“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,” Maryland Lottery and Gaming Director John Martin told Yogonet Gaming News.
The handle in March topped $385 million, up 13.7 percent.
Since the debut of sports betting in December 2021 tax contributions have brought in $16.7 million for the Blueprint for Maryland’s Future Fund, a high falutin’ way of saying education.
The return to the state in March was 89.9 percent higher than the prior high of $2.7 million in February. Each sportsbook contributes 15 percent of its taxable win to the Blueprint, according to SportsHandle.
Operators had a double-digit hold and corralled $47.5 million in gross sports betting revenue. The house produced a 12.3 percent win rate in March, the 9th straight month of 10 percent or higher.
Promotional credits fell in March, coming to a bit less than $11.4 million, down almost 28 percent from February. Promotional credits reached $49 million during the first quarter of the year.
All-time handle surpassed $2 billion, while gross revenue cleared $300 million with the all-time hold rate close to 13.9 percent.
Of the eight mobile sportsbooks, five generated double digit holds, including the top three: FanDuel, DraftKings and BetMGM, each with holds reaching 11 percent or higher.
- FanDuel generated a 14.3 percent win rate on $176.5 million handle for gross gaming $25.3 million.
- DraftKings 11.1 percent hold; $115.5 million handle; $12.8 million revenue
- BetMGM 13.2 percent win rate $5 million gross revenue $38 million handle.
- Points Bet 12.7 percent win rate, Betfred 12.5 percent and Caesars 8.3 percent.
- Barstool Sportsbook was the fifth mobile book with an eight-figure handle at $10.6 million.
Retail operators had some positives and some negatives. A win rate of 7.5 percent on a handle of $15.7 million bet, translating to $1.2 million in gross revenue, but Live! Casino took its first monthly loss. FanDuel paid out $182,000 from a handle of $4.6 million, the largest brick-and-mortar loss in the state’s brief history.
The sportsbook at the home of the Commanders produced $3,617 ahead of a handle of $568,000. MGM National Harbor topped handle and revenue with $792,000 and a 15.1 percent hold.
With Maryland up and running with its sports betting program, you might not think the state is still passing laws. They are and legislation awaits Governor Wes Moore’s signature.
The legislation seeks to improve responsible gaming practices and add consumer protections, But how effective it will be is uncertain. One bill speaks to sportsbooks’ relationships with Maryland colleges. But it does not ban such arrangements. The ban on college partnerships only takes place if the university receives compensation for certain student participation.
A second bill is aimed at auditing handicappers but does not guarantee such an audit.
The University of Colorado received financial compensation when customers signed up for PointsBet using a promotional code sent to the university.
The bill tackles a potential problem that’s seemingly gone from the industry. The American Gaming Association has recently asked that no deals be signed if it involves promoting or advertising sports betting. If there is a deal, the contracts must be publicly available.
The handicap bill doesn’t actually mandate that licensed sportsbooks contract with an independent evaluator like SharpRank. The process is entirely optional, and handicappers have to be licensed by the state.
In theory, the idea behind the legislation makes sense. The lottery picks out evaluators, and the evaluators try to give a stamp of approval to credible handicappers who aren’t misleading about their records or winnings.
Additionally, those operators can already be sanctioned by the Maryland Lottery should they mislead the public or violate state wagering rules.
The legislation’s practical impact will be tested in the years to come, assuming it is signed into law.
