March was another good month for Maryland-based sportsbooks, with the Maryland Lottery reporting Monday that operators had a double-digit hold and claimed more than $47.5 million in gross sports wagering revenue.
The house had a 12.3% win rate on gross revenue for March, the ninth consecutive month it was 10% or higher. Maryland has had mobile sports wagering for five-plus months since a late November launch, and the hold has been 11.9% or higher each month.
Promotional credits again declined for March, totaling just shy of $11.4 million. That was down 27.9% from February and 84% lower from the peak outlay of $71 million in the first full month of mobile betting in December. Overall, promotional credits totaled $49 million during the first quarter of the year.
Adjusted revenue in March totaled $35.4 million, the highest monthly figure since the Old Line State launched wagering in December 2021 and 89.9% higher versus February’s total of $18.6 million. It also marked the first time since mobile wagering started that adjusted gross revenue was more than 50% of gross revenue. The state earned more than $5.3 million in tax revenue, and the $10.2 million in the first three months of 2023 is nearly $8.9 million ahead of last year’s pace.