June's Maryland sports betting revenue drops to $19.1 million
Buddy, ya asked me to spill the tea on the recent happenings in Maryland's sports betting scene, and boy do we got a story!
The state's lottery and gaming peeps reported a not-so-hot $19.1 million in sports wagering handle for June. Revenue took a nose dive, thanks to the public cleanin' up at MGM National Harbor. While the state's tryin' to speed things up to bring mobile wagering, the retail-only betting for June represented a 17.2% drop from May's $23.1 million wagered, and it was the lowest figure since the games started last December.
Gross gaming revenue plummeted 57.4% to $1.3 million, down from $3.1 million reported for May. The 6.9% June win rate was more than six full percentage points lower than the previous month, and for the first time since February, the five brick-and-mortar sportsbooks put up a single-digit hold percentage.
About $48,000 in deductions were counted, leaving the state eligible to tax $1.25 million in adjusted revenue. Maryland collected $189,323 in taxes for June, with the yearly total now at $2.4 million.
Now, let's take a closer look at the folks makin' bank. MGM National Harbor in Baltimore has been a bit of a rollercoaster since its launch, with four of the seven months endin' with win rates of 11% or higher. But June was a doozy, endin' with a 0.4% win, thanks to the public cleanin' up! MGM managed to sneak out just $19,512 ahead on over $5.3 million in bets.
With limited deductions, adjusted revenue came out to $13,283. Folks, MGM had a loss of $3,811 in adjusted revenue in February, with Super Bowl promotions likely a huge factor. The state doesn't share handle and revenue by sport, so we're missin' out on some juicy details.
MGM also became the second book to surpass $50 million in total handle since launch, joinin' Live! Casino. The FanDuel-powered Live! venue cleared $75 million in overall wagers thanks to June's report, with $8.4 million wagered last month representin' 44% of the state's overall handle. Live! also led the pack with more than $762,000 in gross revenue and climbed over $9 million total in that category.
Ocean Downs, run by TwinSpires, just barely kept its perfect track record of double-digit holds, makin' it seven-for-seven after claimin' $94,654 in gross revenue from $934,312 in bets. The 10.1% win rate was an all-time low and dropped by more than six percentage points compared to May.
Caesars-powered Horseshoe Baltimore moved beyond $25 million in wagers accepted since its debut, and it had a double-digit win rate for the sixth time. It claimed $385,000 in gross revenue from $3.2 million handle, resultin' in a healthy 11.9% hold.
There you have it, buddy! The ins and outs of sports wagerin' in Maryland. Keep an eye on those wagerin' numbers, 'cause they're bound to take some unexpected turns!
In the Maryland sports betting scene, MGM National Harbor experienced a significant drop in win rate in June, earning only a 0.4% win on over $5.3 million in sports wagers, resulting in a loss of $3,811 in adjusted revenue compared to a previous high of 11% or more in four months. However, the FanDuel-powered Live! Casino surpassed $75 million in total sports wagers, accounting for 44% of the state's overall handle for June.
