The latest revenue report from the Maryland Gaming Commission has revealed that the state’s licensed sportsbooks took in over $320 million in wagers throughout the month of May.
According to the report, sportsbooks recorded a hold of 13.3% a significant jump on the 6% reported in April, the first and only time since mobile sports betting in Maryland launched in November 2022, that the hold rate was lower than 11.9%.
Of the $320 million wagered on sports, $305 million was wagered through mobile sports betting apps. As a result, online sports betting accounted for 95.3% of all sports wagers throughout the month.
The report also shows that promotional credits have once again declined and were just short of $10.9 million for the month.
Sportsbooks reported adjusted revenues of just over $31 million in May, a jump of 12.7% on the previous months total of $27.5 million.
During May the state collected $4.6 million in tax revenues. This is the second highest total of all-time. $4.4 million of that figure came from mobile sports betting operators.
At the end of May 2023, there were 10 retail sportsbooks and 10 mobile sports betting operators active in the state.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.