According to a Maryland Gaming Commission report published Monday, online sportsbooks in MD accepted 96.8% of the betting handle while the state collected $3.1 million in taxes from the retail bookmakers.
FanDuel Tops Mobile Operators
FanDuel MD accepted a state-best $241 million in wagers during November. That earned the NYC-based operator $11.6 million in revenue on a 7.8% hold. DraftKings accepted the second-most wagers, followed by BetMGM, ESPN Bet (PENN Gaming), and Caesars rounded out the top five online apps of choice.
Operators failing to generate taxable wins and not responsible for November taxes include Hollywood Casino (PENN Gaming), Longshots (BetFred), Fanatics, and SuperBook.
MGM National Harbor is the Top Retail Destination
The dozen retail sportsbooks reported accepting $11.7 million in Old Line State wagers. MGM National Harbor continues to dominate the retail sports betting scene with $5.7 million in betting handle. They were followed closely by Live! The top five retail sportsbook destinations are Live! Casino (FanDuel) with Horseshoe, Oceans Down Casino, and Hollywood Casino.
Bingo World, Greenmount OTB, Maryland Stadium Sub (Fanatics), and Whitman Gaming failed to generate any taxable wins for November.
Parlays Maryland Bettors’ Market of Choice
Parlays and their ilk were responsible for $200 million of the record $500 million handle. Parlays and other gimmicks, such as Same-Game Parlays and Premade Parlays, earned the bookies $20 million in taxable wins. That’s substantial, considering the 13 online and 12 retail books were taxed on a $21 million taxable win.
Pro basketball was the most wagered sport during November, followed by Pro Football, NCAA Basketball, NCAAF Football, and Pro Tennis round out the top five most wagered sports.
Promotional Spending
Promotional spending increased from a month ago and likely accounts for the historic handle. The 13 online sportsbook operators spent $26.8 million acquiring new business. The $26.5 million in spending was far above the $19 million the bookies spent in October.
ESPN Bet fueled most of that fire. They doled out a state-high $13 million in promotional freebies and far more than the $142,322.44 spent by PENN Gaming and Barstool Sports during October.
Blueprint for Maryland Future Fund
Finally, the state of Maryland was the big winner. The bookmakers paid $3.1 million in taxes during November. Thus far, the bookmakers have paid $46.3 million towards the Blueprint for Maryland’s Future Fund, with $2.7 million of this going to the Maryland Problem Gaming Fund.
