The latest revenue report from the Maryland Gaming Commission has revealed that the state’s licensed sportsbooks reported gross revenues of $47.5 million during the month of March.
According to the report, sportsbooks recorded a hold of 12.3% marking the ninth month in a row that the rate was 10% or higher. Since mobile sports betting in Maryland launched in November 2022, the hold rate has been 11.9% or higher.
The report also shows that promotional credits have once again declined and were just short of $11.4 million for the month. This was a drop of 27.9% from the previous month and 84% less than the $71 million paid out in credits during the first full month of mobile sports betting in December 2022. This means that promotional credits for the first quarter of 2023 totaled $49 million.
Sportsbooks reported adjusted revenues of $35.4 million in March. This is the highest figure since sports betting launched in December 2021 and a jump of 89.9% on the previous month. March was also the first month since mobile sports betting launched that adjusted gross revenue was more than 50% of gross revenue.
Maryland Collects Record Sports Betting Tax Revenues During Month of March Maryland Collects Record Sports Betting Tax Revenues During Month of March
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.