Maryland’s sports betting market had its strongest month in March 2023. The Maryland Lottery and Gaming Control Commission released March figures reporting a betting handle of $385.97 million. The number is a 12% month-over-month increase.
Likewise, the Old Line State claimed over $47.55 million in gross revenue, a 15% month-over-month growth.
The adjusted revenue surpassed $35 million. That’s the highest monthly figure since Maryland launched betting in December 2021. The number is almost 90% higher than the $18.6 million generated in February 2023.
First March Madness drove online gambling in Maryland
From the total handle of $385.97 million, the online betting handle accounted for 95.9% of the total amount, at $370.30 million.
Online gambling in Maryland accounted for $5,111,105 in contributions to the state during March. Whereas Maryland retail casinos contributed $198,953.
Maryland Lottery and Gaming Director John Martin said:
“There are a few events on the calendar that really drive sports wagering participation, and the NCAA basketball tournament every March is right at the top of that list. This was the first time that mobile wagering on March Madness was available in Maryland, and as our market continues to mature we’re pleased to see it generate a strong contribution to education funding.”
Maryland’s most successful online casino operators in March
FanDuel at Live! Casino and Hotel has been the most successful sportsbook in Maryland throughout March. At a 14.3% win rate, FanDuel claimed nearly $25.3 million in gross revenue with a $176.49 million handle.
DraftKings was second with a $115.54 million betting handle and 11.1% hold, generating close to $12.8 million in gross revenue.
BetMGM came in third. Its gross revenue was slightly over $5 million, at a 13.2%-win rate on a $37.98 million handle.
Maryland sportsbooks generate over $5.3 million in taxes
Ten retail casinos and eight online sportsbooks collected a single-month record of $5,3 million in tax contribution to the state.
The return to the state in March was 89.9% more than the previous high of $2.80 million in February. Each sportsbook contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs.
Maryland sportsbooks launched in December 2021, with openings from Dec. 9 to Dec. 23. By November 2022, seven online sportsbooks went live. There are currently:
- Ten retail locations
- Eight online sportsbooks
According to the Maryland Lottery and Gaming Control Commission, additional retail locations and mobile sportsbooks are expected to launch soon.