February’s Wins are $25m for Maryland Lottery and Gaming

February’s Wins are $25m for Maryland Lottery and Gaming

Maryland announced its sports betting revenues for the month of February, reporting $25.5 million from five sportsbooks earnings. However, this is a shortfall from January’s earnings at $32.5 million.

The consolation of Maryland’s performance in the shortest month of the year is that it is much ahead of December’s revenues of $16.5 million. In addition, in the last month of 2021, Maryland launched its first live sportsbook in the state and debuted $16.5million in collections across the handles.

Despite the intense bouts of betting, February sluggish returns were due to the start of the 13 Super Bowl LVL. While the expectation was that the revenues would grow many-fold during the competitive championship show, there was an inadequate response to ring in higher revenue for Maryland handles.

Top Casino earnings

The ranking in terms of individual earnings of the five casinos was Live Casino & Hotel, Hanover taking $1.1 million in bets, MGM National Harbor wagering $7.5 million, followed by Horseshoe Casino, Baltimore gaining $3.9 million. Finally, Hollywood Casino brought in $1.9 million, while Ocean Downs casino reported $1.1 million.

Previously in January, Live Casino reported $14.3 million in sports wager, followed by MGM’s $10.5million, Horseshoe with $4.7million, Hollywood with $1.5 million, and Ocean Downs $1.4million earnings.

Taxable Wins

In Maryland, of the sports wagers, 15% is collected as a ‘taxable win.’ This resulted in casinos paying out $24.5 million in February and $955,337 on hold.

For February, the six casinos had a total collection of $163 million in revenue from slots and table games, a 29.1% increase in wins over 2021 earnings.

Issues new wagering licenses

Even as the online sports betting scene picks up, Maryland Lottery and Gaming Control Commission has granted a new sports wagering license to Bingo World, operating in Anne Arundel County. A previous phase of approval has granted licenses to three off-track betting locations, Long Shot’s at Frederick, and Greenmount Station in Hampstead and Riverboat on the Potomac, Virginia.

Sports betting is relatively new to Maryland, starting in December 2021 at the five operational casinos, MGM, Horseshoe and Live Casino, Ocean Downs, and Hollywood.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.