- Maryland sports betting generated $5.5 million in tax revenue for August
- State bettors wagered $377.38 million in the month
- The state surpassed $100 million in sports betting tax revenue since launch
Maryland sports betting surpassed a massive tax revenue milestone when the final numbers of August came in.
The Old Line State generated $5.5 million in sports betting tax revenue last month, which led Maryland to surpass $100 million in sports betting tax revenue since it launched its first retail sportsbook in December 2021.
State bettors wagered more than $377.3 million in August as Maryland closed the summer and moves into the lucrative football season.
More than $100 Million in Taxes
Maryland Lottery and Gaming reported a total sports betting handle of $377,381,689 during August, which generated $5,584,303 in sports betting tax revenue to support public education programs. The $5.58 million in tax revenue was more than double the $2.5 million total in August 2023. The $377.4 million in handle was an increase of 43.1% compared with the $263.7 million handle total in August 2023.
Retail sports betting saw a handle total of $8.9 million for the month and online sports betting handle came in at $368.4 million for the month. The gaming commission reported gaming revenues of $39,249,994 for the month, good for a 10.4% hold.
The increase in August 2024 handle and tax revenue totals is more impressive when you consider that there were 11 online sports betting operators and 12 retail sportsbooks in operation during the month, compared with 12 online sports betting operators and 12 retail sportsbooks in August 2023.
According to the commission, the sports betting program has now surpassed the $100 million sports betting tax revenue mark since launching sports betting in December 2021.
August tax revenue totals did not reach the $6.2 million mark from July.
FanDuel Tops in State Yet Again
FanDuel held onto its top spot in Maryland, dominating handle figures yet again. FanDuel reported $160,710,086 in online sports bets for the month, eclipsing the second highest handle total of $119,282,448 from DraftKings.
BetMGM rounded out the top three operators with $32.17 million in handle.
Veterans Services, the news sports betting operator in the state, reported just a shade over $322,000 in August.
Here are the online sports betting handle and tax revenue totals for the month of August:
- Bally’s: $1,611,757, $5,268 in tax revenue
- BetMGM: $32,179,803 in handle, $479,757 in tax revenue
- Bingo World (BetRivers): $5,671,306 in handle, $61,925 in tax revenue
- Caesars Sportsbook: $19,191,556 in handle, $146,133 in tax revenue
- Crab Sports: $764,659 in handle, $4,328 in tax revenue
- DraftKings $119,282,448 in handle, $1,835,717 in tax revenue
- Greenmount (betPARX): $768,176 in handle, $9,896 in tax revenue
- ESPN BET: $11,924,913 in handle, $130,159 in tax revenue
- FanDuel: $160,710,086 in handle, $2,688,115 in tax revenue
- Long Shots: $0 in handle, $0 in tax revenue
- Fanatics Sportsbook: $15,973,788 in handle, $45,340 in tax revenue
- Riverboat on the Potomac: $0 in handle, $0 in tax revenue
- SuperBook: $0 in handle, $0 in tax revenue
- Veterans Services (Bee-Fee): $322,448 in handle, $1,115 in tax revenue
Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.
Maryland Sports Betting has proven to be a lucrative venture for the state, generating over $100 million in tax revenue to date. Since the legalization of sports betting in Maryland in November 2021, the industry has seen significant growth and success.
One of the main reasons for the success of sports betting in Maryland is the high level of interest and participation from residents. With a passionate fan base for sports teams such as the Baltimore Ravens and the Washington Football Team, Marylanders have eagerly embraced the opportunity to bet on their favorite teams and players.
In addition to the enthusiasm of residents, the state has also implemented a well-regulated and competitive market for sports betting. This has attracted a wide range of operators to set up shop in Maryland, offering a variety of betting options and promotions to customers.
The tax revenue generated from sports betting has been a welcome source of income for the state, helping to fund important programs and services. In fact, the $100 million in tax revenue is expected to continue growing as the industry expands and matures.
Overall, Maryland Sports Betting has been a win-win for the state and its residents. Not only has it provided a new form of entertainment and excitement for sports fans, but it has also proven to be a valuable source of revenue for the state government. As the industry continues to grow, it is likely that Maryland will see even greater benefits from sports betting in the years to come.
