The state of Maryland wins again as sports betting generated $3.3 million in taxes for the Old Line State’s Blueprint for Maryland’s Future Fund.
FanDuel, DraftKings, and Everyone Else
FanDuel and DraftKings are ruling the US bookmaking world, and Maryland isn’t any different. The two sports betting giants combined for 80% of the online wagering markets, and it doesn’t appear that any other operator in Maryland will overtake the two anytime soon.
FanDuel led the way with $90.5 million in reported betting handle. FanDuel offered the most promotional wagers and bonuses, and its 13.9% hold rate was second only to Superbook. The $1.6 million in taxes paid for July also led the 11 online sportsbook companies.
DraftKings accepted $92 million in Maryland wagers during July. That was a slight increase from June, with the Boston-based bookmaker reporting a 9.2% hold rate while the second most promotional wagers in the Old Line State. DraftKings paid slightly over $1 million in taxes and is running neck and neck with FanDuel for top honors in the state.
BetMGM took third amongst their rivals with $22.9 million in handle, followed by Caesars ($10.9 million), and BetRivers rounded out the top five online sportsbooks, reporting $2.2 million in handle.
Crab Sports and Fanatics were the only online sportsbooks in Maryland that generated no revenue during July.
MGM National Harbor Dominates Retail Scene
MGM National Harbor remains the top retail destination for Maryland sports bettors. The brick-and-mortar leader handled $3.5 million in wagers during July. The Las Vegas-based company reported a whopping 19.5% hold rate and paid $102,018.26 in taxes on their July success.
Live! Casino and partner FanDuel were second in the state, taking in $2.4 million in Old Line State wagers during July. Live! Casino recorded an 8.9% win rate and paid out $30,896.51 in July taxes.
Horseshoe was the only other retail betting shop to handle over $1 million in wagers, and each of the 10 brick-and-mortar betting shops all paid taxes this past month.
Conclusion
Overall, it wasn’t a bad July for Maryland sportsbook operators. All but two generated some sort of revenue, but the Old Line State clearly belongs to FanDuel and DraftKings. They are heads and tails above everyone else and offer the most promotions in the state.
That will be hard for the others to compete with, and the next few months might be very interesting to see which companies can compete with FanDuel and DraftKings.
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