HomeMaryland Sports Betting NewsMaryland sets new record in sports betting during March Madness

Maryland sets new record in sports betting during March Madness

Sports wagering in Maryland broke a new record in March 2023 as the state bagged $5.3 million in tax revenue, according to the Maryland Lottery and Gaming Control Agency (MLGCA) on Monday.

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This number is 89 percent higher than the previous February record of $2.8 million.

The state’s ten retail and eight mobile sportsbooks handled almost $386 million in wagers, which include promotional bets. This number is much lower than the $478 million wagered last month. However, sportsbook operators spent less money on promotions in March, making it more profitable overall.

Out of the total amount, only $15.7 million was from ten retail handles, while the remaining 95 percent, or $370.2 million, was from mobile sportsbook handles.

The success of March Madness, the month of the annual NCAA college basketball tournament and one of the most significant events on the sports betting calendar, led to this massive revenue in the state.

Although higher wagers were expected as Maryland recently legalized sports betting in December 2021, MLGCA director John Martin and his team were surprised to see mobile sportsbooks dominating.

“This was the first time that mobile wagering on March Madness was available in Maryland, and as our market continues to mature, we’re pleased to see it generate a strong contribution to education funding,” Martin said.

MGM Leads Maryland Retail Sportsbooks

According to the report, Maryland’s overall sports betting handle for the fiscal year is currently $1.9 billion. The retail sector had $205.9 million, while the online industry handled $1.7 billion.

MGM National Harbor brought in $5.2 million with Live! Casino came in second with $4.6 million, and Horseshoe Casino finished third with $1.8 million.

However, out of all retail handlers, Live! Casino still holds the highest total handle for the fiscal year, amounting to $73.6 million, compared to MGM National Harbor’s $63.4 million.

FanDuel Tops Mobile Operators

Meanwhile, the numbers for mobile sportsbooks skyrocketed as sports betting became legal and more accessible.

FanDuel’s online platform at Live! Casino registered $176.5 million in bets and collected $869.2 million for the fiscal year. Competitors DraftKings took in $115.5 million, and BetMGM received $38 million in bets.

These sportsbooks paid out $323.9 million in prizes, with 15 percent of their taxable wins directed to The Blueprint for Maryland’s Future Fund.

The fund has received $16.8 million in revenue from Maryland sports betting, all designated for public education programs. Aside from the Blueprint, around $1.6 million has gone towards the Maryland Problem Gambling Fund since 2021.

March Madness effect

Maryland is not the only state that generated higher revenues due to March Madness.

As per Washington’s Office of Lottery and Gaming (OLG) data, the figures show $6.5 million of sports betting handle in March. The number is slightly higher than March 2022’s handle of $6.2 million and February 2023’s handle of $5.7 million.

New York also set a high record in March, with New Yorkers wagering over $1.785 billion on nine legal sports betting apps. This number is only slightly below January’s record of $1.788 billion. Sportsbooks managed to collect $162.8 million in revenue. As New York online sportsbook operators pay 51 percent of their taxable revenue to the state, the state collected just over $83 million in revenue.

West Virginia sports betting also followed the trend, albeit a little differently. According to the West Virginia Lottery, March generated a total handle of $43.1 million, an 8.3 percent increase from February’s 39.8 million. However, this number slightly decreased by 22.6% from March 2022, approximately 48.5 million.