Maryland’s All-Time Sports Betting Handle Surpasses $3 Billion

Sports betting generated $2.8 million worth of tax revenue in Maryland last month, according to data

Total wagering handle generated by the 10 retail and 10 mobile sportsbooks available in the state totaled $254.5 million in June. Maryland bettors have now wagered more than $3 billion on legal sports betting platforms since retail establishments launched sports betting platforms in December 2021 and mobile sports betting went live last November. 

Mobile sportsbooks accounted for nearly 96% of June’s handle, although three retail casinos did generate monthly handles of more than $1 million. MGM National Harbor (BetMGM) paced the state’s retail casinos with a handle of $3.6 million, trailed by Live! Casino (FanDuel, $2.8 million) and Horseshoe Casino (Caesars Sportsbook, $1.4 million). 

While Horseshoe Casino’s sportsbook was one of three posting a handle over $1 million, it was the lone retail sportsbook with a negative hold percentage (-0.1%) in June, as bettors visiting the establishment had a successful month.

FanDuel dominates mobile market

FanDuel has proven to be the most popular mobile sportsbook in Maryland, and customers wagered $108.7 million on the platform in June. FanDuel boasted a hold percentage of 13.4%, leading to gross revenue of $14.5 million and a taxable win of just under $11 million. The sportsbook operator created $1.6 million in tax revenue, making it the only Maryland operator to surpass $1 million in tax revenue generated in June. 

DraftKings reported a monthly handle of $89.7 million, and the operator’s monthly hold percentage was 8.7%. The operator posted gross revenue of $7.8 million, resulting in about $850,000 worth of tax revenue. 

BetMGM had a $20.8 million monthly handle, with a hold of 10.8% leading to gross revenue of $2.2 million. Caesars Sportsbook had a monthly handle of $11.9 million, but the operator only had a hold of 4.9% and gross monthly revenue of $588,740. 

Barstool Sportsbook reported a monthly handle of $4.8 million and a 7.5% hold. BetRivers’ monthly handle was $2.5 million, and its hold nearly matched Barstool Sportsbook’s at 7.4%. PointsBet had a monthly handle of $2.4 million and a hold of 10.3%. 

Newcomers try to generate customer interest

Fanatics Sportsbook, which is still in a beta-testing capacity in the state, reported a monthly handle of $1.6 million. Over 33% of that came via promotional play, as the sportsbook tries to add new customers. Fanatics Sportsbook’s beta product is also available in Massachusetts, Ohio, and Tennessee. 

The operator’s Maryland presence includes a retail sportsbook at FedEx Field, home of the Washington Commanders. That location generated a modest $264,674 in handle in June, although it’s yet to be open during an NFL regular season. 

SuperBook Sports, which launched its mobile sportsbook in Maryland in April, generated the smallest monthly handle ($442,469) of the state’s 10 mobile sportsbooks. SuperBook Sports has a retail sports betting lounge at Camden Yards, home of the Baltimore Orioles.