Maryland Posts Record-Breaking Betting Handle Figures in December

Maryland has once again smashed its sports betting handle record, surpassing even November’s jaw-dropping results. As reported, the Free State’s sports betting industry recorded a stellar $559.9 million in handle.

The December results are 1.7% higher than the ones recorded in November when the local fans wagered a total of $550.7 million. They also represent an impressive 17.1% year-on-year increase.

For reference, Maryland launched betting in December 2022. While the inaugural month was also quite strong, the betting industry has once again demonstrated its potential to grow, adapt and attract new customers.

An overwhelming 96.7% of all bets were placed online, mirroring existing trends in other states where both online and retail betting are legal. For reference, fans in Maryland wagered a total of $541.7 million with digital sportsbooks – a figure that includes $19.7 million in free bets. The remaining $6.2 million was spent across Maryland’s land-based sportsbooks and includes $32,146 in free wagers.

Maryland’s Record-Breaking Handle Attests to the Market’s Maturity

The high handle resulted in fairly stable revenue as the state’s sportsbooks reported an overall taxable win of $62.3 million for December. This represents a month-on-month increase of 49.8% but also a 26.7% year-on-year decline. For reference, the state’s online sportsbooks earned $60.1 million, while retail operators reported $2.3 million in taxable win.

In total, Maryland’s sportsbooks paid $6.5 million in taxes, most of which came from the digital betting sector. This money goes to the Blueprint for Maryland’s Future Fund, an initiative dedicated to supporting public education in the state.

As reported by Southern Maryland Chronicle, John Martin, director of Maryland Lottery and Gaming, commented on this year’s results, praising what he called a “maturation of the market.” According to him, this maturity will allow Maryland’s twelve online and thirteen retail sportsbooks to contribute a lot more to taxes than initially estimated.

For reference, experts believed that the fiscal year would see operators generate between $25 million and $30 million in taxes. However, this number may even surpass $40 million, according to Martin.