The Old Line state ranks 16th nationally in sports betting handle since retail wagering became legal in November of 2021. Online sports betting opened on November 23, 2022, and with just a couple of months in, the numbers are less than previously expected.
Fanduel Tops Maryland Online Handle
Once again, FanDuel Maryland topped the Old Line States online handle, taking in $157.7 million in total wagers for January. That was roughly $50 million less than its January total, and they weren’t alone–each of the eight Maryland operators reported taking fewer wagers than one month ago.
Maryland February Top 5 Online Handle
|
Operator |
February Handle |
January Handle |
|---|---|---|
|
Fanduel |
$157.7 million |
$208.8 million |
|
DraftKings |
$100.4 million |
$131.9 million |
|
BetMGM |
$39.1 million |
$40.7 million |
|
Caesars |
$15.9 million |
$19.9 million |
|
Barstool |
$9.8 million |
$12.5 million |
Promotional Play in February
State law allows for promotional play deductions in the first fiscal year, but future years are limited to 20% of the prior year’s taxable win. Still, they do cut into the operators’ net revenue.
The Maryland sportsbooks passed out just under $21 million in January but decreased to $15.8 million in February. Fanduel topped the state with $7.2 million in promotional offers, and the top five in terms of freebies are;
|
Operator |
February Promotions |
|---|---|
|
Fanduel |
$7.2 million |
|
DraftKings |
$4.5 million |
|
BetMGM |
$2.9 million |
|
Caesars |
$479,420.62 |
|
Barstool |
$177,567.13 |
Maryland February Top Five Online Revenue
FanDuel earned more revenue after promotions than the rest of the Old Line State bookmakers.
|
Operator |
February Revenue |
February Hold Percentage |
|---|---|---|
|
Fanduel |
$15.5 million |
14.7% |
|
DraftKings |
$978,737.46 |
10.9 % |
|
BetMGM |
$404,548.24 |
10.7% |
|
Caesars |
$715,754.07 |
7.7% |
|
Barstool |
$299,920.71 |
5.1% |
MGM National Harbor leads Retail Handle
BetMGM took in $5.8 million in February wagers at its MGM National Harbor Casino, down from the $7.3 million wagered in January.
Maryland February Top Five Retail Handle
|
Operator |
February Handle (Millions) |
January Handle (Millions) |
|---|---|---|
|
BetMGM |
$5.1 |
$7.3 |
|
Fanduel |
$3.3 |
$6.05 |
|
Caesars |
$2.1 |
$2.1 |
|
Twinspires |
$1.0 |
$1.2 |
|
Barstool |
$851,945.61 |
$2.1 |
MGM may have taken in the most wagers but Fanduel made the most money from retail sports bettors, taking in nearly $200K in profit during February.
Maryland February Top Five Revenue and Hold Percentage
|
Operator |
February Revenue (Millions) |
February Hold Percentage |
|---|---|---|
|
Fanduel |
$191,127.86 |
5.6% |
|
Caesars |
$191,035.74 |
9% |
|
BetMGM |
$117,127.43 |
2.3% |
|
Twinspires |
$66,328.19 |
6.3% |
|
Barstool |
$19,415.72 |
2.5% |
Reasons for Optimism
The February numbers were less than encouraging, but the Maryland bookmakers and punters have several upcoming sporting events that could raise the numbers in the coming months.
- NCAA Basketball March Madness (March 14-April 3)
- Grapefruit League Baseball (February 25-March 29)
- MLB Opening Day and 2023 Season (March 30-Oct 4)
- NBA Playoffs (April 11-June 18)
- NFL Draft (April 27-29)
- NHL Playoffs (April 15-June 10)
