Maryland Sets New Sports Betting Record in December

Maryland's sports betting industry continues to gain momentum, reaching new heights in December. Players in the state enthusiastically placed bets totaling a staggering $559.9 million during the month. This figure not only surpasses the previous Maryland record of $550.7 million set in November but also represents a remarkable 17.1% increase compared to December 2022, when legal online betting was first introduced.

Online betting dominated the scene, accounting for a substantial 96.7% of all wagers made. Of this, $19.7 million consisted of free promotional wagers. Meanwhile, retail sportsbooks across Maryland saw $6.2 million in bets, including $32,146 in free bets.

In terms of revenue, Maryland's sports betting industry flourished in December. The state reported a taxable win of $62.3 million, marking a significant 49.8% increase from November's $41.6 million. However, it fell short of the revenue generated in December 2022, which stood at $85.2 million.

Mobile betting was the driving force behind this success, contributing $60.1 million in revenue, while retail sportsbooks added $2.3 million to the total.

After factoring in $19.8 million in promotional wagers, the net monthly revenue reached an impressive $43.2 million. This figure was more than double November's earnings and a staggering 1,389.7% increase from the previous year, primarily due to operators offering numerous free bets during the launch of online wagering.

Among the operators, DraftKings emerged as the clear leader in the online market, reporting $10.0 million in taxable win from $167.1 million in total bets. BetMGM secured the second position with $2.3 million in revenue from a $35.9 million handle, followed by Caesars with $887,749 from $24.0 million.

In the retail betting sector, Live! Casino Hotel and FanDuel took the top spot, boasting $592,219 in taxable win from a $3.8 million handle in December. MGM National Harbor and BetMGM followed closely with $482,059 in revenue from $5.2 million in bets, while Oceans Downs Casino and TwinSpires recorded $466,632 from a $2.5 million handle.

As Maryland's sports betting industry continues to thrive, these impressive figures showcase the growing popularity of sports wagering in the state. The fiscal year-to-date statistics highlight the significant economic impact, with a total spend of $2.55 billion, taxable win of $164.0 million, and tax payments totaling $24.6 million in the six months leading up to December.