Maryland Sports Betting Tailing Off
The June sports betting report is out for the state of Maryland, and it was the worst month on record up to this point. While other states are putting up massive numbers every single month, that just hasn’t been the case in the state of Maryland.
Maryland retail sportsbooks posted a total sports betting handle of just $19.1 million in June, and that was down from the $23.1 million that came in during May. A much slower sports calendar played a role, but the lack of online betting is hurting the numbers in Maryland.
Retail sports betting launched in Maryland back in December 2021, and this was the slowest sports betting month. Not only did sportsbooks see much less action in June, but the hold rate was also extremely low.
The total sports betting revenue for the month of June was just $1.3 million, and that was a drop of nearly 60% from the May total. Sportsbooks won just 7% of all wagers, which proved to be a pretty successful and profitable month for sports bettors.
Neighboring states to Maryland are benefitting from the small market in this state as sports bettors are simply crossing state lines in order to make wagers. With Major League Baseball being the only real betting option in July and August, those totals are likely to drop even more.
Live! Casino Leading the Way
Live! Casino and Hotel continues to be the biggest attraction when it comes to retail sports betting, as the total handle at that location was $8.4 million. The hold percentage at Live! Casino was just over nine percent, and that also contributed over $740,000 in revenue.
There are just five retail sportsbooks that offer sports betting in the state, and the numbers are really all over the board. MGM National Harbor was the next biggest sportsbook with a total handle of $5.3 million, but it had a hold rate of less than one percent.
Other retail sportsbooks in Maryland continue to struggle to attract sports bettors as those three combined for just over $5 million in handle. Horseshoe Baltimore won nearly 12% of all wagers, but it just hasn’t attracted enough bettors.
Still No Online Launch Date
Voters in the state of Maryland approved both retail and online sports betting, but lawmakers continue to hold sports betting back. This state could launch online sports betting at any time, but a launch in 2022 doesn’t appear to be likely.
Governor Larry Hogan has been outspoken about the need to expedite the sports betting launch process, but his pleas haven’t worked. The Sports Wagering Application Review Commission is currently holding up the process as it won’t accept applications.
There is a meeting with this group in the middle of July and that could be the time when a more firm timeline for launch is set.