March Madness was good for Maryland’s coffers.
Revenue and state taxes from sports betting in Maryland were both up nearly 90% in March compared to February, breaking records for both.
March sports betting revenue, or the taxable win, was $35.4 million, up 89.9% from February, according to BetMaryland. March state tax from sports betting was $5.3 million, also up 89.9%.
The total sports handle at Maryland’s 10 retail and eight state-approved mobile sportsbooks was $386 million, the vast majority of it from mobile sports betting apps.
The total included $11.4 million in promotional wagers, or free bets that apps are still aggressively offering to attract gamblers.
“As anticipated, March was a strong month for sports betting. After a sharp drop in February following the close of the NFL season, March Madness betting has brought a sense of recovery to the books,” said BetMaryland Analyst Dru James.
“Given that spring and summer are the off-season of many professional and college sports, March’s numbers may be the highest in a while as betting opportunities become scarcer.”
The months ahead will still top year-ago comparisons. This is the first season that Maryland has had mobile sports betting, which launched in November 2022, available along with retail sportsbooks.
