February was a big month for legalized sports wagering in Maryland, with $442.6 million, 30.4% more than a year ago, and the majority of wagers taken in were paid out in prizes.
Of February’s total, $4.2 million goes to the state’s Blueprint for Maryland’s Future Fund, which supports public school programs. The state’s monthly take in February was almost 51% more than a year ago.
During the first eight months of Maryland’s fiscal year, it has collected $37.1 million. The sports wagering tax in Maryland is 15% of the taxable win, or what remains after sportsbooks and apps pay prizes, promotional wagers and other amounts.
The vast majority of sports betting in Maryland is through apps. The 12 mobile sportsbooks accounted for $428.4 million of February’s total. The state’s 13 retail locations had $14.2 million in handle.
The mobile sports wagering total includes $13.4 million in free promotional wages.
Of the combined $442.6 million in handle in February, $399.1 million was paid out in winnings.
Since sports wagering was legalized in Maryland in December 2021, the cumulative total contribution to the Blueprint for Maryland’s Future Fund is $65.2 million. Another $2.9 million has been collected from expired prizes, with that money going to the Problem Gambling Fund.
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