Maryland Sports Betting Generates Almost $500,000 For State In First Month

In their first month of operation, the five casinos licensed to operate retail sportsbooks in Maryland generated a total of $469,297 in income for the state through sports betting. The money will go toward a range of public education initiatives via the Blueprint for Maryland’s Future Fund.

Maryland Sports Betting Off To Strong Start

After a soft launch in December, there are now five retail sportsbooks operating in the state of Maryland. The five casinos where Maryland residents can make bets currently are:

  • Horseshoe Casino
  • Hollywood Casino
  • Live! Casino & Hotel
  • MGM National Harbor
  • Ocean Downs

Each of these casinos pays 15% of its taxable winnings to the state as part of the requirements for keeping its license. The total taxable winnings were $3,128,660 for all five casinos. Bettors in Maryland wagered approximately $16 million in the first month of legal sports betting. The casinos paid out around $13 million in winnings to these bettors.

Each casino has partnered with a sportsbook to provide services to customers. Horseshoe Casino, for example, has partnered with Caesars Sportsbook.

Also Read: University of Maryland, PointsBet announce rare sports betting partnership

What’s Next For Maryland Sports Betting?

The strong start is good news for both the state and sports betting fans. More facilities are set to open in the near future. Off-track betting companies have already made applications to the state gaming commission.

“We are truly excited that sports wagering is available, and we’re eager to do our part to keep the market growing,” Director of Maryland Lottery and Gaming John Martin said.

The benefits of legal sports wagering are expected to be spread throughout the community. In particular, Maryland has committed to providing sports betting licenses to women and minority-owned companies.

Although it’s possible now to bet in person, there’s no word yet on when online sports betting might become legal in the state. PointsBet is expected to be the next sports betting licensee. All eyes will be on the state to see what steps it takes in the next month after these first five sportsbook launches have proven to be a success.

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