Sports Betting

Maryland Sports Betting Handle Reaches $431M In May

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Maryland Sports Betting Handle Reaches $431M In May

Maryland recorded $431.5 million total in sports betting handle for the month of May, a 34.8% increase year-over-year compared to the $320.2 million total in May 2023. Old Line State operators also combined for an 11.8% hold with winnings totaling $380.4 million.

Maryland retail operators contributed $12.1 million, mobile sportsbooks added $419.4 million

According to Maryland Lottery and Gaming, parlays led the list with state gamblers wagering $140.9 million, with total payouts at $104.6 million for a 25.7% hold.

Of the $431.5 million handle, retail operators contributed $12.1 million (includes $33,496 in free promotional wagers), and mobile sportsbooks added $419.4 million (includes $3,142,850 in free promotional wagers).

However, retail sportsbooks had only $875.2K in adjusted revenue, which led to $131.2K in tax contributions.

Maryland sportsbooks contribute 15% of their taxable wins. Operators generated $6.9 million in contributions to the state last month, up from $4.6 million in May 2023. The state finished the month with a total taxable win of $46.6 million for online and retail wagering.

There are currently 11 online sportsbooks available in Maryland: Betfred, BetMGM, betPARX, BetRivers, Caesars, Crab, DraftKings, ESPN BET, Fanatics, FanDuel, and SuperBook.

FanDuel accepted $195.2 million in wagers in May

FanDuel accepted $195.2 million in wagers in May, generating $4.1 billion in tax revenue for the Old Line State. DraftKings finished second overall with $137.4 million in handle and $1.8 billion in tax contributions.

Since 2022, DraftKings has collected more than $250 million in taxable wins.

No other operator came close. BetMGM rounded out the top three with a $31 million mobile handle in May, which generated $2.9 million in taxable wins.

In May 2023, BetMGM reported a $27.4 million handle and $1.9 million in taxable wins. Last month, the operator reported $0 in promo play.

Caesars Sportsbook reported a $17.5 million handle and ESPN BET saw $16.8 million in wagers as well.

Additionally, sports betting contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs.

During the first 11 months of Fiscal Year 2024 (July 2023 through May 2024), sports wagering has contributed $54.5 million to the Blueprint for Maryland’s Future Fund.