Solid January Figures Reported by Maryland Sportsbooks

Maryland Reports Solid Sports Betting Figures for January

By Amelia Walker Senior Content Writer Updated: 28 February 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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Dominance of Online Betting

Data showed that online betting remained a dominant force within the state’s sports betting market. A large portion of the total handle came from digital bets placed by sports fans.

In fact, figures show that around 96.9 percent of the action originated from online platforms, with $527,778,629 in bets placed across a dozen Maryland-based online sportsbooks. Retail locations contributed $17,192,740 to the overall handle through 13 in-person facilities across the state.

Gross sports betting revenue hit $80 million, representing the second-highest figure since the market began. As a result, taxable winnings for January reached close to $55 million, setting a new record for the state.

Under Maryland’s regulatory framework, sportsbooks have to contribute 15 percent of their taxable winnings to the Blueprint for Maryland’s Future Fund, aimed at supporting public education initiatives. As a result, the industry generated $8,246,847 in taxes for state finances.

Maryland sports betting launched in November 2022, initially with seven online operators. This followed the legalization of sports betting in the state in December 2021.

January showed impressive progress in terms of taxable winnings and wagering tax collections, with a remarkable 290 percent year-over-year increase. Online sportsbooks drove the bulk of this growth, accounting for nearly $53.3 million in taxable winnings, marking a 27.2 percent monthly surge.

Tax revenues from sports betting also saw a significant increase, reaching $8.2 million for January. This surpassed the previous single-month high of $6.5 million seen in December 2023, reflecting a 24.4 percent increase. Compared to January 2023, tax contributions for January 2024 were four times higher.

A breakdown of the January tax figures reveals that retail sportsbooks generated $253,713, whereas online operators contributed $7,993,134 to the state’s revenue pool.

Leading the way when it came to online operators was FanDuel in collaboration with Live! Casino, boasting a handle of $244.9 million. DraftKings followed with $154.0 million, while BetMGM secured the third spot with $40.0 million in wagers for the month.

Raising Money for Good Causes

In light of the industry’s success, Maryland gaming director, John Martin, emphasized the importance of responsible betting practices. Since the launch of online sports betting in November 2022, the industry has consistently delivered strong revenue results.

In addition to revenue contributions, sportsbooks have also been proactive in supporting social causes. The January 2024 report from Maryland Lottery and Gaming revealed that sportsbooks had contributed $60,982,459 to the Blueprint for Maryland’s Future Fund and $2,797,966 to the Problem Gambling Fund since the start of the state’s sports wagering program.