HomeMaryland Sports Betting NewsMaryland Sportsbook Operators See Slight Decline in Sports Betting Handle

Maryland Sportsbook Operators See Slight Decline in Sports Betting Handle

The latest reports on the sportsbook handle and revenue for May are in. It appears that the 10 licensed retail and online sportsbook companies experienced a small drop in handle compared to the previous month.

Image: IMAGO / Zoonar

Specifically, the bookmakers reported a total of $320 million in wagers accepted, which is slightly lower than the $323 million handle reported in April. It’s not surprising, however, as May is typically a slower month for sportsbooks globally.

On the bright side, the state of Maryland collected $4.5 million in tax dollars towards the Blueprint for Maryland’s Future Fund, bringing the cumulative total to $25.3 million for the state’s future.

Online Revenue

In Maryland, mobile wagering remains the top choice amongst bettors. The 10 mobile operators reportedly received $305 million in wagers, including $10.8 million in free promotional wagers permitted by the state to attract new customers.

  • FanDuel continues to dominate the market with $146 million in May wagers, paying out $123 million in winnings for a taxable win of $18 million and holding a 15.7% rate, second only to another Maryland mobile operator.
  • DraftKings comes in at No. 2 with $101.9 million in wagers, paying out $89.4 million in winnings for a 12.3% hold rate and a taxable win of $8.7 million.
  • BetMGM holds steady at No. 3 with $27.4 million in bets, paying out $29.3 million in winnings and holding a 12.7% rate with a taxable win of $1.9 million.

Other notable online reports;

  • Since November 2022, Caesars has reported the lowest hold percentage in the state at 4.5%. However, newcomer Superbook’s hold rate is even lower, reaching a paltry 1.6%.
  • FanDuel became the first Maryland sportsbook company to reach a billion in cumulative sports betting handle. DraftKings could join them next month.

Live! Casino and MGM Grand Harbor Top Retail Destinations

During the fifth month of the year, Maryland’s 10 brick-and-mortar sportsbooks legally operating throughout the state accepted $15.1 million in bets. Of that amount, Old Line State bookmakers contributed $20,281 to the state, and the 10 bookies collectively reported a 10.5% hold rate in May.

Live! Casino, together with its partner FanDuel, surpassed April’s leader MGM Grand Harbor as the top retail destination in the state, with a recorded handle of $4.9 million, edging out MGM by less than $1 million.

Horseshoe Casino, which took in $1.6 million in bets, didn’t pay any May taxes due to its 0.2% hold and joined Maryland Stadium Sub (Fanatics) as the only brick-and-mortar company not paying taxes for the said month.

Blueprint for Maryland’s Future Fund

Finally, all tax dollars generated from sports betting are earmarked for the Blueprint for Maryland’s Future Fund, with a portion going to the state’s Problem Gambling Fund.

Retail and online sports betting operators paid $4.6 million in taxes for a cumulative total of $27.4 million for the two funds.