Maryland Sets New Betting Record in December, DraftKings Dominates Online Market

December saw a significant spike in wagering activity in Maryland, with a total transaction of $559.5 million setting a new record for the state. Compared to the previous high of $550.7 million established in November, this represented a 1.7% rise. Additionally, the trend showed an astounding 17.1% increase over the $478.3 million wagered in December 2022—the first month that internet betting was authorized in the state.

96.7% of all bets, or an astounding $541.7 million, were placed online out of the total. $19.7 million in free promotional wagers were included in the online betting. On the other hand, retail sportsbooks in Maryland received $6.2 million in wagers, along with $32,146 in bonus bets.

Revenue Highlights and Tax Contributions

The taxable win for the state in December was $62.3 million, a significant 49.8% rise over November’s $41.6 million. Even with this increase, it was still 26.7% below the $85.2 million that was reported in December 2022.

With $60.1 million in income, mobile betting was a major contributor, while retail sportsbooks brought in $2.3 million. The monthly income came to $43.2 million after promotional wagers of $19.8 million were deducted. This amount more than twice November’s $21.3 million and saw an incredible 1,389.7% increase from the $2.9 million from the prior year, mostly because many free bets were offered during the first month of internet betting.

In the online market, DraftKings emerged as the leader, securing $10.0 million in taxable win from a total bet volume of $167.1 million. Following closely, BetMGM claimed the second position with $2.3 million from a $35.9 million handle, while Caesars secured third place with $887,749 from a $24.0 million handle.

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Live! Casino Hotel and FanDuel won the retail market, taking home $592,219 in taxable win off a $3.8 million handle. With $482,059 from $5.2 million in bets, MGM National Harbor and BetMGM took second place. Oceans Downs Casino and TwinSpires came in third with $466,632 on a $2.5 million handle.

The entire expenditure for the first half of the fiscal year, which runs through the end of December, was $2.55 billion. The $164.0 million taxable victory went toward the $24.6 million in tax payments.

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