Maryland sports betting handle drops to $25M in February

As reported by Maryland Lottery and Gaming Thursday, the state’s sports betting handle totaled $25.5 million in February, the second full month of operations for the state's first five sportsbooks. 

The financial results for last month show a decrease in handle of $7 million compared to January’s total of $32.5 million. However, the figures are higher than December’s $16.5 million, when the first sportsbooks in the state went live. 

Even though February is a shorter month, the total is lower than January, and also includes bets on the February 13 Super Bowl LVL, which was expected to positively impact the state’s total. 

The highest handle for an individual casino in February was reported by Hanover’s Live Casino & Hotel, taking $11.1 million worth of bets, followed by MGM National Harbor, where sports bettors wagered $7.5 million. 

Horseshoe Casino in Baltimore took the third place in the February podium with a total of $3.9 million, followed by Hollywood Casino with $1.9 million, and Ocean Downs Casino with $1.1 million. 

Maryland’s six casinos brought in a collective $163 million in revenue during the second month of the year from slots and table games, a 29.1% increase in a year-over-year comparison, when casinos were operating under pandemic-related capacity restrictions. 

As part of Maryland's sports betting program, the state collects 15% of the "taxable win" on sports wagers. In February, casinos paid out $24.5 million to players, leaving a "hold" of $955,377. After deductions, the taxable win was $893,710, sending $134,628 in taxes to the state last month. 

Live Casino also had the highest handle for an individual casino in January with $14.3 million in sports wagers. That month, MGM had a $10.5 million handle, followed by Horseshoe ($4.7 million), Hollywood ($1.5 million) and Ocean Downs ($1.4 million).

Sports betting formally launched in Maryland on December  9, with the first bets placed at MGM, and Horseshoe and Live casinos launching their sportsbooks the next day. Ocean Downs and Hollywood started taking wagers later in the month. The state's sixth casino, Rocky Gap Casino in western Maryland, does not offer sports betting. More sportsbooks are expected to join the casinos soon.

Last month the Maryland Lottery and Gaming Control Commission found Bingo World in Anne Arundel County qualified for a sports wagering license. Prior to that, the commission also determined three off-track betting venues to be qualified: Long Shot’s in Frederick, Greenmount Station in Hampstead and Riverboat on the Potomac, located in Maryland waters off the coast of Colonial Beach, Virginia. The businesses are all currently completing facility upgrades or operational requirements prior to launch, the dates for which have not yet been determined.