Maryland retail sports betting handle climbs to $18.6m in August

Maryland collected $477,840 in taxes for August.
Maryland collected $477,840 in taxes for August.

Maryland’s retail sportsbooks reported a handle of $18.7m, a 21 per cent increase from July’s figures.

US.- Maryland’s seven sportsbooks registered a sports betting handle of $18.7m in August, a 21 per cent increase compared to July’s $15.5m, according to the report released by the Maryland Lottery and Gaming Control Commission.

Sportsbooks reported $3.2m in revenue, with a win rate of 17.3 per cent. That’s an increase from July, when the revenue was $2m. Maryland collected $477,840 in taxes for August, lifting the total from for the nine months since retail-only sports betting launched to $3.65m. Most of the taxes go to the Blueprint for Maryland’s Future Fund.

See also: Maryland Lottery approves DraftKings licence application for a retail sportsbook

Live! Casino, which operates a FanDuel Sportsbook, reported a $7.2m handle. It was followed by MGM National Harbor (BetMGM) with $5.5m. Horseshoe Casino (Caesars Sportsbook) took in $3.5m while Ocean Downs Casino (TwinSpires) reported a $1.1m handle. Hollywood Casino (Barstool Sportsbook) rounded up the top five with a handle of $1.08m. 

The two newest sportsbooks in the state, Bingo World and Riverboat on the Potomac, recently opened their doors and are the only non-casinos to offer retail sports betting.

See also: Maryland casinos record $169.3m in gaming revenue in August

Mobile sports betting in Maryland

Last week, the Maryland Sports Wagering Application Review Commission (SWARC) opened the application process for mobile sports betting licences. Companies interested in obtaining a licence must submit an application by October 21.

The news comes after Maryland’s Joint Committee on Administrative, Legislative, and Executive Review approved the SWARC’s emergency sports betting regulations. Up to 60 mobile sports betting licences wil be available. After the application deadline, the SWARC may take up to 45 days to review the applications

The Maryland Lottery will also be involved with final approval, conducting background checks and making sure each mobile entity is prepared to launch. 

The new regulations require that all companies approved for a sports betting licence must provide a diversity plan within 30 days of receipt of their sportsbook authorisation. They must do their best to diversify their teams and keep the SWARC updated on their progress. The firms that present a deficient plan will not risk their licences but will receive help from the regulators to improve their work.

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