Maryland Retail Sportsbooks Winning Big
The July sports betting numbers are in for the state of Maryland and it was another impressive month for retail sportsbooks. Total sports betting handle fell by nearly 20%, but the state also saw a huge jump in the gross sports betting revenue.
The gross sports betting revenue in July was more than $2 million and it increased by over 54% from the June total. It was a rough month for bettors in the state as the retail sportsbooks posted a hold rate of 13.1%.
The national average for hold rate is right around seven percent, but sportsbooks in July have posted much better numbers than that. Maryland retail sportsbooks have held over 11% since these sites first launched, and that number has been over 10% six times in eight months.
Bringing in more revenue was the biggest reason that Maryland decided to legalize sports betting, and the state has now brought in over $3.2 million in tax revenue. This figure will be a lot higher once online betting is also available, but the casinos are doing some big things in the state.
The $15.4 million in total sports betting handle was the lowest total to date in Maryland, but July is typically a very slow month for this industry.
MGM National Harbor Has Huge July
All of the retail sports betting sites in Maryland had a big month of July, but it was MGM National Harbor that was the most impressive. The sportsbook at MGM National Harbor posted a win rate that was just shy of 20%, and it was the highest mark in the history of the state.
Live! Casino has seen the most action out of any sportsbook in the state as it is now gone over $75 million in total handle since launch. FanDuel powers the retail sportsbook at this casino and it had a win rate of around 13%.
The Horseshoe Casino Baltimore posted a win rate of just 8% for the month of July, but it was the only site that actually saw sports betting handle increase from June. The Barstool Sportsbook at the Hollywood Casino in Perryville won less than 5% from bettors and that hurt the overall total for the state.
Still No Mobile Launch
The Sports Wagering Application Review Commission in Maryland continues to meet monthly, but it doesn’t seem as if any progress is being made towards launching online sports betting. Governor Larry Hogan has urged that group to speed up the process, but a launch does not appear to be close.
Maryland is going to lose out on millions of dollars this Fall if online betting is not offered during the 2022 NFL season. The state continues to see gains when it comes to retail sports betting, but it’s still not a significant amount of revenue.
Maryland could become a large sports betting market when online sportsbooks are officially able to go live.
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