With a sports calendar that was largely dependent on daily baseball as the NBA and NHL finished their playoffs, sportsbooks are likely to show lower June numbers, as evidenced by the latest Maryland sports betting figures.
In June, Maryland’s five retail sportsbooks saw handle drop 17.2% from May, and sports betting revenue decreased 58.2% from the previous month.
In June, the five Maryland casino sportsbooks took about $19.1 million in wagers compared to about $23 million in May.
For revenue (taxable win), the June total was $1.26 million compared to May’s $3 million.
As a result, the June state tax from sports betting was $189,323, down 58.2% from May ($452,897).
It is worth noting wagering action is far more vigorous during the NFL betting and college football seasons.
The hold percentage in June was 6.9%.
Since retail sports gambling launched in Maryland in December, the hold percentage for settled wagers has averaged 9.98%.
Live! Again Leads The Way
In June, the sports betting handle by casino: Live! Casino (Hanover) $8,441,775; MGM National Harbor (Oxon Hill) $5,313,145; Horseshoe Casino Baltimore $3,234,771; Hollywood Casino Perryville $1,197,329, and Ocean Downs Casino (Berlin) $934,312.
Four smaller businesses have also been awarded retail sports wagering licenses, but have not started taking wagers as they continue to work through final phases of opening their sportsbooks.
Still Questions Around Maryland Online Market
As far as online sports wagering is concerned, Maryland is still going through the process of establishing an approval process for online sports betting apps.
While Gov. Larry Hogan has been vocal about wanting to have online sports wagering launched by the beginning of football season, it’s more likely that won’t happen until late this year or even sometime in 2023.