Maryland sports betting dates all the way back to December 2021, when the first retail sportsbooks were able to go live. This gave bettors in the state a chance to make some bets, but most people have been waiting for the launch of online sports betting.
The wait is now over, as there were seven online sportsbooks that went live on November 23. Launching prior to the Thanksgiving weekend was a strategic move by the Maryland Lottery, and it is one that has led to some impressive results.
According to GeoComply, there were over 16.5 million unique transactions recorded at online sportsbooks in Maryland from November 23-27. Other figures have not been announced by the state, but this amount of transactions is going to lead to some business.
There are actually a couple of other online sportsbooks that are not planning to launch until 2023 despite having a license. Seven of the biggest names in the industry are currently available, and they also come with some major promotions and bonuses.
Maryland Competing With Big Markets
When comparing the Maryland sports betting market to some of the other states of a similar size from November 23-27, it is important to remember that states always tend to do better during the first week, and then things cool off.
Maryland posted some massive sports betting numbers to get things kicked off, and the state of Virginia was the next closest to this new sports betting market. Virginia saw over 8 million unique geolocation transactions from November 23-27, but that still doesn’t compare to the new market in Maryland.
The aggressive nature of the sportsbooks in attempting to attract new sports bettors helped jack up the numbers, and Maryland isn’t going to remain this strong forever. Maryland should start to trend in the opposite direction at some point, but football will keep the numbers inflated.
Partnerships Have Been Formed
As soon it was announced that sports betting was legal in the state of Maryland, sports betting operators worked quickly to establish partnerships in the state. Not only were casinos available to apply for a license, but professional sports stadiums were included as well.
Both the Baltimore Ravens and Washington Commanders have the ability to offer retail sports betting in the state of Maryland. The Baltimore Orioles of Major League Baseball also have been given a Class A license.
BetMGM Sportsbook announced a partnership with the Baltimore Ravens, but they also offer retail sports betting at MGM National Harbor. PointsBet Sportsbook has the most interesting sports betting partnership in the state as it reached a deal with the University of Maryland.
This is one of the partnerships that has some people concerned in the state as there is a worry that it could lead to problem gambling.
Projections Are Optimistic
Retail sports betting did not live up to the hype in the state of Maryland, but there is more optimism now that online sports betting is available. The latest projections have Maryland bringing in over $120 million in revenue in 2023, and that does seem like a possibility.
Retail sports betting has been available since December 2021, which means that there have been ten full months of wagering. The total sports betting handle at retail sportsbooks was just over $280 million during that time period.
It will take some time before the first full month of wagering is calculated, but online sports betting could push the handle total to more than that amount in the first 30 days.
