Maryland Casinos Reap Big in September As they Are Ready to Introduce Sports Betting

Maryland Casinos Reap Big in September As they Are Ready to Introduce Sports Betting

The latest statistics reveal that casinos in Maryland generated revenue worth $165 million in September. MGM National Harbor recorded the highest annual growth and monthly revenue. Three casinos are about to launch sports gambling after the state’s lawmakers legalized it.

Maryland has several commercial casinos. Six leading gaming sites have witnessed a steady increase in revenue in the past few months.

Casinos in the state made a significant profit in august compared to earlier months. Still, they had more growth in September. Today, three Maryland casinos have the green light to start offering sports betting, thus generating more revenue.

The State’s Gaming Market is Steadily Growing

Most casinos in Maryland experienced historical revenue growth in May, and they have maintained this stellar performance since then. The growth trend was alive in August and September. For instance, casinos earned $168 million in august and $165 million in August.

Last month’s data shows that six casinos in Maryland recorded a year-on-year growth of 15.1 percent in September. It significantly boosted the state’s gaming sector, as it was 15.6 percent in 2020.

Even so, when you put this growth into perspective, it might be an insignificant increase. In September 2020, Maryland restricted all its casinos to 50 percent of their capacity.

It is encouraging to discover a positive movement. MGM National Harbor generated $69.5 million in revenue. This was 20.9 percent more than it made in 2020. Live! Casino & Hotel generated $56.5 million and a 14.9 percent year-on-year increase.

Horseshoe Casino was third with $17.5 million in revenue. But, it is 0.5 percent lower than what it was last year.

Ocean Downs Casino made $9.04 million and recorded a 17.4 percent increase. Hollywood Casino was fifth with $7.4 million revenue and 11.1 percent growth, while Rocky Gap was sixth with $5.36 million revenue and a 6.4 percent growth.

Maryland Bettors are Anticipating Sports Betting

Maryland has lagged in sports gambling compared to other American experienced several challenges while trying to assemble its sports gambling market.

The state declared in September that its first sportsbooks are likely to launch before December. It gave three casinos preliminary approval through a legislative committee. The legislatures allowed the casino’s operators to launch sports gambling once they got an extra signoff.

MGM National Harbor, Live! Casino & Hotel, based in Hanover and the Baltimore-based Horseshoe Casino, had applied for sportsbooks licenses. The Maryland Lottery and Gaming Control Commission gave them the go-ahead on Wednesday.

According to Maryland’s new gaming laws, the three casinos are among 17 gambling sites that can operate sportsbooks. Even so, the Sports Wagering Application Review Commission (SWARC) has to vet them first. The review commission oversees all sports gambling operations in the state.

Gaming experts speculate that the casinos are now finalizing their sports betting preparations as they hope to launch them soon. Reports state that the SWARC is likely to assemble on October 14, and it might sign off several gambling applications. Thus, Maryland will have its first legal sports betting sites in a few weeks, and renowned casinos might attract thousands of bettors.

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