Per the Maryland Lottery and Gaming Agency, sportsbooks combined for an outstanding 25.2% hold on parlay wagers in September. That was enough for $50.3 million in gross sports betting revenue. Maryland’s overall haul between all state operators was $65.4 million. The state’s third-highest total in 34 months of legal wagering. Compared to their figures from September 2023, their $65.4 million was up 43.6%. That was 66.7% higher than their figures in August.
Additionally, the handle was up 20.4% year-over-year to $532.9 million. Maryland’s 12.3% hold in September was the sixth consecutive month they had a hold of 10% or larger. Their win rate in September was the third highest through nine months in the calendar year. Maryland had a record $62.5 million in adjusted gross revenue. Levied taxes redirected $9.4 million to state coffers. Through nine months in 2024, they have $56.9 million in sports betting tax revenue.
What Maryland sportsbooks were the most profitable in September?
There was a major discrepancy between win rates for parlays and single-event wagers in Maryland. The 25.2% hold was from $199.8 million in accepted bets. That was the second-highest win rate in 2024, only trailing 25.7% in June. In September, bettors limited the house to a 4.5% hold and $15.1 million in revenue from single-event wagers. This year, Maryland sportsbooks have a solid 20.9% hold on public parlays.
In September, FanDuel had $32.9 million in gross revenue from a 14.2% win rate and a $231.8 million handle. It was the seventh time they’ve had a handle of over $30 million in Maryland. No other operator in the state has reached $30 million. This was also the seventh consecutive month that FanDuel had a double-digit hold. Their year-over-year revenue is up 65.6%.
DraftKings’ $20.2 million in revenue was their best month since January. They had an 11.5% win rate and $175.9 million worth of wagers. This was DraftKings’ third consecutive month a win rate of 10% or higher. BetMGM had an 11.3% hold in September and claimed $4.4 million in revenue from a $39.4 million handle. The company has a three-month streak of having a double-digit hold. Additionally, they are now over $30 million in gross revenue for the year.
