Maryland sports betting handle bounces back above $30M in March after February's drop

As reported by the Maryland State Lottery & Gaming Control Agency, a rise above $30 million in sports betting handle was recorded in March after a dip to $25.5 million in February. 

This March Madness-driven increase was not enough to surpass the state’s $32.5 million sports betting handle mark achieved in January. 

After a sharp decline in February, the collective holding percentage among state sportsbooks improved nearly 10 percentage points to 12.7% in March. Ocean Downs Casino led the way by posting a hold percentage of 13.9%, while MGM National Harbor and Live! Casino fell shortly behind at 12.9%. 

Horseshoe Baltimore registered 12.3% while Hollywood Casino Perryville posted the lowest holding percentage at 9.9%. 

MGM National Harbor’s BetMGM sportsbook raked up $1.17 million in taxable winnings.

Live! Casino, with a state-leading $13.5 million in handle, posted the highest revenue mark at $1.7 at their FanDuel sportsbook. 

February was the lowest-recorded full month in Maryland’s short retail sports betting history. As a consequence, in March, the handle at state casinos increased across the board: MGM National Harbor saw a 24% increase, followed by Live! Casino’s 22.4%, Horseshoe Casino’s 20.7%; Hollywood Casino Perryville’s 13.4% and Ocean Downs’ rise of 12.4%.

With a 15% tax on gross revenue, the sportsbooks paid $577,018 to the state government. 

During the 14 weeks that the sports betting market has been live in the state, the total handle reached $105.6 million, and the average hold percentage is 11.8%. The five properties have combined to win $12.2 million, with Live! Casino having the largest handle and revenue. 

March was the third full month of sports betting in the state, as the market launched mid-December 2021. $16.5 million in bets were harvested during the limited December timeframe. 

Online sports betting still has not been legalized in Maryland. Regulators hope to launch by the start of the 2022-2023 NFL season.

Last week, the Maryland Lottery and Gaming Control Commission reported the state’s casinos raked in more than $170 million in gaming revenue during that period. Even though last month’s performance saw a 1% increase compared to March 2021, back when the COVID-19 capacity restrictions were first lifted, March’s revenue is one of the highest for the state, representing a 19% increase from this point in the fiscal year 2021.