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Maryland Posts Sports Betting Handle Of $32.5M In January

Retail operators win big again as handle nearly doubles in first full month of operations

Chris Altruda by Chris Altruda
February 10, 2022
in Industry
Maryland January 2022 revenue

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Maryland Lottery and Gaming reported $32.5 million in sports betting handle for January in the state’s first full month of retail wagering, according to figures released Thursday.

The handle was nearly double the $16.5 million in wagers from December, when the five retail sportsbooks across the state opened their doors in staggered fashion. The quintet followed up a strong debut with a second straight double-digit hold at 13.5%, claiming close to $4.4 million in gross gaming revenue and $4.3 million in adjusted gross revenue..

While deductions more than doubled from December to more than $80,000, the state was still able to collect $644,098 in tax receipts that are earmarked for the Blueprint for Maryland’s Future Fund supporting public education. Maryland taxes the sportsbooks’ adjusted revenue at 15%.

In the first month-plus of wagering, Maryland bettors have generated slightly more than $49 million handle, with operators claiming more than $7.4 million for a healthy 15.4% win rate.

Live! is tops in handle, MGM in revenue

Live! Casino, which has FanDuel as its operator, again claimed the No. 1 spot for handle, which more than doubled from $7.1 million in December to $14.3 million. It was the only one of the five books that failed to notch a 10% hold, however, falling just short at 9.94% while clearing more than $1.4 million in gross gaming revenue.

MGM National Harbor was the only other venue to reach an eight-figure handle with $10.6 million, and its 16.4% hold resulted in the current all-time state high of more than $1.6 million in gross revenue. Caesars was a comfortable third in both handle and revenue, with $4.7 million and nearly $840,000 respectively, and had the highest hold at 17.82%.

TwinSpires, which operates out of Ocean Downs, was right behind Caesars (Horseshoe in Baltimore) with a 17.8% win rate and finished fourth in gross revenue at just over $250,000 from slightly more than $1.4 million wagered. Barstool Sportsbook, based at Hollywood Casino in Perryville, rounded out the group in revenue with $210,124 while edging out TwinSpires for fourth in handle with more than $1.5 million in wagers.

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It appears the December launch intrigued plenty of bettors for this weekend’s Super Bowl, as Maryland Lottery and Gaming noted the current win rate for settled wagers since launch is 10.6%, compared to the 15.4% against traditional handle. The state agency, however, does not break out wagers by sport.

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Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

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