March Madness fuels Maryland's best month in sports betting so far
March was a record month for sports wagering in Maryland, according to new numbers released Monday.
Maryland’s ten retail and eight mobile sportsbooks saw more than $385 million wagered over the course of the month, including free promotional wagers. That led to more than $5.3 million being contributed to the state’s Maryland Future’s Fund, which supports public education programs.
"This is a big deal," said Maryland Lottery and Gaming Director John Martin. "This is our largest month in terms of contribution. It will probably only be threatened by next March."
Maryland mobile sports betting generates millions in revenue: report
A new report shows that Maryland is raking in millions of dollars from its new mobile sports betting business, which is only weeks old.
Martin said the large sums weren’t entirely unexpected given that March Madness is one of the biggest events on the sports betting calendar. However, he said that nearly 96% of the money being wagered with mobile sportsbooks was a surprise.
Officials had previously said they expected mobile wagering to make up only about 80-85% of the market.
Maryland mobile and online sports betting could generate $30 million in first year
The long wait for mobile sports betting in Maryland is over. At a press conference Tuesday in Annapolis, Governor Larry Hogan announced that online and mobile sports betting will launch on the Wednesday before Thanksgiving.
"To see 96% of the handle come through mobile, no, no one here forecasted that," Martin explained. "Maybe, what we’re just seeing is the shift in the profile of the player."
Martin did caution that Marylanders should not expect these types of numbers every month, adding that the sports calendar slows down significantly over the summer.