On May 30, the Maryland Lottery and Gaming Control Agency awarded a mobile sports wagering license to Maryland Stadium Sub, operating under the name Fanatics Sportsbook, following a successful beta testing of its platform.
Fanatics launched its retail sportsbook at FedExField in Landover, the home of the Washington Commanders, earlier this year. This facility was the first within an NFL stadium, boasting 21 self-service betting kiosks.
As part of the final approval process for Maryland sports betting operators, Beta Testing plays a vital role. During this testing period, customers engage in live wagering while the Maryland Lottery and Gaming staff closely monitors the operator’s systems to ensure proper functionality and compliance with regulations. Fanatics passed all the necessary tests and officially live in Maryland.
Stiff competition in the Old Line State
There are currently nine live online sportsbooks in Maryland. During the launch of online sports betting in Maryland on November 23, 2022, seven online sportsbooks went operational. They are Barstool, BetFred, BetMGM, BetRivers, Caesars, DraftKings, and FanDuel. The other two operators, PointsBet and SuperBook, joined the market later. Fanatics was initially approved for launch at the time, but it was not yet ready to go live.
Apart from Fanatics’ Maryland Stadium Sub, there are nine other retail sports betting locations in the Old Line State. They include Bingo World in Brooklyn Park, Greenmount Station in Hampstead, Hollywood Casino in Perryville, Horseshoe Casino in Baltimore, Live! Casino in Hanover, Long Shots in Frederick, MGM National Harbor in Oxon Hill, Ocean Downs Casino in Berlin, and Riverboat on the Potomac in Charles County.
Last month, Fanatics announced plans to purchase PointsBet’s U.S. operations for $150 million. The acquisition will allow Fanatics to expand, particularly in states where PointsBet has market access. This includes New York, the largest online sports betting market.
Fanatics’ launch in Maryland, however, is separate from the PointsBet acquisition. As a result, bettors in the state will have the option to choose between both sportsbooks until PointsBet eventually ceases operations, which is expected in the near future.
Maryland’s sports betting revenue
Fanatics enters the Maryland market following a robust April sports betting performance, albeit a slight decrease of 15 percent month-over-month.
The state’s sportsbooks recorded a betting handle of over $328.4 million, with online sportsbooks accounting for 95.4 percent of the total wagered amount. This number led to approximately $35.6 million in gross revenue. The state collected a monthly gaming revenue of over $76 million and the revenue was generated by Maryland’s six casinos.
Maryland also recorded its second-highest monthly sports betting tax revenue of $3.8 million, which goes to Blueprint for Maryland’s Future Fund, supporting education in the state. However, it dropped from $5.3 million in March, the Maryland betting record.
Despite a slight downturn, the state’s sports betting industry witnessed several noteworthy developments compared to the same period in 2022.
There was a 92.2 percent increase in sportsbook gross revenue and 89.5 percent in taxable revenue. Maryland’s share of sports betting wins increased 89.5 percent as well.
The numbers indicate a strong preference for online betting in the state – a positive momentum for Fanatics. In April 2022, the five land-based sportsbooks collected $26.9 million in bets, while in April 2023, twice the number of books shared $14.9 million in wagers.