Around Maryland, Business, Education, Entertainment, Sci-Tech, Sports

Sports wagering contributes nearly $7 million to State of Maryland during May

Do you value local journalism? Support NottinghamMD.com today.

BALTIMORE, MD—Maryland’s sports wagering market generated $6,991,225 in contributions to the state from a handle of $431,528,137 during May 2024. Sports wagering contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs.

The $6.9 million contribution to the state in May 2024 was the second-best single-month total and represented a 50.3% increase from the $4.6 million figure in May 2023. The $431.5 million in handle was an increase of 34.8% compared to the $320.2 million total in May 2023.

Sports wagering data is tracked and reported based on the State of Maryland’s fiscal year, which runs from July 1 through June 30. During the first 11 months of Fiscal Year 2024 (July 2023 through May 2024), sports wagering has contributed $54,582,952 to the Blueprint for Maryland’s Future Fund.

A detailed summary of the May 2024 results for each sportsbook, including handle, hold percentage, prizes paid, promotional play, taxable win, and contribution to the state, along with a summary of statewide handle and hold by sport is included in the attached chart and available for download at mdgaming.com.

Here are the statewide totals for May 2024:

Handle (Amount players wagered, including free promotional wagers)

  • Retail: $12,039,657 (includes $33,496 in free promotional wagers)
  • Mobile: $419,488,480 (includes $3,142,850 in free promotional wagers)
  • Combined: $431,528,137

Prizes (Winnings paid to players)

  • Retail: $10,890,906
  • Mobile: $369,572,100
  • Combined: $380,463,006

Hold (Handle less prizes paid)

  • Retail: $1,148,751 (9.5%)
  • Mobile: $49,916,380 (11.9%)
  • Combined: $51,065,131 (11.8%)

Taxable Win (Amount remaining after deducting prizes, promotional wagers and other amounts)

  • Retail: $875,290
  • Mobile: $45,733,074
  • Combined: $46,608,364

Sports Wagering Tax (15% of the Taxable Win)

  • Retail: $131,294
  • Mobile: $6,859,961
  • Combined: $6,991,255

Since the inception of Maryland’s sports wagering program in December 2021:

  • Cumulative contribution to the Blueprint for Maryland’s Future Fund: $82,724,657
  • Cumulative expired prizes contributed to the Problem Gambling Fund: $3,137,431

Photo via Chris Montcalmo Photography

Please follow and like us: