The Maryland casino market is experiencing a slowdown in revenue in July. According to the latest report from the Maryland Lottery and Gaming, revenue is better month-on-month. However, year-on-year figures are the opposite. When learning how to become a bookie, its important to know the importance of both indicators in a gambling market.
Month-over-month data covers a shorter time period. Thus, this becomes more susceptible to changes brought about by the season, the weather, events, and other factors. For instance, a particularly bad winter season could mean lower activity and revenue for retail or land-based casinos and sportsbooks.
Year-over-year data, however, gives you a larger time period covered. The circumstances are largely similar- same weather, calendar, and more. But with a year between the two data references can show growth or a decline. If the numbers continue to improve every year, then you have significant growth. If you have upward and downward trends every other year, then you have a market that is either plateauing, or experiencing a fluke.
Maryland Casino Market in July
For Maryland, casino gaming is limited to brick-and-mortar casinos. Revenue for casino gaming this July is $169.8 million. This is around $7 million more than June’s $162.9 million. A lot of factors could contribute to this. The summer weather could be driving people to cool down and have fun in casinos. Or the Fourth of July festivities could have helped boost revenue as well.
However, this is 2.5% lower than that of July 2023’s revenue of $174.3 million. The decrease is minimal though, and is not a cause of concern for most operators in the state. The state currently has six commercial casinos throughout Maryland. They all offer table games and video lottery terminals or VLTs.
Revenue from VLTs are at $116.46 million, while table game revenue is $53.36 million. If you want to run an online sportsbook and casino operation, you can check this sportsbook pay per head review. This will be helpful as you can find software that will also check your operation’s analytics. Find out which games and sports generate the highest revenue, and so on.
Possible Online Gambling in Maryland
Many have often wondered if the Maryland casino market will ever expand to offer online casino gaming. This concept is very promising. The state can easily double their revenue by adding online casinos in Maryland. Sen. Ron Watson has recently proposed an online casino bill. According to studies, the state could earn $300 million in tax revenue each year from iGaming.
However, Cordish Cos., the developer behind the Maryland Live!Casino campaigned against it. They got the help of a couple of labor unions for this effort. They claimed that online casino gaming will harm retail casinos and affect employment and revenue in these venues.
This has caused the bill to not gain any traction. It also means that operators and the state are losing out on millions in revenue each month.
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