November’s total marks the highest sports betting handle in state history surpassing the previous record set in December 2022 when sportsbooks took in over $497.1 million in wagers. This brings the year-to-date sports betting handle to just over $4 billion while the all-time total is now just over $5 billion.
According to the report, sportsbooks recorded a hold of 7.6%. However, following the deductions of promotions, the adjusted win rate was just 3.87%, down from the 8% reported in October.
Despite taking in a record amount in wagers, sportsbooks reported initial combined revenues of $41.6 million, down significantly on the $58.7 million reported in the previous month but up by 35.9% year-on-year. Adjusted revenues for the month came to $21.3 million, down by 39.5% compared to November 2022.
Of the $550.7 million wagered on sports, $533.2 million was wagered through mobile sports betting apps. As a result, online sports betting accounted for 96.8% of all sports wagers throughout the month.
During November the state collected $3.1 million in tax revenues. This brings the year-to-date total for sports betting in Maryland to $39.6 million while the all-time total now sits at $46.2 million.
At the end of November 2023, there were 13 retail sportsbooks and 12 mobile sports betting operators active in the state.
Historical Sports Handle, Revenues & Taxes in Maryland
| Period | Total Handle | Mobile Handle | Sportsbook Revenue | Win % | Adjusted Sportsbook Revenue | Adjusted Win % | State Taxes |
|---|---|---|---|---|---|---|---|
| Jan 2023 | $441,481,779 | $422,657,954 | $59,601,405 | 13.50% | $14,097,423 | 3.19% | $2,114,613 |
| Feb 2023 | $339,421,456 | $325,078,708 | $40,214,645 | 11.85% | $18,645,869 | 5.49% | $2,796,880 |
| Mar 2023 | $385,967,195 | $370,290,622 | $47,548,313 | 12.32% | $35,400,380 | 9.17% | $5,310,057 |
| Apr 2023 | $328,454,397 | $313,472,676 | $35,644,586 | 10.85% | $25,764,571 | 7.84% | $3,864,686 |
| May 2023 | $320,199,671 | $305,063,591 | $42,742,217 | 13.35% | $31,004,743 | Maryland Sports Betting Sets New All-Time Wagering Record in November$4,650,711 | |
| Jun 2023 | Maryland Sports Betting Sets New All-Time Wagering Record in November$243,817,173 | $27,077,118 | 10.64% | $18,900,337 | 7.43% | $2,835,051 | |
| Jul 2023 | $247,412,348 | $237,525,908 | $28,114,521 | 11.36% | $22,084,219 | 8.93% | $3,312,633 |
| Aug 2023 | $263,729,559 | $250,360,244 | $24,900,637 | 9.44% | $17,037,804 | 6.46% | $2,555,671 |
| Sep 2023 | $442,450,666 | $420,957,789 | $45,575,924 | 10.30% | $21,542,849 | 4.87% | $3,231,427 |
| Oct 2023 | $483,147,391 | $463,502,423 | $58,701,910 | 12.10% | $38,748,301 | 8.01% | $5,812,245 |
| Nov 2023 | $550,716,329 | $533,276,787 | $41,628,982 | 7.60% | $21,330,194 | 3.87% | $3,199,529 |
| Totals | $4,057,457,581 | $3,886,003,875 | $451,750,258 | 11.21% | $264,556,690 | 6.81% | $39,683,503 |
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.