Most who are into online gambling are well aware that sports betting activity in the US is now increasing. There are two main reasons: a busier sports calendar, and a growing betting market. The first, we are heading into football season, which is the busiest sport in the business. As for the second, we have been seeing consistent growth in betting markets, from both operators and sports bettors. Let’s take a look at one such market as Maryland sports betting increases in August.
Many PayPerHead bookies have been getting more wagers in August. Most of the credit still goes to the Major League Baseball (MLB). But with football season starting in the end of August for college football and September for the National Football League (NFL), the increase in activity is expected. For Maryland, the total monthly betting handle is at $18.7 million.
Maryland Sports Betting Increases in August
Maryland sports betting increases in August by $3.6 million from July’s $15.5 million handle. This month’s handle also breaks the four-month streak of a declining handle month-on-month. The total revenue for sports betting in Maryland is at $3.2 million, with a win rate of 17.3%. Last July, the revenue was $2 million, with a 13.1% hold. There are more operators opening their doors, so we will be expecting more action in the state as residents will have more options.
Which, of course, is quite needed considering online sports betting is still not available in the state. Maryland’s Lottery and Gaming Commission only recently opened the application window for online sportsbook operators to apply. Given how profitable it is to be a pay per head bookie, offering online wagering is practical and very lucrative.
Maryland has an allocation of 60 licenses for online sportsbooks. Should the state start allowing online sports betting, we may see the numbers double, or even triple what we are seeing now. Many in the industry are hoping that residents will be able to place wagers online during the Super Bowl, or even better, in the beginning of winter.