Posted on: October 9, 2023, 12:37h.
Last updated on: October 9, 2023, 12:37h.
Maryland welcomes its 13th retail sportsbook while waiting for approval on the 14th.
As Maryland expects an increase in sports betting activity this fall, a Maryland state lawmaker criticizes the implementation of the sports betting law. Jason Buckel (R-Allegany) expressed concerns about the limited accessibility of sports betting locations, mostly concentrated in cities and more populated areas, leaving other regions underserved.
It remains to be seen if the new retail sportsbooks will address the concerns of the lawmaker.
The latest addition is the Green Turtle in Towson. Green Turtle, a chain sports bar and grill, already has five locations in Maryland and has a presence in six states and Washington, D.C.
A total of six businesses applied for competitive licenses last year, with three still awaiting approval.
Maryland’s wagering law has designated 17 businesses for retail licenses, and currently, 10 locations are accepting bets.
Recently, the Maryland Lottery and Gaming Control Agency recommended approval for a retail sportsbook license for MSF Sports, a subsidiary of the Maryland State Fair and Agriculture Society, which oversees the annual state fair. The commission will hold a meeting on October 18th to discuss the recommendation.
Focus on Sports Betting Numbers
In Maryland’s first full year of legalized sports betting in 2022, September attracted the highest revenue due to college and professional football. The upcoming meeting of the Maryland Lottery and Gaming Control Agency on October 10th will shed light on the September 2023 numbers.
Sportsbooks are required to contribute 15% of their taxable win to the Blueprint for Maryland’s Future Fund.
This fund aims to transform public education systems by providing increasing annual funding for public schools, totaling $3.8 billion over a decade.
Mobile apps are dominant in sports wagering across the state, accounting for nearly 95% of the total wagers of $238.8 million in August.
Nearly 82% of the state’s sports wagering revenue came from mobile bets.
Betting Handle Growth in August
August saw a significant increase in sports betting activity, with a handle of $263.7 million, representing a 6.5% growth compared to the previous month.
According to the Maryland Lottery and Gaming Control Commission’s data, FanDuel Sportsbook led the way with an online handle of $104.1 million, followed by DraftKings with $91.9 million. These two platforms accounted for approximately 37% of all betting dollars wagered through the state’s betting apps that month. Fanatics, which launched in June, is also increasing its monthly handle, reaching $6.7 million.
Maryland sportsbooks generated $17 million in revenue in August, resulting in $2.6 million in taxes collected by the state.