Maryland’s sports betting handle suffers a decline in February
Even with help from the Super Bowl, revenue in February fell significantly under the mark from the previous month.
February earnings from five sportsbooks in Maryland came in at $25m, short of their $32.5m mark in January. However, the February earnings were well over the $16.5m in December.
February was the second full month of sports betting in Maryland, which began in mid-December. This was the first time Maryland bettors could place wagers on the Super Bowl, yet the numbers didn’t reflect it.
The numbers for the five sports betting casinos in Maryland were: Live Casino & Hotel, Hanover with $1.1m in bets, MGM National Harbor at $7.5m, Horseshoe Casino, Baltimore garnering $3.9m. Hollywood Casino brought in $1.9m and Ocean Downs casino reported $1.1m.
In terms of taxable wins, casinos paid out $24.5m in February and have $955,337 on hold. From slots and table games, the Maryland casinos collected $163m in revenue. This is a 29.1% increase in wins from 2021.
The Maryland Lottery and Gaming Control Commission has granted a new sports wagering license to Bingo World, operating in Anne Arundel County. During a previous phase of approvals, there have been licenses granted to three off-track betting locations.
These locations are Long Shot’s at Frederick, Greenmount Station in Hampstead, and Riverboat on the Potomac, Virginia.
Sports betting in Maryland began in mid-December of 2021 with five operational casinos. Of the five, MGM National Harbor posted the worst hold percentage at 0.2%.
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