Sports betting in Maryland reaches unprecedented levels in November

Maryland sports betting market It reached unprecedented heights in November 2023, recording a combined handle of $550,716,329 From 13 retail stores and 12 mobile sports stores. This number represents a significant increase from the December 2022 amount of $497,121,656 and contributes significantly to the state’s education funding totaling $3,199,529.

Mobile betting dominates November betting in Maryland

The lion’s share of November’s handle attributed to Mobile betting, making up an overwhelming 96.8% ($533,276,787). Mobile dominance not only fueled industry growth, but also contributed $3,052,509 to the state, eclipsing the $147,020 from retail sportsbooks. The resulting funds are directed toward the Maryland Future Fund scheme, which supports public education programs, reflecting a commitment to enhancing educational initiatives.

Statistics for November confirm a A clear preference for mobile betting Among Marylanders, consistent with the broader trend of digital transformation across industries. Handle circulation, including free promotional bets, was $17,439,542 at retail and $533,276,787 for mobile platforms.

Prizes paid to players are known as “Contract” It was great. Retail sportsbooks spent $16,307,928, while mobile platforms paid a staggering $492,779,418.

Combined fistwhich was calculated as the handle without prizes paid, amounted to $41,628,982, with retail contributing 6.5% and mobile contributing 7.6%.

Maryland’s thriving sports betting industry increases tax revenue and expands the market

Sports betting tax, which is calculated as 15% of taxable profit, increases industry growth. Retail sports betting books generated $147,020 in taxes, while mobile platforms contributed a whopping $3,052,509, bringing the total to $3,199,529 for the state.

Since the inception of Maryland’s sports betting program in December 2021, it has Cumulative contribution The Maryland Future Fund has reached a staggering $46,253,210.

In addition, expired awards totaling $2,708,307 have been allocated to the Problem Gambling Fund, to address concerns about gambling addiction.

Maryland’s sports betting marketplace initially launched with five retail locations in December 2021 and expanded to seven mobile sportsbooks by November 2022.

From November 2023The state is proud 13 retail locations And 12 mobile operatorsWith further expansions expected in the near future. This growth trajectory indicates a strong and expanding market, poised to make significant contributions to the state’s economy and public welfare programs.

A notable addition to the Maryland online betting market has been ESPN Bet. Pennsylvania EntertainmentThe newly rebranded sports gambling app launched on November 14 in 17 US states, including Maryland. The operator made a big impact on the state’s records in November with an impressive haul of $33,309,326 and a massive promotional spend of $13,023,420.