Maryland Gaming: Betting Volume & Win Rate Trends Analysis
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00:00 (upbeat music)
00:03 - So before we get into the numbers with Maryland,
00:05 I would ask you, do you see that around the country here
00:08 or is Maryland different than some others?
00:10 - No, yeah, it's an excellent question, Craig.
00:12 And we do see that drop off start to happen in February.
00:17 You might get a little bit of a boost in March
00:19 with the March Madness,
00:20 but once the college basketball tournaments end
00:24 and then we get into baseball being the main sort
00:28 of offering into the summer, you're right.
00:32 We do see that sort of downward trend
00:36 through the spring and into the summer,
00:40 that kind of seasonality of the sports betting calendar
00:43 certainly starts to creep up here in February
00:47 as the NFL season winds down for sure.
00:49 - And as we close it out, Jim,
00:52 to discuss everything happening in New York,
00:56 I don't know if you wanted to touch on Maryland,
00:57 by the way, before we move on.
00:58 - Oh, yeah, yeah.
00:59 Yeah, so looking at the report for Maryland in February,
01:04 again, tough to kind of glean any concrete sort of trends
01:11 month over month,
01:13 but something that did stick out to me in Maryland
01:16 was just the win rate or the whole percentage
01:20 for sports books there.
01:22 It dipped below 10% for only the third time
01:25 since online sports betting has been available
01:28 since November, 2022 in Maryland.
01:31 And as we've seen in the last couple of months,
01:34 the average hold percentage for sports books
01:39 has kind of ticked up and it's right around that 9%.
01:44 And I recall probably six, eight months ago,
01:48 I think we were saying that the average was
01:50 in that seven or 8% range.
01:52 So still above average in Maryland,
01:57 I'm sure the public having a successful run
02:02 with the Super Bowl, with the Chiefs winning,
02:05 probably played into this figure a little bit as well.
02:10 Overall in 2023, the average win rate for sports books
02:16 is about 11%.
02:19 So, not much to sort of glean from,
02:24 just kind of like a minor blip on the hold radar
02:28 for Maryland sports books, but noteworthy nonetheless,
02:33 just overall betting volume there,
02:35 $442.6 million bet in February.
02:39 That was up 30% from February, 2023.
02:42 And one other thing that we've kind of talked about a bunch
02:44 over the last few weeks, Craig, ESPN bet.
02:47 They had about 5% of that online handle in Maryland,
02:52 one of their lowest shares of market in the online world
02:59 in the states where they're live,
03:03 5% in Maryland, one of their lowest.
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