Maryland is among the US states that currently offer sports betting. It was back in December when the state launched legal sports betting, but restricted the activity to land-based venues.
Sportsbooks in Maryland Report $15.5M Betting Handle in July
After a few months of operation, the market is yet to grow further and expand. Judging by figures released by the gaming regulator in the state, July wasn’t the strongest month for sportsbooks in Maryland. Although the taxable win for sportsbooks increased last month when compared to June, the betting handle decreased.
The Maryland Lottery and Gaming Control Agency, which is the body tasked with overseeing the retail sports betting activity in the state, announced Wednesday that the betting handle of sportsbooks in the state last month was $15.5 million. When compared to the $19.1 million in betting handle reported a month earlier, in June, a decrease of nearly 20% is observed.
The State Collected $298K in Taxes Last Month
Overall, the winnings paid to players last month hit $13.5 million, marking yet another decrease when compared to the $17.8 million paid to players for June. Last month, the taxable win of sportsbooks in Maryland was $1,987,849. While betting handle decreased, the taxable win last month increased when compared to the $1.3 million reported by sportsbooks for June. Not unexpectedly, with the increase in the taxable win, the state collected more taxes last month. In total, sportsbooks paid $298,177 in taxes to Maryland’s coffers last month, based on a 15% tax on their winnings. When compared to the $189,323 in taxes paid for June, in July, the state collected 57% more taxes.
According to a breakdown provided by the regulator in Maryland, Live! Casino was the property with the highest betting handle last month. Its sports betting handle last month hit $6.2 million, while MGM’s betting handle was $4.1 million. But while Live! Casino had the highest betting handle, its taxable win was $771,371, while MGM’s taxable win last month hit $804,448.
Horseshoe Baltimore reported $3.3 million in betting handle and $260,979 in taxable win. Ocean Downs Casino’s betting handle last month was $869,585 and the venue reported $105,188 in taxable win. Last but not least, Hollywood Casino saw $1 million in betting handle in July and reported $43,942 in taxable win.