The latest revenue report from the Maryland Gaming Commission has revealed that the state’s licensed sportsbooks took in over $483.1 million in wagers throughout the month of October.
October’s wagering total is the second highest handle recorded in the state. The highest handle was recorded 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 $3.5 billion and the all-time total to $4.5 billion.
According to the report, sportsbooks recorded a hold of 12.1%. Following deductions of promotions, the adjusted win rate was 8.01%, a significant jump on the 4.87% reported in September.
Sportsbooks reported initial combined revenues of $58.7 million and adjusted revenues of $38.7 million, the highest taxable revenue total recorded since Maryland sports betting launched in December 2021.
Of the $483.1 million wagered on sports, $463.5 million was wagered through mobile sports betting apps. As a result, online sports betting accounted for 95.9% of all sports wagers throughout the month.
During October the state collected $5.8 million in tax revenues, the highest total ever collected in a single month. This brings the year-to-date total to $36.4 million while the all-time total now sits at $43 million.
At the end of October 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 |
| Totals | $3,506,741,252 | $3,352,727,088 | $410,121,276 | 11.57% | $243,226,496 | 7.11% | $36,483,974 |
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.