HomeMaryland Sports Betting NewsMaryland Exceeds $1 Billion in Lifetime Sports Betting Handle Due to January Report

Maryland Exceeds $1 Billion in Lifetime Sports Betting Handle Due to January Report

The January numbers are in, and Maryland bettors helped the Old Line State to clear over $1 billion in lifetime handle by wagering $441.5 million during the first month of 2023. Those numbers came in just the second month of online and mobile wagering but fell slightly below the December $497.1 million Maryland residents wagered.

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The Numbers Tell the Story in Maryland

The handle, or amount wagered over a particular period of time, and Maryland bettors took full advantage of the newly available online and mobile betting markets with over $21 million generated in free and promotional wagers and well below the $50 million in December promos and free betting credits.

Maryland Sportsbooks January Handle

  • Retail: $18,823,825
  • Online: $422,657,954 (includes $21,798,149 in free promotional wagers)
  • Combined: $441,481,779

Prizes are what Maryland sports bettors are winning from the sportsbook operators. These numbers are much lower than what the industry standard 7% hold would generate.

Maryland Bettors January Prizes

  • Retail: $17,261,786
  • Mobile: $364,618,587
  • Combined: $381,880,374

Maryland Bookies Beat the Bettors in January

Theoretically, a good hold rate for a bookmaking shop should be around 7%, but Maryland sportsbooks have recorded a 13% or better hold for seven consecutive months.

Maryland January Hold Rate

  • Retail: $1,562,039 (8.3%)
  • Mobile: $58,039,366 (13.7%)
  • Combined: $59,601,405 (13.5%)

Online wagering is the main culprit for the amazingly high hold rate–in under 2.5 months of mobile sports wagering availability, the hold has been 16.1%, with the books earning $175.4 million in gross revenue from $1.1 billion in wagers.

Upcoming Maryland Betting Events

While we await the financial betting results from Super Bowl LVII, Maryland sportsbook operators and bettors have much to look forward to in 2023.

Baltimore Ravens Super Bowl LVIII Odds

DraftKings posted its odds to win Super Bowl LVIII, and Maryland bettors can bet on the Baltimore Ravens to win the Super Bowl at +2200. Ravens QB Lamar Jackson is listed at +1700 to win the regular season MVP Award.

NCAA Conference and NCAA Tournament

Maryland sports bettors have a pair of instate college basketball teams that could make a noise this March in their conference and possibly in the Big Dance.

The Terrapins are 8th in the Big Ten table–the conference tournament runs March 8-12 and will be held at the United Center in Chicago, Illinois. Maryland will likely be invited to the NCAA Tournament when it begins on March 14.

The Hawks of Maryland Eastern Shore are 3rd in the Mid-Eastern Athletic Conference standings, and they head to Norfolk, Virginia, March 8-11 for the MEAC tournament and could find their way into the Big Dance.

MLB 2023 Season Begins

What would the summer look like without MLB baseball? Maryland sports bettors have a pair of teams to bet on when MLB season begins on March 30.

The Baltimore Orioles were 83-79 in 2022 and are currently +7000 betting favorites at DraftKings to win the World Series. The Orioles open Grapefruit League play on February 25th when they host the Minnesota Twins at Ed Smith Stadium and play their season opener on March 30 for a three-game set with AL East rival Boston Red Sox at Fenway Park.

The Washington Nationals were last in the NL East in 2022 and +40000 to win the World Series. The Nats begin their Grapefruit League campaign on February 25 when they hit the road for a Saturday afternoon game with the St Louis Cardinals and begin their 2023 season hosting NL East foe Atlanta Braves for a three-game series starting March 30.

NBA Playoffs

Maryland sports bettors have their home team Washington Wizards, and the Wiz have won six of their last 10 and 10th in the NBA Eastern Conference.

Washington is a -170 betting favorite at DraftKings to reach the play-in game when the NBA Play-in games begin April 15.

NHL Playoffs

Maryland sports bettors have a likely playoff representative in the Washington Capitals, and the club is +4000 at DraftKings to raise the Lord Stanley Cup.

The Caps are 7th in the Eastern Conference and are 5-5-0 over their previous 10 games.