers, ESPN BET, Bally Bet, Crab Sports, and LetsBetMD. |
| Gross Gaming Revenue (GGR) 2023 | $514,081,188.00 |
| Sports Betting Handle 2023 | $4,617,323,134.00 |
| Professional Sports Teams | Baltimore Ravens (NFL), Baltimore Orioles (MLB), University of Maryland Terrapins (NCAA). |
FAQs on Maryland Sports Betting Revenue
General Questions About Maryland Sports Betting
When did Maryland legalize sports betting?
Maryland legalized sports betting in May 2021 with the signing of House Bill 940, allowing for both retail casino sportsbooks and online wagering platforms.
What types of bets are available in Maryland?
Bettors can place various bets on major sports, including NFL games, basketball, baseball, and more.
Who regulates sports betting in Maryland?
The Maryland Lottery and Gaming Commission oversees all sports wagering activities in the state to ensure compliance and fair play.
Maryland Sports Betting Revenue
How much revenue does Maryland’s sports wagering market generate?
Maryland's sports wagering market continues to grow, with a total handle of $4.6 billion reported in the 2023 fiscal year. This performance yielded $514 million in taxable wins, and state tax revenue contributions reached $46.2 million.
How does the fiscal year impact revenue tracking?
Maryland tracks sports wagering revenues based on the fiscal year, which runs from July to June. Key milestones in revenue growth often align with major sporting events, such as the football season.
What sets Maryland apart from other states like Michigan?
Maryland’s inclusion of localized online wagering options, such as Crab Sports, and its emphasis on additional public funding through the Blueprint for Maryland’s Future Fund position it uniquely in the sports betting landscape.
Maryland Online Sports Betting
When did Maryland’s online wagering platforms launch?
Online wagering in Maryland launched on November 23, 2022, providing residents access to various operators and betting options.
Which operators are active in Maryland?
The Old Line State features ten major operators, including:
- BetMGM
- FanDuel
- DraftKings
- Caesars
- Fanatics Sportsbook
- BetRivers
- ESPN BET
- Bally Bet
- Crab Sports
- LetsBetMD
How do operators generate additional funding for the state?
By attracting bettors during peak times, such as the NFL season, operators contribute a portion of their taxable win to state programs like public schools and infrastructure initiatives.
Impact of Maryland’s Sports Betting on State Programs
How is sports betting tax revenue used in Maryland?
Tax revenue supports key initiatives:
- The Blueprint for Maryland’s Future Fund to enhance education.
- Responsible gambling programs through the Maryland Problem Gambling Fund.
- Unclaimed winnings are redirected to support problem gambling prevention.
How does sports betting revenue help generate additional funding?
By aligning tax structures and incentivizing operators to limit promotional play, Maryland ensures tax revenue growth while maintaining a responsible gaming environment.
Seasonal Trends and Industry Insights
Which seasons see the most wagers placed in Maryland?
The football season, particularly the NFL season, drives significant wagering activity, with June, July, and September marking key months for sportsbook promotions and operator engagement.
What concerns do regulators have about the market?
Regulators remain concerned about maintaining market integrity, ensuring limits are in place for responsible gambling, and balancing competition among operators to benefit consumers.
How do major sporting events affect betting trends?
Events like the Super Bowl, March Madness, and playoff games contribute to spikes in bets and handle, with operators reporting record activity during these periods.
Future of Maryland’s Sports Betting Market
What does the future hold for Maryland's sports wagering market?
Maryland's sports betting market is expected to grow steadily as more operators enter the space and more bettors wager during key sporting events. The state will likely continue to see increased money collected from sports betting taxes to fund public programs.
How does Maryland compare to Michigan?
While both states boast robust markets, Maryland's diverse mix of local operators and emphasis on generating additional funding through education-focused programs offers unique advantages.