Maryland Sports Betting Generates $2.8 Million in Tax Revenue

The state’s lottery announced that sports betting produced $2.8 million in tax revenue last month, indicating that Maryland’s sports betting market is thriving. Because of the availability of 10 retail and 10 mobile sportsbooks, the total wagering handle reached an impressive $254.5 million in June. Maryland gamblers have wagered nearly $3 billion on regulated sports betting platforms since the introduction of retail outlets in December 2021 and mobile sports betting in November.

The market was dominated by mobile sportsbooks, which accounted for approximately 96% of all handle in June. Three retail casinos, on the other hand, managed to generate monthly handles of more than $1 million. With a $3.6 million handle, BetMGM at MGM National Harbour led the way, followed by FanDuel at Live! Casino with $2.8 million and Caesars Sportsbook at Horseshoe Casino with $1.4 million.

In June, users wagered an astonishing $108.7 million on FanDuel, making it the most popular mobile sportsbook in Maryland. The sportsbook had a hold percentage of 13.4%, resulting in $14.5 million in total revenue and little under $11 million in taxable wins. FanDuel’s performance resulted in $1.6 million in tax revenue, making it the only operator in Maryland to produce more than $1 million in tax revenue in a single month.

DraftKings reported a monthly handle of $89.7 million and an 8.7% hold percentage. The operator’s gross income was $7.8 million, generating roughly $850,000 in tax revenue. BetMGM had a $20.8 million handle with a 10.8% hold, making $2.2 million in total revenue. Caesars Sportsbook had a monthly handle of $11.9 million but a hold of only 4.9%, generating in $588,740 in gross monthly income.

Barstool Sportsbook reported a $4.8 million monthly volume and a 7.5% hold. BetRivers had a $2.5 million handle, with a hold rate of 7.4%, which was nearly identical to Barstool Sportsbook’s. PointsBet had a $2.4 million monthly handle and a 10.3% hold percentage.

Fanatics Sportsbook, which is now in beta testing in Maryland, reported a monthly handle of $1.6 million, with more than 33% of that coming from promotional play as the sportsbook seeks new clients. In addition to Massachusetts, Ohio, and Tennessee, the beta product is now available. Fanatics Sportsbook provides a retail sportsbook at FedEx Field, home of the Washington Commanders, in Maryland, which generated $264,674 in handle in June.

SuperBook Sports, which debuted its mobile sportsbook in Maryland in April, had the lowest monthly handle of any mobile sportsbook in the state, reaching $442,469. SuperBook Sports also has a retail sports betting lounge at Camden Yards, the Baltimore Orioles’ home stadium.