Maryland Begins New Fiscal Year With 11.5% Hold From Sports Betting
The feat prolonged a streak of 13 consecutive months in double digits.
Legal sports betting operators in the Old Line State kicked off a new fiscal year in July with another strong showing against bettors.
The 11 online sportsbooks and 10 brick-and-mortar locations combined to report a handle of $247.4 million — which is down a slight 2.8% from the previous month — according to figures released by Maryland Lottery and Gaming. Gross gaming revenue was also down 3.8% to $28.1 million, but an 11.5% hold kept a streak of 13 months in double digits going in Maryland.
After promotions and other amounts, operators cleared $22.08 million in taxable revenue. The state hauled in $3.3 million in taxes to help the Blueprint for Maryland’s Future Fund go over $30 million since its inception in December of 2021.
Retail drew a healthy win rate of 15.9% on $9.9 million in wagers to eclipse $1.5 million in revenue, while online betting sites made up 96% of the overall handle. The $237.5 million in wagers turned into $26.5 million in revenue for July.
FanDuel outpaces DraftKings
FanDuel saw its handle drop 32% month-over-month with wagers totaling $99.6 million, but it still led Maryland sports betting in July. The online sportsbook giant produced a 13.8% hold for $11 million in revenue.
Meanwhile, DraftKings came in second in handle at $92.1 million, but the significantly lower 9.2% hold created $6.7 million in revenue (down 14% from June).
BetMGM was the only other online operator with over $20 million in wagers accepted. Its handle of $23 million handle supplied $1.6 million in revenue. Caesars finished fourth in the Old Line State with a handle of $10.8 million and revenue of $764,834, which was up 30% month-over-month.
Join the club
Crab Sports became the 11th online operator in Maryland in July, and the newcomer brought in a handle of $281,592 in its first month. Crab Sports enjoyed a nice 12.8% hold, but it didn’t draw any revenue as it gave out over $38,000 in promotional plays.
Bouncing back
Bettors got the best of retail sportsbook MGM National Harbor in June as the operator recorded a 3.7% win rate, but the tables turned in July. MGM National Harbor used a 19.6% hold to turn a profit of $680,121, up 457% month-over-month on a handle of $3.5 million.
Six brick-and-mortar shops produced holds of 17% or more while five in total drew six-figure revenues. Horseshoe Casino’s 21.5% hold brought in $245,313 in profits on a handle of $1.18 million.
