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Maryland’s January Sports Betting Brings In A Record $8.2 Million In Taxes

Written By Katarina Vojvodic on February 13, 2024
Baltimore Ravens Wide Receiver Zay Flowers Celebrates

Influenced mainly by the NFL playoffs, the Maryland sports betting market had a good month overall, producing solid numbers in January.

Last month, sports betting handle (total bets, including free promotional wagers) reached $544,971,369, a 23.4% annual increase and a 2.7% monthly drop.

Of the January handle total, 96.9% of the action came from online gambling:

  • $527,778,629 came from 12 MD online sportsbooks
  • $17,192,740 came through Maryland’s 13 retail locations

Maryland regulator reported $80 million in gross sports betting revenue, the second-highest total since the market launch. Consequently, a combined taxable win for the month almost reached $55 million ($54,978,978), the state’s new record.

Each sportsbook must pay 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs. As a result, Maryland sports betting generated $8,246,847 in taxes.

Maryland sports betting went live in November 2022 with seven online operators, while legal sports betting was launched in December 2021.

Maryland’s January taxable win and wagering tax progress up 290% yearly

As mentioned, a combined taxable win (adjusted gross revenue) during January almost reached $55 million ($54,978,978), with online sportsbooks delivering nearly $53.3 million. The total number is a 27.2% monthly rise, representing an annual increase of 290.0%.

Maryland’s January sports betting tax of $8.2 million surpassed the previous single-month high of $6.5 million in December 2023, representing a 24.4% monthly increase. Compared to January 2023, last month’s contributions are four times higher and symbolize a staggering 290% year-over-year increase.

Of the January’s total sports betting tax number:

  • Retail sportsbooks brought in $253,713
  • Online operators made $7,993,134

In partnership with Live! Casino, FanDuel was the most successful online operator with a handle of $244.9 million. DraftKings followed with $154.0, while BetMGM came in third, generating $40.0 million last month.

Maryland gaming director reminds players to bet responsibly

Since Maryland online sports betting launched in November 2022, the industry has consistently capitalized on strong revenue results.

In the Maryland Lottery and Gaming’s January 2024 revenue report, Lottery Director John Martin reminded players to always have a plan when placing bets:

“The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers.

The AFC Championship game didn’t go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw. It’s a reminder that unforeseen outcomes happen, so it’s always best for anyone who wagers to set a budget, have a plan and stick to it, and keep the focus on having fun.”

The Maryland Lottery and Gaming January 2024 report also says that since the inception of the state’s sports wagering program, sportsbooks helped collect:

  • $60,982,459 that went to the Blueprint for Maryland’s Future Fund
  • $2,797,966 contributed to the Problem Gambling Fund

The success of online sports betting could lead to Maryland online casinos. Maryland is one of the states with working online casino bills this legislative session. Keep track of their progress and other states with our online casino bill tracker.

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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for PlayCanada.com. Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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