Maryland Nets $577,000 In Sports Betting Tax Revenue For March 1tb4g

Maryland January’s handle was the highest of the year, checking in at $32.5 million. 

March Madness went well for the operators, as they brought in $3.9 million in gross gaming revenue, up from the $955,000 reported in February. The hold of 12.7% was up from February’s hold of just 3.74%. Maryland received $577,019 in tax revenue from operators in March, taxing operators’ winnings at 15% after deducting promotional play.

The highest handle ($13.6 million) and contribution to the state ($258,402) came from FanDuel to offer its retail sportsbook, and the entity held a few different March Madness events to help generate fan interest and foot traffic during the month. 

With 17 NCAA appearances, 2 Final Fours & 1 Championship, @GARYWILLIAMS02 knows a thing or two about March Madness; he and the other coaches will be here March 15 at 4:30PM breaking down this year’s bracket. @CoachesDod @ExCoachKnoche @CoachPatsos @gaustin17 #FanDuelSportsbook pic.twitter.com/IcXCozLUOf

— Live! Casino & Hotel Maryland (@LiveCasinoMD) March 14, 2022

MGM National Harbor (BetMGM) was the only other casino to come close to reaching $10 million in handle, hitting $9.3 million. The casino contributed $176,137 to the state in March. 

Other retail sportsbooks almost open 5j1a1d

In addition to Live! Casino and MGM National Harbor, Horseshoe Casino (TwinSpires), and Hollywood Casino (Barstoool Sportsbook) all opened retail sportsbooks in December of 2021. 

Riverboat-on-the-Potomac (Rush Street Interactive) have all been awarded retail sports betting licenses by the Sports Wagering Application Review Commission. The entities have yet to share exact timelines for launching their sportsbooks, but they’re all far along in the application process and only need final approval from the lottery to launch. 

Meanwhile, state lottery officials are hoping for mobile sportsbooks to launch by the start of the 2022 NFL season.