May was another profitable month for Maryland sports betting as the industry continues to establish its footing.
For the month, Maryland’s 20 sports betting options (10 retail and 10 mobile sportsbooks) generated over $320 million in betting handle, translating to $43 million in revenue.
As for the state’s share, Maryland sportsbooks contributed $4.65 million in tax revenue, making May the second-best single-month total to date.
Sports betting is Maryland’s bread and butter
On a broader level, the latest data from the Maryland Lottery and Gaming shows the $320.2 million in handle for May was down from the $328.4 million generated in April. However, despite a lower handle, the $4.65 million in state taxes increased from the $3.8 million the month before.
- Combined sports betting handle (retail/mobile): $320,199,671
- Combined sports betting revenue: $42,742,217
- Total state tax revenue: $4,650,711
April 2023 revenue and handle for sports betting:
- Combined sports betting handle: $328.4 million
- Combined sports betting revenue: $35.6 million (10.9%)
- Total state tax revenue: $3.8 million
Much like in April, online sports betting remains the go-to option for customers.
For May, online sports betting accounted for 95.3% of the total handle with $305 million. Online betting was also responsible for $4.4 million of the total state tax revenue.
Since its inception in December 2021, Maryland sports betting has contributed $25.3 million to the Blueprint for Maryland’s Future Fund and $2.1 million to the Problem Gambling Fund.
Casinos have a strong May as well
Touching briefly on Maryland casinos, the industry generated over $169 million in May, down 5.2% year-over-year. However, the sector did contribute $51 million to the state Education Trust Fund.
The six Maryland casinos, led by MGM National Harbor, saw year-to-date revenue increase by 3.1% compared to the end of May 2022.
In May, MGM generated $10 million more in revenue that the next casino. Unfortunately, all six properties saw their revenue drop compared to May 2022.
Top three Maryland casinos by revenue:
- MGM National Harbor: $71.7 million (-5.6%)
- Live! Casino & Hotel: $58.9 million (-6.0%)
- Horseshoe Casino: $17.5 million (-0.9%)
May’s $169.4 million in casino revenue marks the 10th time the industry has eclipsed $169 million in the past two years.