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Despite a decrease in total sports wagering in May compared to April, Maryland saw an increase in revenue from sports wagering. This rise is due to increasing hold percentages and unexpected outcomes in sporting events. While the state’s sports betting business is expanding, there are growing concerns about problem gambling and a lack of dedicated financing for assistance programmes. Nonetheless, sports betting continues to be a reliable source of revenue for Maryland’s public schools.
Maryland witnessed a 20% increase in hold, which is the amount of money that sportsbooks keep after paying out prizes. This occurred despite the fact that bettors wagered 3% less in May than in April. The increase in hold is due to the inherent volatility of sports betting as well as the unexpected success of underdog clubs like as the Florida Panthers and Miami Heat.
Maryland’s ten retail and ten mobile sportsbooks generated $4.6 million in state revenue in May, topping the $3.9 million generated by ten retail and nine mobile sportsbooks in April. Notably, mobile sportsbooks accounted for approximately 95% of total wagers in May. As further licenses are awarded, Maryland’s mobile sports betting sector is projected to grow even more.
As the sports betting market grows, so does the number of people seeking therapy for gambling-related disorders, particularly among younger bettors. The Maryland Centre of Excellence on Problem Gambling offers help via a hotline, but there is no designated financing for problem gambling efforts in the sports betting legislation.
While sportsbooks must deposit unclaimed awards to the state’s problem gambling fund, mobile operators automatically credit bettors’ accounts with winnings. As a result, Maryland’s sportsbooks contributed approximately $212,000 to the problem gambling fund in May, a fraction of the average annual total. Furthermore, 15% of taxable sportsbook winnings are dedicated to the Blueprint for Maryland’s Future, a comprehensive school reform strategy.
Sportsbooks have produced more over $25 million for public schools in Maryland since the program’s inception in December 2021. While this cash pales in contrast to the funds earned by the state’s casinos, which brought in more than $51 million for schools alone in May, it provides a stable financing source. The Lottery and Gaming Control Agency estimates that sports wagering contributed $25 million to $30 million each year.