The decrease in the Maryland sports betting market handle and revenue is driven by several factors, including the lack of pro and college sports to bet on. June through August is traditionally a slow period for the sportsbooks, and a slight decline was expected.
The 10 online Maryland betting operators accounted for 95% of the market share, while the 10 retail bookmakers handled $10.6 million in wagers during June.
Parlay cards remained the top betting market for Marylanders, and FanDuel continued to dominate the Maryland mobile betting markets.
FanDuel Dominates Online Betting Handle and Revenue
Maryland’s 10 online sportsbook companies had a strong June, handling $243.8 million in wagers, which includes the $7.7 million in promotional freebies and bonuses allowed by the state. That netted the state a healthy $2.6 million in taxes. The top five in the online betting handle, revenue, and hold percentage are;
- FanDuel Sportsbook Maryland: Handle $108.6m (Revenue $10.8m)
- DraftKings Sportsbook Maryland: Handle $89.6m (Revenue $5.6m)
- BetMGM Sportsbook Maryland: Handle $20.8m (Revenue $986k)
- Caesars Sportsbook Maryland: Handle $11.9m (Revenue $362k)
- Barstool Sportsbook Maryland: Handle $4.7m (Revenue $277k)
MGM National Harbor Top Retail Destination
The 10 legally operating retail sportsbook operators claimed $10.6 million in handle and took home $608,276.76 in combined revenue. The 10 Maryland bookmakers doled out $3,895.00 in freebies, generating $91,241.51 in tax revenue.
MGM National Harbor left its competitors in the dust, handling $3.6 million in bets generating $122,836.05 in taxable wins while contributing $36,502.45 in taxes. Live! Casino and affiliate FanDuel Maryland were the only brick-and-mortar betting shops to handle more than $1 million in June wagers.
Taxes Paid by Sportsbooks in June
The 10 mobile and retail sportsbooks in Maryland paid a total of $2.8 million in gambling taxes to the state of Maryland in June. This represents a 45% decrease from the $5.6 million paid in May. The tax rate for sports betting in Maryland is 15%, with the Blueprint for Maryland’s Future as the prime beneficiary.
Here are some additional details about the Maryland sports betting market in June 2023:
- SuperBook, Maryland Stadium Sub (Fanatics), and Long Shots (BetFred) were the only online shops operating in the red for June
- Horseshoe Casino was the only retail sportsbook operating in the red for June
- The average hold was 10.6 %.
- Ice hockey cost the sportsbooks -$314,902 in June.
- Parlays accounted for 36.8% of the total monthly handle with a win rate of 19.6%
- Pro baseball, basketball, and tennis were the top three most wagered sports.
Finally, the online and retail shops hold their own and could see an uptick during the remaining summer months.
The tennis tours head to the US for the summer hardcourt season with the Mubadala Citi DC Open from July 29-August 6, and the books should see plenty of betting action.
The MLB second half of the season begins Friday, and Old Line State bettors have motorsports and soccer betting to whet their betting whistles until football begins in late August.