Maryland Lottery and Gaming reported favorable growth in handle and sports betting revenue last month amid the state’s first time as a regulated market for the Super Bowl.
The Old Line State posted a total handle of $442.5 million in February 2024, up from $339.4 million for the same month last year. The uptick in handle, which can be attributed to Super Bowl LVIII, generated $43.4 million in gross revenue behind a 9.8% hold. In comparison, revenue in February 2023 closed at $40.2 million with an 11.8% hold.
Maryland saw its 13 retail and online sportsbooks generate $4.2 million in contributions to the state in February 2024, a 50.5% increase year-over-year. The operators, which include BetMGM, DraftKings, and ESPN Bet, reported $13.4 million in promo play for the month.
The Super Bowl boosted Maryland’s handle in February but the state took a step back compared to January’s results. The state’s operators posted a $545 million handle in January 2024 with online sportsbooks generating $527.8 million of the total handle.
Sports betting revenue in January reached $80 million behind a 14.7% hold. The state, which requires sportsbooks to contribute 15% of their taxable wins, collected a record $8.2 million in contributions in January. The contributions from operators are allocated toward the Blueprint for Maryland’s Future Fund, which supports public education.
Change of sports betting rules in Maryland
Earlier this month, the state’s gaming commission ordered all licensed operators to remove college player props from their available betting markets. The move, which resembles a similar decision in Ohio, was made to protect student-athletes from gambling-related harm. Lawmakers in Maryland have even introduced legislation related to the issue.
House Bill 1087 calls for a ban on online gambling on college campuses across the state.
