March Madness proved to be substantially beneficial to Maryland sports betting as the state achieved a personal best last month. Maryland Lottery and Gaming recently released its monthly report for March and posted a total sports betting handle of $386m.
Gross revenue was $47.5m, while taxable revenue for the state was $5.3m.
So far, this is the largest sports betting handle on record for Maryland since the commercial market’s opening. Sports betting went live statewide in December 2021, with the opening of five retail sportsbook locations. During November 2022, another seven mobile sportsbooks were added to the lineup.
Maryland currently has eight mobile and 10 retail sportsbooks.
The state generated total betting handle of almost $386m for March. Mobile wagers accounted for 95.9% of last month’s total.
Maryland Lottery and Gaming Director John Martin attributed the high monthly handle directly to March Madness and noted that the appeal of the new sports betting market possibly contributed to the new record as well.
He commented: “There are a few events on the calendar that really drive sports wagering participation, and the NCAA basketball tournament every March is right at the top of that list.
“This was the first time 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.”
Maryland’s sportsbooks contribute 15% of all taxable wins to the Blueprint for Maryland’s Future Fund. The organization supports public education programs around the state.
