Even in a down month, the difference between Maryland’s legal sports betting system with and without online betting is stark. April’s numbers for the state’s licensed sportsbooks show that disparity quite clearly.
Bettors in the state wagered more than $328.4 million on sports during the month, leading to about $35.6 million in gross revenue. The same figures from April 2022 represent a mere shell of those totals.
Maryland sports betting contributes almost $3.9 million in April
The latest report from Maryland Lottery and Gaming breaks down the legal sports betting activity in the state for April 2023. Altogether, the 19 options for Marylanders received more than $328.4 million from bettors during the month.
Combined, those books kept about $35.6 million or around 10.9% of that money. After allowable deductions, the taxable portion of that revenue amounted to $25.7 million. As a result, the state collected its second highest sports betting tax haul for a single month at $3.8 million.
Combined with the tax revenue from Maryland’s six casinos, Maryland gathered more than $76 million in gaming revenue for April.
As has been the case since legal online sports betting in Maryland began, online wagering accounted for the vast majority of the activity. The breakdown for April is:
- 95.4% of the dollars wagered came from online sportsbooks
- Online sportsbooks won 97.2% of the gross revenue
- 97.3% of the sports wagering tax revenue was attributable to online wagers
Furthermore, a year-over-year comparison of Maryland sports wagering activity shows the value of online betting. In fact, there’s really no comparison.
Revenue, tax value up around 90% from April 2022
To some degree, comparing April 2022 and April 2023 when isolating the numbers to in-person sports wagering is still unfair. In April 2022, the state had just five physical sportsbooks. Last month there were 10 such books in operation across Maryland.
Regardless, the numbers show just how much people prefer betting online. In April 2022, the five land-based books took in $26.9 million in bets. Last month, twice the number of books shared $14.9 million in wagers.
A year-over-year comparison of the raw numbers does more to show how much online betting is worth to not only the sportsbooks but the state’s coffers as well.
- Sportsbook gross revenue was up 92.2% in April 2023 compared to April 2022
- Taxable revenue rose 89.5%
- Maryland’s share of sports betting win increased 89.5% as well
Maryland’s ninth online sportsbook could help to keep these annual increases going.
SuperBook makes Maryland its eighth active state
On Tuesday, SuperBook Sports announced that it is open for business online in Maryland. Marylanders can visit the sportsbook’s website or make use of its mobile apps to check out the new option. SuperBook now operates in eight states on either a physical or online basis.
To commemorate the expansion, SuperBook is offering new users in Maryland a special promotion. That offer consists of a 25% bonus on users’ first wager(s) with odds of -200 or less up to $500.
In addition, the SuperBook-branded restaurant at Camden Yards will make its grand opening on Friday. That bar will not offer any in-person betting opportunities. However, it’s likely that guests will encounter a few encouragements to try SuperBook’s app while visiting.
Whether it’s becasue of bets from visitors or residents, Maryland’s online sportsbooks have made all the difference in producing revenue for the state.