Maryland’s sports betting industry sets record contributions in September

Sudhanshu Ranjan October 15, 2024

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Maryland’s sports betting industry sets record contributions in September

Maryland’s sports betting industry reached a new peak in September 2024, contributing $9.4 million in a single month. With the kick-off of the 2024 football season, the state saw its highest-ever monthly contribution from sports betting. This record-breaking revenue highlights the growing impact of sports wagering on the state’s economy and its support for public education programmes.

Record-breaking number for September 2024

September 2024 was a historic month for Maryland’s sports wagering market. The state recorded its highest-ever monthly contribution from sports betting, with a whopping $9.4 million directed towards the blueprint for Maryland’s Future Fund, which supports public education initiatives. This contribution came from a total betting handle of $532.87 million, showcasing the massive scale of sports wagering in the state. To put this in perspective, the $9.4 million contribution nearly tripled the amount recorded in September 2023, which stood at $3.2 million. It also surpassed the previous record of $8.2 million, set in January 2024.

The kick-off of the 2024 football season was the key driver behind Maryland’s record-breaking sports betting numbers. Football remains one of the most popular sports for betting in the United States, and the excitement surrounding the start of the season always brings a surge in wagering activity.

The first quarter of Fiscal Year 2025 (July through September 2024) brought in impressive results for Maryland’s sports wagering programme. The total contribution to the state reached $21.2 million, more than double the $9.1 million contributed during the same period in FY2024. This steady growth reflects the increasing popularity of sports betting and the positive impact it has on public education funding.

Maryland’s sports wagering market overview

Sports wagering in Maryland has undergone a remarkable transformation in recent years. The journey began in December 2021 with the launch of retail sportsbooks, allowing in-person betting at licensed locations.

As of September 2024, Maryland’s sports wagering market comprises 11 mobile platforms and 12 retail locations. This represents a slight decrease from the previous year, but the remaining platforms continue to perform exceptionally well. While the growth of the sports wagering industry is undoubtedly a positive development for the state’s economy and education funding, Maryland Lottery and Gaming Director John Martin has emphasised the importance of responsible gambling.

Martin stated: “We’re encouraged that the sports wagering market continues to generate additional funding to support schools, and at the same time we also encourage everyone to be responsible about their betting. Mobile wagering apps have tools that allow you to set limits on your activity. If you bet, please enjoy it in moderation and leave room to simply have fun watching the games and being a sports fan.”

By promoting responsible gambling practices, Maryland’s regulators aim to ensure that the growth of the sports wagering market does not come at the expense of vulnerable individuals who may be at risk of developing gambling-related issues. Maryland’s sports wagering industry also contributes to the Problem Gambling Fund. Since the programme’s inception, $3.4 million has been directed to the Problem Gambling Fund, sourced from expired prizes.

The future of Maryland’s sports wagering market looks promising. With continued growth expected and new records likely to be set, the industry will continue to play a vital role in supporting public education and responsible gambling initiatives.

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