Big opening week for Maryland online sports betting
Maryland's mobile sports betting came out hot in the first week of operation. The state reported $186.08 million in online sports bets, which resulted in $4,262 in taxes for the state. In total, the total sports bet handle for November was $219.07 million, resulting in a total of $704,728 in state taxes.
Maryland's sports betting tax rate is set at 15%. Promotional bets were made during the first nine days of online sports gambling in Maryland. The amount of promotional bets was $63.8 million. Promo bets are typically provided to customers by sportsbook upon sign up. After the second year, promotional play cannot exceed 20% of the previous year's taxable win. It is important to protect the state's interests and generate revenue for education.
Ten online sports betting operators were given the go-ahead from the MLGCA to launch on Wednesday, Nov. 23. Only seven launched on the date.
FanDuel Sportsbook has the highest handle for the seven live online sports betting operators. DraftKings Sports Book has $69.6 million, BetMGM $15.07 million and Barstool Sportsbooks $5.7 million. Caesars SportsBook has a handle of $3.46 million while Rush Street Interactive (BetRivers) has handle $631,175. Bally Bet and WynnBET are qualified to hold Maryland online sport betting licenses.
