The October sports revenue and betting handle report was released on Monday, and the $483.1 million wagered during the tenth month of the year was the best month for the 12 retail and 13 online sportsbooks since sports betting was legalized in November 2022.
The historic October was 9.5% more than the $465.1 million wagered in March 2023 and the highest total in the roughly eight months since online sports betting in Maryland opened for business in November 2022.
FanDuel Leads the Online Markets
FanDuel Sportsbook Maryland topped all online sportsbooks in the state in betting handle, accepting $210.5 million in October wagers. The company also topped the state bookmakers in taxable wins ($19.5 million) on a 13.4% hold rate. FanDuel handed out a state-most $8.2 million in promotional wagers for October.
DraftKings, BetMGM, Caesars, and Fanatics sportsbooks rounded out the top five bookmakers in handle during October.
Fanatics, SuperBook, and BetFred were the only operators who failed to report positive taxable wins for October.
October Handle Fueled by Pro and College Football
Maryland sports bettors seem to love wagering on pro and college football. Old Line State punters plunked down $91.6 million in NFL wagers, while college football bettors bet $46.4 million. Those were the two most wagered sports during October, and it was no surprise to Maryland Lottery and Gaming Director John Martin.
“People love to bet on football, and that is certainly reflected in the handle this time of year. The Ravens’ success and college football are contributing factors, and there is a convergence of the seasons in October, with the baseball playoffs and World Series and the start of hockey and basketball. From an overall perspective, the results show that a robust market has taken shape here in Maryland and is making a steady contribution to the state’s education programs.”
Pro Basketball ($43.2 million), Pro Baseball ($32.4 million), and Pro Tennis rounded out the top five most popular wagered sports.
Parlays King for Maryland Sportsbooks
Parlay card wagering is the King of Maryland and likely pays most of our 23 combined retail and online bookmakers’ bills. The bookies accepted $179.4 million in parlay wagers during October. The whopping 21.1% hold rate was a win rate that was nearly 9% higher than the high-variant baseball markets, roughly 15 points higher than their 6.6% win rate for pro football.
Blueprint for Maryland Fund
Finally, the Blueprint for Maryland Fund is the big winner of Old Line State bookmakers’ sports betting proceeds. The bookies paid $5.8 million on a 15% tax rate and have now contributed more than $14.9 million to this fund since November 2022.
