Sports fans in Maryland found plenty to wager on in November with sportsbook and mobile app sports betting hitting an all-time high.
Gamblers placed almost $640 million in wagers in November, up 8% from October, and up more than 16% from a year earlier. Of total wagers, $557.5 million was paid out in winnings.
Maryland currently has 11 mobile sports wagering apps and 12 retail sportsbook locations. Mobile apps accounted for roughly 95% of all wagers placed in November.
“The state’s winning streak continued in November, with state coffers coming out on top. Tax revenue reached a record high of $11.798 million, surpassing the previous record by over $2.4 million,” said Chris Ban at BetMaryland.com. “The Baltimore Ravens’ impressive 75% win rate in November significantly boosted Maryland’s betting revenue and tax income. With the playoffs on the horizon, the state is likely to continue reaping the rewards of Ravens’ success.”
Record sports wagering was good for Maryland. The state’s tax revenue reached a record high of $11.8 million, surpassing the previous monthly record by more than $2.4 million.
Sportsbooks and apps are still using promotional wagers to sign up new users.
In November, retail sportsbooks issued $2.65 million in free bats. Mobile apps awarded $1.6 million in promotional wages.
Since sports betting was legalized in Maryland in December 2021, contributions to the state’s Blueprint for Maryland’s Future Fund, which funds education programs, are $128.5 million.