The house still comes out ahead, but for gamblers betting on sports in Maryland, there are big payouts.
Maryland Lottery and Gaming reports the state’s eight sports wagering facilities handled $39.7 million in wagers in October, and paid out $34.5 million in winnings.
The first full month for legal sports wagering in Maryland was in January, which saw $32.5 million in wagers.
The October handle minus prizes left Maryland sportsbooks with a hold of $5.3 million, or 13.4% of wagers. Minus promotional play and other amounts, the taxable win was $5.2 million. The sports wagering tax of 15% means the state collected $783,000 in taxes.
Tax revenue collected from Maryland sportsbooks goes to the state’s Blueprint for Maryland’s Future Fund for public education programs.
Since the inception of Maryland’s sports wagering program in December 2021, tax revenue collected for the Blueprint fund totals $5.4 million. Month-by-month sports wagering handle, prizes and holds are posted online.
