Retail sports betting in Maryland took a dive in February.
The Maryland Lottery and Gaming Control Agency released their February report late last week and it showed a 21.5 percent decrease is sports betting handle when compared to January. The exact numbers were $25.5 million in handle in February, and $32.5 million handle in January.
There are no other full month’s numbers to compare February to as retail sports betting only launched in the Maryland in early December. The reduction in handle in February is being at least partially attributed to the end of NFL regular season.
Maryland recorded a 3.7 percent hold in February which resulted in $955,377 in reported revenue. That was down considerably from the $4.4 million in revenue reported in January. The Maryland tax man’s portion in February was $134,628.
From the five retail sportsbook in the state the largest handle was reported by Maryland Live! Casino which took in $11.1 million in bets. Thanks to a 4.95 per cent hold they also led the way in revenue with just over $520,000. Four more retail sportsbooks are set to open soon in the state which could alter the numbers in future reports.
If you’re wondering where the online sports betting numbers are from Maryland there are none, because online sports betting has not yet been authorized in the state. The launch date for online sports betting in Maryland has not yet been announced and remains in limbo.
One of the major things holding up an online sports betting launch is that the Maryland Sports Wagering Application Review Commission (SWARC) cannot set rules for mobile licensing until is receives a new disparity study. This study will determine if the state must take at extra effort to include women and minority-owned businesses in the sports betting industry. The SWARC has not yet finalized a contract for the study.