Maryland Records 30% Growth in February Sports Betting Handle

According to a report from Maryland Lottery and Gaming, spending by players on sports wagering surged to $442.6 million, marking an increase compared to the previous year yet falling short of January’s total. The handle, reflecting the total amount wagered, experienced a substantial rise of 30.4%, climbing from $339.4 million in Feb. 2023.

However, this figure lagged behind January’s betting by 18.8%, which saw $545 million in wagers placed in the state.

The decline in handle, even during the Super Bowl, may be linked not only to the event’s timing within the shorter month of February but also to the NBA All-Star break occurring from Feb. 16th to 21st.

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MD Online Sports Betting Contributes 97% of Total Handle

In Maryland, mobile sportsbooks remain firmly in control of the market, with a staggering $428.4 million in wagers amassed last month, representing nearly 97% of the total handle. However, there was a slight dip in the handle for online sports betting sites compared to the previous month, as January’s mobile handle fell just short of $545 million.

The 12 online sportsbooks operating in Maryland reported revenue of $42.9 million, maintaining a solid 10% hold while disbursing over $385 million in prizes. On the other hand, the state’s 13 retail sportsbooks generated revenue of $14.1 million, holding at 3.6%.

Overall, mobile platforms remain the driving force in Maryland’s sports betting landscape, maintaining a dominant position despite minor fluctuations in handle and revenue.

FanDuel MD Takes Lead in Sports Betting Handle

FanDuel demonstrated its market supremacy by outpacing competitors in handle and revenue. It cemented its place at the top, with wagers totaling over $191 million and income reaching $23.4 million at a hold rate of 12.2%. The operator also reached an almost monopolistic position last week when it gained exclusive access to the sports betting market in Washington, DC.

DraftKings, with a 9.7% hold, a $137 million handle, and $13.4 million in revenue, came in second. There is serious competition between BetMGM and ESPN BET for third place in Maryland. BetMGM collected $37.3 million in wagers, generating $3.8 million in income at a hold rate of 7.3%. In contrast, ESPN BET brought in $1.7 million at a 7.9% hold despite having a lesser $22.2 million handle.

When it came to the retail market, Oceans Down was in the lead with $2.9 million in wagers and $442,849 in taxable winnings. A close second was Live! Casino, which took in $2.7 million in bets and made $202,491 in total taxable winnings.

Wagers on Basketball Takes Precedence Over Football

While football season garners the majority of wagers during its peak, professional football betting tallied a modest sum of just over $13 million in total wagers for February, largely influenced by the excitement surrounding Super Bowl 58.

Basketball emerged as the frontrunner in February, commanding over 30% of all wagers statewide, with nearly 19% directed towards professional basketball. Tennis emerged as the second most favored sport for betting, amassing $25.8 million in wagers, trailed by soccer at $15.1 million.

Tax Revenue Contributed

In February, the total contribution to Maryland State reached $4.2 million, indicating a substantial 50.5% surge compared to the same period last year.

Proceeds from sports wagering are channeled into the Blueprint for Maryland’s Future Fund, bolstering public education initiatives across the state. The state of Maryland has made significant strides in improving educational opportunities. Since the debut of its sports wagering program in Dec. 2021, donations to the Blueprint for Maryland’s Future Fund have surpassed $65 million.

The taxable win, which represents the remaining amount after subtracting prizes, promotional wagers, and other deductions, soared to $28.1 million. This figure marked a remarkable 51.2% increase from the $18.6 million recorded in the previous year. However, it fell short by 48.9% compared to January’s impressive $55.0 million.

Mobile taxable wins alone accounted for $27.1 million, while retail wagering contributed $942,233.

READ MORE:

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• US Sports Betting Revenue Tracker