Maryland Betting Hits All-Time High in October
In October 2024, Maryland achieved its highest monthly sports betting handle since its market went live.
Maryland’s October total exceeds the previous handle record of $559.8 million set in December 2023.
LISTEN TO THIS ARTICLE:According to a monthly report by the Maryland Lottery and Gaming, the state's bettors wagered over $593 million in October. The figure showed a 22.8% year-over-year increase from $483.1 million in the same month last year. The total also exceeds the previous handle record of $559.8 million set in December 2023.
Of the total wagered, mobile betting contributed $576.4 million, including $1.66 million of promotional wagers, while retail bets amounted to $16.7 million, including $2,600 in free promo wagers.
During the month, operators paid over $543.5 million in winnings, $526.7 million to mobile bettors, while retail wagers yielded $16.8 million in player prizes.
Following prizes, promotions, and other deductions, operators reported a combined adjusted revenue of $47 million, with $46.6 million coming from mobile and over $366,000 from retail.
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$7M Tax Revenue for Maryland
Maryland charges 15% on adjusted sports betting revenue and, as such, received more than $7 million in tax revenue in October. The contribution marks a 21.3% increase from October 2023's $5.8 million. It also ranks as the third-highest monthly sports betting tax revenue since Maryland launched its sports wagering market in December 2021.
Proceeds from sports wagering go to the Blueprint for Maryland's Future Fund, which supports public education initiatives in the state. From July to October 2024, the first four months of fiscal year 2025, sports wagering contributed $28.3 million to the Blueprint Fund, up 89% from FY2024's $14.9 million.
In August, the total contributions to the state's education fund since the market inception surpassed $100 million.
October is a uniquely busy month on the sports calendar because all of the major pro leagues in the U.S. are in season, along with NCAA football. The Baltimore Ravens and Washington Commanders have both looked like Super Bowl contenders, so there's definitely been extra enthusiasm in the air. We can't say exactly how much that translated into the strong handle we saw in October, but the success of the local teams captures everyone's attention, so it was most likely a factor.
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