Maryland sports bettors are largely winning

After a little more than two months of legalized sports betting in Maryland, the house isn’t doing as well as you might think.

Maryland Lottery and Gaming reports players wagered $25.5 million at the state’s first five sportsbooks in February. Total winnings paid to players was nearly $24.6 million.

For sportsbooks, the take for casinos was $955,377, or 3.74%. After deducting promotional play costs, the taxable take was $893,710. The sports wagering tax is 15% after that, for an after-tax total of about $759,000.

Those taxes, a total of $134,628, go to the state’s Blueprint for Maryland’s Future Fund, which supports public education programs.

Five of Maryland’s six casinos — MGM National Harbor, Live! Casino, Horseshoe Casino, Ocean Downs Casino and Hollywood Casino — began sportsbook operations in mid-December. Other sportsbooks in Maryland will open in the near future.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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