- Maryland online sports betting soft launched in November 2022.
- Online sports betting is responsible for $186.08 million of the betting handle.
BALTIMORE – The online sports betting market in Maryland is booming since it went live on a soft launch on November 21, 2022. In total, the online market is responsible for over 80% of the total betting handle in November in just those nine days that online betting was introduced.
The legal sports betting handle in Maryland was reported at $219.07 million in which online sports betting was responsible for $186.08 million of it leaving the retail operators pulling in just around $33 million.
Helping the online Maryland sports betting handle get to where it is were the seven operators that were live in that time frame. Those include FanDuel Sportsbook ($89.9 Million), DraftKings Sportsbook ($69.6 Million), BetMGM ($15.07 Million), Barstool Sportsbook ($5.7 Million), Caesars Sportsbook ($3.46 Million), PointsBet ($1.6 Million), and BetRivers ($631,175).
It is also worth noting that $63.8 million of the handle came from promotional bets that were run by the online betting operators. The promotional bets offered did not exceed over 20% as that is the max that is allowed to be offered on taxable winnings.
As for the online tax revenue that online sports betting brought in, it saw just $4,262 in taxes with there being just a 15% tax rate on adjusted gross revenue.
What’s Next For Maryland Online Sports Betting?
Following a successful soft launch, many believe that by the time the 2023 NFL season comes around that there could be up to 21 total online sportsbook operators in Maryland. There were several online operators that were mentioned to be a part of the soft launch but were not ready just yet including Parx and BetFred.
Other notable names that are sure to be a part of the online sports betting market in the Free State are WynnBet and Bally Bet.
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News tags: Maryland | Maryland Online Sports Betting | Maryland sports betting
Samuel has been writing professionally for 4 years. He comes from a sports writing background where he enjoys writing mostly about basketball and football both professional and collegiate. He is a recent graduate of Florida State University where he majored in Editing, Writing and Media with a minor in Communications. During his free time, you can find him watching or playing sports as well as playing videogames and listening to music.