Maryland Reports $100 million Decrease in Sports Betting Handle From January to February
It was a big drop for the Old Line State after the Maryland Lottery and Gaming Control Commission reported a total of $339.4 million in wagers.
The Old Line State saw a $100 million drop in monthly handle in February compared to January, according to figures released by Maryland Lottery and Gaming Control Commission.
A total of $339.4 million were wagered in legal sports betting during the shortest month of the year. The state reported revenue of $40.2 million with a hold of 11.8%.
With the state’s 15% tax rate on sportsbooks, the combination of retail and betting sites led to $18.6 million in taxable win rate, opening the opportunity for $2.7 million in contributions to the Blueprint for Maryland’s Future Fund, which supports public education programs.
February numbers fell from January’s $441 million handle and $59.6 million revenue figures. In the third full month of legal mobile sports betting, the amount wagered fell below $400 million for the first time.
Mobile continues to climb
Online sports betting handle decreased by $96 million, but the Super Bowl and fewer promotions helped the Old Line State keep a solid hold rate.
Sports betting in Maryland generated $325 million in handle among its eight mobile operators, including $15.8 million in promotional plays provided to bettors from the sportsbooks — nearly $6 million less than January's free plays.
Mobile produced $39.7 million in revenue with a hold of 12.2% and also made up all but $98,000 of those state tax contributions.
FanDuel ruled the online operators with a handle of $157.7 million and a revenue of $23.2 million. Still, it was a 24% drop in wagers but the hold percentage remained high at 14.7%.
DraftKings came in second in February with a $100.5 million handle and revenue topping $10 million, while BetMGM made up $33.2 million in wagers with a profit of $3.4 million.
Betfred, a mobile operator newcomer to Maryland in February, debuted with a handle of $406,000 and an impressive hold of 12.7% to clear $51,600 in revenue.
Retail reeling
MGM National Harbor, a BetMGM brick-and-mortar property, saw its handle fall from $7.3 million in January to $5.6 million in February — but the casino remained Maryland’s retail leader in in-person wagering. The 2.3% hold took a nosedive from the streak of seven consecutive months of being in double digits.
Live! Casino reported a 5.9% hold on $3.4 million in wagers. Horshoe Casino, which is operated by Caesars, had a stronger showing with a 9% hold on about $2.2 million in wagers.
Fanatics, which launched its first Maryland sportsbook at FedEx Field in January, paid out $800,000 on a handle of $659,000 for the only negative hold among the 10 retail outlets in Maryland.
