Maryland Sports Betting Generates $39.7 Million in June Revenue
In June, Maryland Lottery and Gaming reported $39.7 million in gross sports betting revenue, driven by a 10.3% hold on a handle of $384.7 million.
Decrease in Promotional Spending
This marks the third consecutive month that sportsbooks in Maryland achieved a double-digit win rate. The state’s 13 sports betting apps reported a combined hold of 10.5%, retaining $39.2 million of the $373.4 million wagered.
A notable decrease in promotional spending by operators contributed to the state’s revenue. The reported $816,700 in promotional spend was an all-time monthly low, representing an 89.5% drop from the $7.8 million spent in June 2023. This reduction allowed the state to levy taxes on $38.2 million in adjusted gross revenue, resulting in $5.7 million in tax receipts.
Year-over-Year and Monthly Comparisons
Year-over-year, gross revenue increased by 46.5% from June 2023, though this growth slightly lagged behind the 51.6% rise in handle. Compared to May, operator winnings fell by 22.3%, more significant than the 10.9% decline in handle, as May’s win rate was higher at 11.8%.
Maryland has collected $35.7 million in taxes through the first half of 2024, which is $14.1 million more than the same period last year.
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