Maryland Sports Betting Handle Increases 30% YoY In February

Maryland Lottery and Gaming reported a statewide sports betting handle of $442.5 million for the month of February, which is a 30.4% increase compared to the $339.4 million wagered in February 2023. 

Taxable win was just around $28 million, which drove $4.2 million into state coffers, an over 50% increase year-over-year from the $2.8 million generated last February.

Maryland sportsbooks contribute 15% of total revenue to the state’s Blueprint for Maryland’s Future Fund to support public education programs last February. To date, sports betting in Maryland has contributed more than $65 million to the Blueprint for Maryland’s Future Fund since the inception of Maryland’s sports wagering program in December 2021.

These results are a step down from January’s numbers when the Old Line State reported a $545 million total handle, nearly $55 million in taxable win, and more than $8 million in contributions to the state. Football season collects the lion’s share of bets during its season, but pro football betting only accounted for just over $13 million in total wagers in February, likely driven by Super Bowl LVIII for the most part. 

Where the numbers lie

Mobile sportsbooks in Maryland continue to dominate the state’s market, collecting $428.4 million in wagers last month, good for nearly 97% of the overall handle. Handle for the online sports betting sites declined month-over-month though with January’s mobile handle coming in just shy of $545 million. 

The 12 online sportsbooks in Maryland brought in $42.9 million in revenue on a 10% hold while paying out over $385 million in prizes. The state’s 13 retail sportsbooks drove just over $500,000 in revenue on a 3.6% hold. 

FanDuel topped the market for both handle and revenue. It generated over $191 million in total wagers, claiming $23.4 million in revenue on a 12.2% hold. DraftKings took second with a $137 million handle and $13.4 million in revenue on a 9.7% hold.

FanDuel was just anointed monopoly-level access to the D.C. sports betting market this week, and will become the only online sportsbook to operate in the nation’s capital come spring. It will be interesting to see how this impacts the neighboring Maryland sports betting market where its patrons can still access the sportsbook when they cross into the District. 

BetMGM and ESPN BET are clawing with each other for third place in the Old Line State. The former collected $37.3 million in bets and its 7.3% hold drove $3.8 million in revenue, while the latter’s smaller $22.2 million handle landed $1.7 million in revenue on a 7.9% hold. 

Over 30% of all bets placed in February statewide were on basketball, with just under 19% wagered in pro basketball. Tennis was the second-most popular sport to bet on with $25.8 million in wagers, followed by soccer at $15.1 million.

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