October was a month in which Maryland sports betting apps — to put it frankly — made bank. During the month, the handle for mobile action totaled more than $463 million. That’s compared to the $19.6 million handle from the state’s retail casinos.
More than $5.8 million of sports betting revenue was contributed to the state, making October the best month Maryland has seen in sports betting from a tax payout perspective.
The $463 million exceeds September’s $442 million and handily eclipses the August handle total of $263.7 million.
What’s Driving Maryland’s Sports Betting Success?
Perhaps the state’s recent success can be attributed to an especially busy month across the sports landscape. All four of the major professional sports in the United States were in action later in the month, and a handful of big events throughout.
The current college football and NFL seasons had been in play for a handful of weeks by the time calendars turned to Oct. 1. The NBA and NHL both tipped off, MLB’s postseason was in full swing, NASCAR’s Cup Series was speeding toward its early-November championship weekend, and UFC 294’s big event in Abu Dhabi was especially intriguing as it featured a showdown between Islam Makhachev and Alexander Volkanovski.
FanDuel, DraftKings Continue Market Dominance
Leading the pack in Maryland’s historic month was FanDuel Sportsbook. The popular operator has one of the best sports betting apps in the online gambling space, so it’s no surprise that it led the way in Maryland’s very green October. FanDuel took in more than $210 million in betting handle and generated more than $28 million in revenue.
Behind FanDuel is DraftKings Sportsbook, which held its own in Maryland last month. To the tune of $157 million, DK had its best total of the year in Maryland. The book generated over $19 million in revenue and a 12.3% hold rate.
Where Does Maryland’s Sports Betting Revenue Go?
The cash generated from Maryland’s legalized betting is distributed to state programs. One program the revenue supports in particular is the Blueprint for Maryland’s Future fund.
Every month, states that have legalized sports betting share their revenue reports with the public. From brick-and-mortar casinos to online sportsbook operators, having access to this information helps highlight the impact of sports gambling across the country.
When it comes to these metrics, how online sportsbooks fare from one month to the next is especially interesting. It is their convenience, after all, that helps create a path for bettors, books, and state economies to all share in the hefty winnings.