Super Bowl LVIII brought $442.5million in sports betting revenue to Maryland Lottery and Gaming during its opening spell as a regulated market.
Maryland Reports $442.5m In Revenue From Super Bowl LVIII
Maryland reported a final handle of $442.5m during February 2024, which is an increase from the $339.4m made during this month in 2023.
Super Bowl LVIII played a huge part in this dramatic rise, as the sporting event was said to bring an extra 43.4m in revenue with a 9.8% hold.
Comparatively, February 2023 ended at $40.2m and had a hold of 11.8% – with the Chiefs victory over the 49ers bringing huge growth this time around.
A huge reason for this lies with Maryland’s 13 retail and online sportsbooks, which helped generate a 50.5% increase from last year ($4.2m).
BetMGM, ESPN Bet and DraftKings reportedly accumulated a total of $13.4m through the in promo play during February.
Maryland’s handle may have been amplified by the 58th Super Bowl, however, it regressed from the previous month in January.
Maryland’s various operators revealed a $545m handle, with $527.8m of this coming through the aforementioned online sportsbooks.
The Old Line State must have 15% of their taxable wins through sportsbooks and sports betting revenue sky-rocketed in January – totaling to $80 million with a 14.7% hold.
Parts of this revenue contributes to public education and the operators work alongside the Blueprint for Maryland’s Future Fund.
Maryland have seen a recent change in their sports betting activity, as at the beginning of March, their gaming commission cut out any college player props from their operators.
Those working for stricter gambling laws in Maryland have started to implement a variety of laws and rules to help younger sportsmen with gambling.
Ohio decided to make the same decision, as it should help student-athletes avoid future gambling issues and House Bill 1087 have even asked to ban any online gambling campuses in Maryland.
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