May27
Maryland's Sports Betting Market Surges with $480 Million Revenue in April
May 13, 2024 Marija D
Maryland’s sports betting market has once again outdone itself, experiencing a remarkable surge in income during April. The numbers are staggering, with over $480 million generated, marking a substantial 48.1% increase compared to the previous year. This surge showcases the growing popularity and success of sports betting in the state.
Mobile Dominance and Revenue Breakdown
The mobile segment continues to dominate, ing for a significant portion of the total handle at around 98%. Retail sports betting also contributed with $11.3 million in handle. The state recorded a hold of 10.4%, paying out $435.9 million in prizes, with promo play contributing $11.1 million.
The year-to-date performance is equally impressive, with Maryland’s sportsbooks nearly doubling their handle compared to the same period last year, reaching $4.6 billion. Prize payouts also doubled, reaching $4.1 billion by April 2024. Despite a slight decrease in handle percentage, the state saw a significant increase in contributions, totaling $47.6 million.
While sports betting flourished, the overall casino performance in Maryland witnessed a slight decline in April 2024 compared to the previous year. The six casinos collectively generated $163.2 million in revenue from slots and table games, marking a 6.6% decrease. Casino gaming contributions to the state also experienced a 3.6% decline to $69.8 million.
Analyzing Key Venue Performance
Delving into individual venue performance, MGM National Harbor, Maryland’s largest casino, faced a 9.8% drop in gaming revenue to $68.1 million. Live! Casino & Hotel, the second-largest property, also saw a 1.9% decline to $60.9 million in gaming revenue. These figures shed light on the dynamic nature of the casino industry, with fluctuations seen across different establishments.
The surge in sports betting revenue highlights the potential of this sector in Maryland’s gaming landscape. It signifies a shift in consumer preferences and emphasizes the importance of adapting to changing market trends. While challenges exist, such as the slight dip in overall casino revenue, the resilience and growth in sports betting present opportunities for further innovation and development in the state’s gaming industry.
Maryland’s iGaming and betting market is witnessing significant growth and development. With the legalization of sports betting in 2021, the state has seen a surge in online gambling activities. The introduction of online casinos and sportsbooks has expanded options for players, leading to increased revenue streams for operators. Maryland’s market is competitive, with several prominent brands entering the scene to capture a share of the growing demand. The state’s strategic location and large population make it a lucrative market for iGaming operators. Regulatory frameworks continue to evolve to ensure responsible gaming practices and maintain market integrity.
Source:
”Maryland sports handle up almost 50% in April”, igamingbusiness.com, May 10, 2024.
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The growth in Maryland’s sports betting market is impressive and reflects the increasing popularity of sports wagering in the state. It’ll be interesting to see how this trend continues and its impact on the overall gambling industry in Maryland.