The Maryland Gaming Commission has released its latest revenue report revealing that the state’s licensed sportsbooks took in over $550.7 million in wagers throughout the month of November.
November’s total marks the highest sports betting handle in state history surpassing the previous record set in December 2022 when sportsbooks took in over $497.1 million in wagers. This brings the year-to-date sports betting handle to just over $4 billion while the all-time total is now just over $5 billion.
According to the report, sportsbooks recorded a hold of 7.6%. However, following the deductions of promotions, the adjusted win rate was just 3.87%, down from the 8% reported in October.
Despite taking in a record amount in wagers, sportsbooks reported initial combined revenues of $41.6 million, down significantly on the $58.7 million reported in the previous month but up by 35.9% year-on-year. Adjusted revenues for the month came to $21.3 million, down by 39.5% compared to November 2022.
Of the $550.7 million wagered on sports, $533.2 million was wagered through mobile sports betting apps. As a result, online sports betting accounted for 96.8% of all sports wagers throughout the month.
During November the state collected $3.1 million in tax revenues. This brings the year-to-date total for sports betting in Maryland to $39.6 million while the all-time total now sits at $46.2 million.
At the end of November 2023, there were 13 retail sportsbooks and 12 mobile sports betting operators active in the state.
Historical Sports Handle, Revenues & Taxes in Maryland
| Period | Total Handle | Mobile Handle | Sportsbook Revenue | Win % | Adjusted Sportsbook Revenue | Adjusted Win % | State Taxes |
|---|---|---|---|---|---|---|---|
| Jan 2023 | $441,481,779 | $422,657,954 | $59,601,405 | 13.50% | $14,097,423 | 3.19% | $2,114,613 |
| Feb 2023 | $339,421,456 | $325,078,708 | $40,214,645 | 11.85% | $18,645,869 | 5.49% | $2,796,880 |
| Mar 2023 | $385,967,195 | $370,290,622 | $47,548,313 | 12.32% | $35,400,380 | 9.17% | $5,310,057 |
| Apr 2023 | $328,454,397 | $313,472,676 | $35,644,586 | 10.85% | $25,764,571 | 7.84% | $3,864,686 |
| May 2023 | $320,199,671 | $305,063,591 | $42,742,217 | 13.35% | $31,004,743 | 9.68% | $4,650,711 |
| Jun 2023 | $254,476,790 | $243,817,173 | $27,077,118 | 10.64% | $18,900,337 | 7.43% | $2,835,051 |
| Jul 2023 | $247,412,348 | $237,525,908 | $28,114,521 | 11.36% | $22,084,219 | 8.93% | $3,312,633 |
| Aug 2023 | $263,729,559 | $250,360,244 | $24,900,637 | 9.44% | $17,037,804 | 6.46% | $2,555,671 |
| Sep 2023 | $442,450,666 | $420,957,789 | $45,575,924 | 10.30% | $21,542,849 | 4.87% | $3,231,427 |
| Oct 2023 | $483,147,391 | $463,502,423 | $58,701,910 | 12.10% | $38,748,301 | 8.01% | $5,812,245 |
| Nov 2023 | $550,716,329 | $533,276,787 | $41,628,982 | 7.60% | $21,330,194 | 3.87% | $3,199,529 |
| Totals | $4,057,457,581 | $3,886,003,875 | $451,750,258 | 11.21% | $264,556,690 | 6.81% | $39,683,503 |
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.