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Maryland's first nine days of mobile wagering totals $186 million12 December 2022(PRESS RELEASE) -- With the launch of seven mobile platforms and a new retail location, Maryland’s combined mobile and retail sports wagering handle during November 2022 totaled $219,071,374, and sportsbooks generated $704,728 for the state. Each sports wagering licensee contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs. Maryland’s first seven mobile sportsbooks held eight hours of controlled demonstration wagering on 21 November, and launched at 9 a.m. on 23 November. In nine days of operations during November, mobile sports wagering handle was $186,084,496. That amount included $63,835,319 in free promotional play, which is provided to customers by sportsbooks and is deducted from the taxable win. As a result, mobile wagering accounted for $4,262 in contributions to the state in its first nine days. “We expect mobile sportsbook operators to continue to offer a lot of promotional wagers in the coming months as they venture into a new market and work to attract customers,” said Maryland Lottery and Gaming Director John Martin. “There was tremendous pent-up demand, and a lot of people are utilizing promotional offers from multiple operators simultaneously. But as many of the operators have acknowledged, this level of promotional play is not sustainable, and based on our regulations, it will be curtailed over time.” Maryland’s sports wagering regulations do not limit the amount of a sportsbook’s promotional play in its first full fiscal year of operation. However, after the first full fiscal year, regulations require that a sportsbook’s promotional play amount may not exceed 20% of its taxable win from the prior year. “Deducting promotional play obviously has an impact on the bottom line, and that’s why we have a cap that takes effect after each operator’s first full fiscal year,” Martin said. “It protects the state’s interests and ensures that sports wagering will generate revenue for education, as intended. By awarding large amounts of promotional play in their first fiscal year, the sportsbooks’ promo play amounts will be limited in their second year.” Maryland had nine retail sportsbook facilities and seven mobile sportsbooks operating during November 2022. The ninth retail location, Long Shot’s in Frederick, opened on 18 November. A detailed breakdown of each sportsbook, including handle, hold percentage, prizes paid, promotional play, taxable win, and contribution to the state, is included in the attached chart and available for download at mdgaming.com. Here are the statewide sports wagering totals for November 2022: Handle (Amount players wagered, including promotional wagers provided to players by sportsbooks)
Maryland's first nine days of mobile wagering totals $186 million
is republished from Online.CasinoCity.com.
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