The latest revenue report from the Maryland Gaming Commission has revealed that the state’s licensed sportsbooks reported gross revenues of $47.5 million during the month of March.
According to the report, sportsbooks recorded a hold of 12.3% marking the ninth month in a row that the rate was 10% or higher. Since mobile sports betting in Maryland launched in November 2022, the hold rate has been 11.9% or higher.
The report also shows that promotional credits have once again declined and were just short of $11.4 million for the month. This was a drop of 27.9% from the previous month and 84% less than the $71 million paid out in credits during the first full month of mobile sports betting in December 2022. This means that promotional credits for the first quarter of 2023 totaled $49 million.
Sportsbooks reported adjusted revenues of $35.4 million in March. This is the highest figure since sports betting launched in December 2021 and a jump of 89.9% on the previous month. March was also the first month since mobile sports betting launched that adjusted gross revenue was more than 50% of gross revenue.
During March the state collected $5.3 million in tax revenues, more than the previous three months combined. This brings the quarterly total to $10.2 million, almost $8.9 million more than in the same period of 2022.
Wagers for the month came to just under $386 million, a jump of 13.7% on the previous month. This means that since sports betting launched in 2021, Maryland gamblers have wagered more than $2 billion on sports.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.