While the state agency tries to pick up the pace to bring mobile wagering to the Old Line State, the seventh month of retail-only betting showed an expected downturn in handle. June’s figure represented a 17.2% drop from May’s $23.1 million wagered and was the lowest of any full month of betting since operations began last December.
Gross gaming revenue from the betting plummeted 57.4% to $1.3 million, down from $3.1 million reported for May. The 6.9% June win rate was more than six full percentage points lower than the previous month and marked the first time since February the five brick-and-mortar sportsbooks failed to produce a double-digit hold percentage.
Approximately $48,000 in deductions were counted, leaving the state eligible to tax $1.25 million in adjusted revenue. Maryland collected $189,323 in taxes for June, lifting the total for the year to $2.4 million.
The pendulum swings back for MGM
GGR WR 10.42%
AGR WR 10.17%
— Chris Altruda (@AlTruda73) July 11, 2022
MGM National Harbor in Baltimore has been a feast-or-famine sportsbook since launch. Four of the seven months in operation have ended with win rates of 11% or higher, but June marked the second time it was below 1%. MGM came out just $19,512 ahead on more than $5.3 million in wagers, equating to a hold of 0.4%.
With limited deductions, adjusted revenue came out to $13,283. MGM actually had a loss of $3,811 in adjusted revenue in February, with Super Bowl promotions a likely large contributing factor. Maryland Lottery and Gaming does not disclose handle and revenue by sport in its monthly reports.
MGM also became the second book to surpass $50 million in total handle since launch, joining Live! Casino. The FanDuel-powered Live! venue cleared $75 million in overall wagers with June’s report, and the $8.4 million wagered last month represented 44% of the state’s overall handle. Live! also paced all operators with more than $762,000 in gross revenue and climbed over $9 million total in that category.
Ocean Downs, run by TwinSpires, narrowly kept alive its perfect track record of double-digit holds, making it seven-for-seven after claiming $94,654 in gross revenue from $934,312 in wagers. The 10.1% win rate, though, was an all-time low and a drop of more than six percentage points compared to May.
Caesars-powered Horseshoe Baltimore moved beyond $25 million in wagers accepted since launch and had a double-digit win rate for the sixth time. It claimed $385,000 in gross revenue from $3.2 million handle, resulting in a healthy 11.9% hold.