HomeMaryland Sports Betting NewsMaryland Residents Wager More than $260 Million During August

Maryland Residents Wager More than $260 Million During August

A Maryland Lottery and Gaming Commission report published Monday states that Maryland residents wagered $263.7 million on sporting events during August.

Image: IMAGO / ZUMA Wire

The $263.7 million is a slight rise from the $247.4 million in betting handle reported in July, but it’s also the fourth lowest handle since online betting apps in Maryland became legal in November 2022.

The 12 mobile and brick-and-mortar shops reported a 9.4% win rate while paying $2.5 million in taxes to the Old Line State coffers.

Old Line State residents have staked over $3.5 billion in bets since the 12 Maryland sportsbooks began accepting legal wagers in December 2021.

FanDuel Tops Mobile Operators

FanDuel Sportsbook and partner Live! Casino led the state’s 12 mobile operators during August, reporting $104.4 million in betting handle. The state’s top mobile operator generated $9.6 million in revenue and paid $1.7 million in taxes from their August revenue.

DraftKings Sportsbook Maryland was runner-up for the state’s top monthly honors, accepting $91.9 million in wagers. This earned $4.4 million in revenue, and the state of Maryland charged DraftKings $664,635.21 in taxes.

BetMGM Sportsbook handled $20.2 million in August wagers and holds third place among the 12 mobile operators. The Las Vegas-based company reported $1.1 million in revenue and paid out $177,627.36 in taxes.

Caesars Sportsbook Maryland held down the fourth spot, accepting $14.1 million in bets. The famed hotelier and gaming operator reported August earnings of $541,491.70, of which the state collected $81,223.75 in taxes.

Fanatics Sportsbook rounds out the state’s top five, accepting $6.6 million in wagers from Old Line State gamblers. Fanatics didn’t generate any revenue for August, nor were they responsible for any tax dollars to the state, but it’s good to see a new betting company begin well.

MGM National Harbor Sets Retail Standard

MGM National Harbor continues to lead the 12 retail sportsbook locations, handling $5.8 million in wagers. MGM National Harbor’s customers won more than they wagered in August for a -2.3% hold rate, meaning the Old Line State received nothing in taxes from this property during August.

Live! Casino and partner FanDuel were the only brick-and-mortar betting shops to accept more than $1 million in wagers. This generated $364,413.16 in revenue, with the state getting $76,400.47 in much-needed tax dollars.

Blueprint for Maryland’s Future Fund

The Blueprint for Maryland’s Future Fund is most of the tax dollars generated from legalized sports betting. The fund gained an additional $2.5 million in August, raising the total of tax dollars generated to 34 million dollars.

Problem Gambling Fund

The state of Maryland also has a plan for expired prizes. Rather than allowing the sportsbooks to keep the money from expired betting slips, the state requires the operators to turn that money over, which is then added to the Maryland Problem Gambling Fund. Expired prizes have contributed $2.5 million to this important fund.