Sports Betting

Maryland Sports Betting Handle Increases 48% Year-Over-Year

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Maryland Sports Betting Handle Increases 48% Year-Over-Year Apps

Maryland gamblers wagered $486.3 million with sports betting apps and retail operators in April 2024, an astonishing 48.1% year-over-year increase from the $328.4 million spent in April 2023.

Maryland gamblers wagered $486.3 million, 9.3% decrease from March during the NCAA’s March Madness

However, this figure is also almost a $50 million or 9.3% month-over-month decrease from the $536.7 million wagered in March during the NCAA’s March Madness tournament.

According to the Maryland State Lottery and Gaming Control Agency, about 98% of the state’s sports betting handle in April came from mobile sports betting sites. Roughly $11.3 million came from retail, brick-and-mortar facilities in the Old Line State.

April’s handle carried the Maryland sports betting industry past $2 billion this year. It was also the eighth time that the state’s monthly handle exceeded $400 million.

State operators paid out $5.7 million in taxes from the $37.9 million in adjusted gross revenues. This brings the year-to-date tax contribution total to $23 million, almost $9 million ahead of the pace set for the first four months of 2023.

Because of a 10.4% win rate, Maryland sportsbooks were able to generate $50.4 million in gross sports betting revenues in April. That simplifies to 10.6% from Maryland sports betting apps and 2.6% for retail.

Of course, the figure is a 41.5% year-over-year jump from the $35.6 million in April 2023. Plus, it is a $5.2 million month-over-month increase from the $45.1 million in March.

Old Line State sports betting apps, retail providers collected a combined $500 million in April

Maryland sports betting apps and retail providers combined to take in almost $500 million for the month, according to the Maryland Lottery and Gaming April report.

Although the half-a-billion-dollar figure seems to be a step in the right direction, it is actually the second time in three months that licensed sportsbooks in the Free State have failed to surpass the $500 million mark.

In April, FanDuel Maryland was the month’s top-producing sports betting site in the state. It accounted for more than 80% of the promotional bonuses, 60% of the overall revenue for state operators, and nearly 47% of the month’s handle.

FanDuel Maryland contributed $211 million of the overall $474 million mobile sports wagering handle. That’s 46% overall. The sportsbook collected $30.8 million in winnings because of a reported 14% hold.

DraftKings Maryland finished second with a $141.7 million handle in April and $12.1 million in revenue.

Next, ESPN BET Maryland was third with $35.6 million in wagered bets. Though, the sportsbook saw $900K in revenue due to a 2.5% hold.

BetMGM Maryland placed fourth with $34.4 million in accepted bets in April and $3.6 million in revenue.