Maryland‘s sportsbooks once again pounded the betting public in August, posting their second-highest win rate in nine months of action, according to figures released Monday by the state’s lottery and gaming agency.
The 17.3% win rate trails only the 19.2% operators generated in the initial month of activity last December. It is the seventh time in nine months the statewide hold has surpassed 10%, and August’s win rate is more than double the sports betting industry standard of 7%.
Operators reported $3.2 million in gross revenue, an increase of nearly 60% from July and the third-best month since launch. The hold was more than four full percentage points higher compared to the previous month, while handle also climbed 20.4% to $18.7 million. Though retail numbers will likely climb again in September, the state’s slow-moving process to launch mobile wagering will leave some wondering what might have been.
The state did collect $480,000 in taxes, lifting the total to $3.2 million for the calendar year. All-time handle also surpassed $200 million, with the year-to-date total just shy of $192.4 million.
Live! first operator to reach $10M revenue
August #SportsBetting numbers for #Maryland via @MDLottery, a 🧵. Han/GGR/WR by venue (1/2)@MGMNatlHarbor $5.53M/$1.03M/18.67%@LiveCasinoMD $7.22M/$1.22M/16.87%@HorseshoeBmore $3.52M/$483.7K/13.74%@OceanDowns $1.12M/$209.7K/18.7%
2/x #GamblingTwitter
— Chris Altruda (@AlTruda73) September 12, 2022
Live! Casino & Hotel Maryland became the first operator in the Old Line State to reach $10 million in gross revenue after claiming $1.2 million in August from $7.2 million wagered. The 16.9% hold for the Fan Duel-powered book was its second-best since launch and marked the fifth time it was above 12%. Live! is also $7.1 million away from being the first book in Maryland to generate $100M handle.
MGM National Harbor was the only other location to surpass $1 million in gross revenue, doing so for the first time since March thanks to an 18.7% hold on $5.5 million handle. It was the first time the Baltimore venue posted back-to-back double-digit win rates since its first two months of action.
Horseshoe Baltimore had the lowest win rate of the seven brick-and-mortar locations, though it was still a robust 13.7%. It also cleared $30 million in year-to-date and overall handle, accepting $3.5 million in wagers while claiming $485,000 in gross revenue.
Ocean Downs continued to be the only sportsbook to have a perfect record when it comes to generating a double-digit hold, making it 9-for-9 with an 18.7% win rate for August. The venue had its best month revenue-wise since January, clearing $200,000 for the second time while generating $1.1 million in handle.
Riverboat on the Potomac became the seventh sportsbook to launch at the end of August, with the PointsBet-powered venue running the table on $1,139 worth of wagers. And in its first full month of activity, Bingo World posted a healthy 37.9% win rate, as the BetRivers sportsbook reported $65,000 in gross revenue from $173,000 wagered.
