Maryland See Betting Handle Rise as Revenue Decreases in March
Maryland’s total sports betting handle amounted to $536.7 million in March, a rise of 39.1% compared to the $386 million received in the same month in 2023.
LISTEN TO THIS ARTICLE:The handle also surged by 21.3% in comparison to the $442.5 million wagered in February 2024.
The total marks the fourth-highest handle recorded since the state launched its betting market. With the steady increase in the monthly handle in the state, the sports betting handle for the fiscal year 2024 has also doubled compared to the previous year, exceeding $4 billion.
However, despite the significant improvement in the handle, Maryland operators reported a combined gross revenue of $45.1 million, a 5.1% decrease year-on-year. The decline was attributed to an 8.4% hold, which fell short of the 12.4% recorded in March 2023.
Online sports betting accounted for the majority of the revenue at $44 million, while retail contributed $1.1 million. With a standard 15% tax rate on adjusted gross revenue, Maryland received $4.9 million from a combined AGR of $32.4 million, an 8.6% drop year-on-year. The state’s tax revenue goes towards supporting public education through the Blueprint for Maryland’s Future Fund.
FanDuel Generates Highest Handle & Revenue
FanDuel was the leading operator in the Old Line State in March, generating $26.5 million in revenue from a handle of $247.8 million. More than half of the $10.8 million was spent on promotions by sportsbooks in the state, with a promotional expenditure of $6.3 million.
DraftKings was in the second spot with a revenue of $11.5 million of $155.1 million in total handle. The collaboration between Entain and MGM Resorts International, BetMGM secured the third position with $42.8 million in total bets and $2.9 million in revenue.
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Parlay Accounts for Highest Revenue
Looking at data from sports and specific betting types, parlays accounted for more than two-thirds of gross revenue at $30.5 million. Operators maintained a 16.9% hold on $181.1 million worth of parlay bets.
In March, professional basketball and college basketball betting took the top two spots in gross revenue. While pro basketball attracted $160 million in the handle and gave operators a revenue of $5.6 million, college basketball generated a $2.7 million revenue from total wagers worth $83.7 million.
In golf, operators encountered a loss, paying $98,3009 more than the $4.2 million wagered on the sport.
Last week, figures that emerged from the Maryland casino revenue report revealed that the six casinos in the state collectively generated $178.1 million in March. The figure rose slightly by 0.9% year-on-year. It was also the fifth-highest revenue month in the history of Maryland's casino program.
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