Though Maryland sports betting includes only retail options so far, it is typically one of the earliest states to report monthly sports betting revenues, whether retail or online or both. And if the financial numbers in the Old Line State are a bellwether, the spring-summer downturn in sports wagering activity has begun.
For April, the handle at the sportsbooks in the five Maryland casinos taking sports wagers was about $26.9 million, down 13.3% from about $31 million in March.
Post-Football Dip Typical
Sports wagering is largely seasonal. The largest volume is during the NFL and college football seasons (September through January) with a lift in March from the NCAA Basketball Tournament.
Though the NBA and NHL playoffs generate some wagering action in the spring, baseball has generally proved to lag as a betting interest. However, sports gambling operators hope that, in the future, in-game wagering will improve baseball handle. The slower pace of the game might contribute to encouraging wagering on individual event outcomes, say the result of the next pitch.
In Maryland, the lower handle contributed to a drop in revenue. April sports betting revenue (taxable win) was about $2.77 million, down 27.9% from March ($3.85 million). Hold was about 10.3%, according to Maryland Lottery and Gaming.
Correspondingly, April’s state tax from sports betting was $415,801, down 27.9% from March ($577,019).
Maryland Sports Betting, April vs. March
Maryland Sports Betting Breakdown By Casino
The handles, by casino, were: Live! Casino & Hotel (Hanover), $13.3 million; MGM National Harbor (Oxon Hill), $7.3 million; Horseshoe Baltimore, $3.9 million; Hollywood Casino Perryville, $1.24 million, and Ocean Downs Casino (Berlin), $1.136 million.
Maryland retail sports betting launched Dec. 9. Mobile sports betting is also legal but has not yet launched and appears months away from getting started.
Sportsbook operators are awaiting the state’s mobile betting launch. Last week, DraftKings CEO Jason Robins cited Maryland as one of the two states plus Puerto Rico where his company is “preparing to launch on licensure and approval from regulators.”