In the latest gambling news, we are taking a look at the important numbers in the industry. While we are seeing a boost in gambling revenue in Colombia, we are looking at a more local market. The state reports a new record in sports betting in Maryland. They also set the second highest betting handle in history. The highest handle the state has seen is $497 million back in December 2022. But for sportsbooks in Maryland this October, they took in $483.1 million in handle.
This translates to $5.8 million in sports betting tax revenue for the state, the highest revenue the state has seen since sports betting launched back in 2021. Out of the total tax revenue, $5.5 million come from online sportsbooks. Given how popular and accessible online wagering is, more and more people are looking at online sportsbooks as a business. And this cost effective pay per head solutions provider can help bookies go live online.
A New Record in Sports Betting in Maryland
The credit to the increase in betting activity in the state is mostly due to football. People love betting on football, for both college football and the NFL. And every year, the numbers in sports betting increase as soon as the seasons for these leagues start. If you are using a good sportsbook pay per head service to manage your bookie business, then you can also easily track the activity of your sportsbook overtime.
There are a lot of reasons why there would be an increase in activity in sportsbooks. For Maryland, October was a particularly busy month for sportsbooks. First, you have football season for both college and NFL betting. The Baltimore Ravens are enjoying a particularly good start to their season. October is also unique because you have not just football, but baseball and the start of hockey and basketball season. This happens only during this month.
With the MLB playoffs and the World Series, the launch of college sports, plus football, basketball and hockey games all happening in a month, players have had a lot of options available to them. This can help increase the handle. And with a generous hold percentage of 12.1%, that means sportsbooks also have a good margin for revenue.
