Mobile and retail sports betting in Maryland totaled just over $219 million in just nine days of activity.
With the launch of seven mobile platforms and a new retail site, which hosted eight hours of controlled betting demos on November 21, the state’s combined revenue was $219.071 million. dollars, while mobile sports betting revenue reached $186.08 million.
This amount included $63,835,319 of free promotional play, which is provided to customers by sportsbooks and is deducted from taxable winnings. Thus, mobile betting accounted for $4.26 million in state contributions in the first nine days. During this period, retail provided $32.98 million.
“We expect mobile sports betting operators to continue to offer many promotional bets in the coming months as they venture into a new market and strive to attract customers,” the minister said. inside. John MartinDirector of Maryland Lottery and Gaming.
“There was huge pent-up demand, and lots of people using promotional offers from multiple carriers simultaneously.
“But as many operators have acknowledged, this level of promotional play is not sustainable, and based on our regulations, it will be reduced over time. »
Each month, sports betting licensees donate 15% of their taxable winnings to the Blueprint for Maryland’s Future Fund, which supports public education programs. Since its inception in December 2021, the fund has received $6.12 million in cumulative contributions.
Maryland sports betting regulations do not limit the amount of promotional play a sports bookmaker has in its first full fiscal year of operation. However, after the first full tax year, regulations require that the amount of a sports bookmaker’s promotional play not exceed 20% of their taxable winnings in the previous year.
Martin added: “The promotional play deduction obviously has an impact on the bottom line, and that’s why we have a cap that takes effect after each operator’s first full fiscal year.
“It protects the interests of the state and ensures that sports betting generates revenue for education, as intended. By granting large amounts of promotional play in their first fiscal year, sports betting promotional play amounts will be limited in their second year. »
The Maryland sportsbook market launched in December 2021 with the opening of five retail sportsbooks. Four retail locations and seven mobile sportsbooks were launched in 2022, with more retail locations and mobile sportsbooks expected to launch in the near future.
Maryland had nine retail sportsbook locations and seven mobile sportsbooks in operation as of November 2022. The ninth retail location, Long Shot’s in Frederick, opened November 18.