Maryland sports betting is about to top $4 billion this year but most of that revenue is coming in from cell phones.
Currently, the Maryland General Assembly awarded 13 physical sportsbook licenses and 12 mobile applications. However, 95% of sports betting in Maryland comes from licensed wagering apps.
With almost all of the revenue coming from online, physical betting locations aren’t making the money they were hoping for. One sportsbook, WynnBet, recently announced it has ceased operations in eight states, including Maryland.
“Obviously it’s a very competitive market and we’re seeing a lot of consolidation and a lot of folks deciding to exit markets,” Kimberly Copp with Taft Gaming agreed.
