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Maryland sports betting: $40M bet, $34M won

November 13th, 2022 by WCBC Radio

The house still comes out ahead, but for gamblers betting on sports in Maryland, there are big payouts. Maryland Lottery and Gaming reports the state’s eight sports wagering facilities handled $39.7 million in wagers in October, and paid out $34.5 million in winnings. The first full month for legal sports wagering in Maryland was in January, which saw $32.5 million in wagers. The October handle minus prizes left Maryland sportsbooks with a hold of $5.3 million, or 13.4% of wagers. Minus promotional play and other amounts, the taxable win was $5.2 million. The sports wagering tax of 15% means the state collected $783,000 in taxes