Maryland Sports Betting Rebounds With Strong Handle, Revenue in March

Maryland sports betting metrics rebounded back strongly in March after a quiet February. Maryland Lottery and Gaming announced sports betting handle of $536.7 million in March, a significant increase from February’s tally of $442.5 million. It was the fourth time in five months that Maryland has recorded betting handle of more than $500 million in a calendar month, with February being the only exception.

Gross revenue for March was $45.1 million at a hold rate of 8.4%. Taxable revenue, which was the amount remaining after deducting payouts, promotional wagers, and other amounts, finished at $32.3 million. In total, Maryland collected $4.8 million in sports betting tax at a rate of 15% (online betting contributed $4.75 million in tax while retail books chipped in with $103,311 in tax).

Maryland reported that March’s handle was an increase of close to 40% year-on-year after the state picked up $385.9 million in wagers in March 2023. Gross revenue, however, was down compared to last year. Gross revenue in March 2023 was $47.5 million, which made up 12.3% of the handle. Online betting made up $522.1 million in handle, while retail added $14.6 million in wagers.

According to the official Maryland Lottery and Gaming portal: 

“Sports wagering contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs. The $4.8 million contribution to the state last month was 8.6% less than the $5.3 million total in March 2023.

Sports wagering data is tracked and reported based on the State of Maryland’s fiscal year, which runs from July 1 through June 30. During the first nine months of Fiscal Year 2024 (July 2023 through March 2024), sports wagering has contributed $41,905,251 to the Blueprint for Maryland’s Future Fund.”

More: Maryland Sports Betting | Sports Betting Apps | Sportsbook Promos

FanDuel Continues Dominance in Maryland

FanDuel collected $247.8 million in sports betting handle in March and paid back $221.2 million to customers, resulting in a hold of 10.7% and gross revenue of $26.5 million. After spending $6.3 million on promotional expenses, FanDuel managed to collect $19.6 million in taxable profits.

DraftKings didn’t have as good a hold or handle. The company managed to collect $155.1 million in wagers and revenue of $11.5 million at a hold rate of 7.4%. March marked the seventh straight month of gross revenue in excess of $10 million for DraftKings. After spending $3.4 million on promotional expenses, DraftKings’ taxable profit was $7.7 million.

BetMGM was third in Maryland, collecting $42.8 million in wagers with revenue of $2.9 million at a hold rate of 6.7%. Interestingly, BetMGM did not spend any money on promotional expenses, finishing the month with $2.7 million in taxable revenue after accounting for other deductions.

ESPN BET had a subpar month, with handle of $31.9 million and a hold rate of just 1.5%. Overall, the company finished with gross revenue of close to $500,000 but did not have any taxable winnings.

Another company with a low hold rate was Caesars Sportsbook, managing to retain just 4.7% of its $21.3 million in betting handle for March. Caesars spent a little over $200,000 in promotional expenses and was left with $756,935 in taxable winnings.

Basketball Dominates Wagering In Maryland

Pro basketball, majorly the NBA, comprised close to 30% of the bets in Maryland in March, with handle of over $160 million. Total hold finished at 3.5%, with operators picking up a small profit of $5.6 million.

NCAA basketball picked up more than 15% of all the bets in the state in March. More than $83.6 million was bet on college basketball. At a hold rate of 3.2%, operators picked up a profit of $2.6 million.

The most wagered category in Maryland was parlays, which made up 33.7% of the betting chart. Operators collected a huge profit on such combination bets with a hold rate of almost 17%, which generated more than $30 million in profits on betting handle of $181.1 million.

Tennis was another profitable sport for operators as has been the case around the country. A total of $29 million was bet on tennis events in March (5.4% of all bets placed in Maryland), which generated a profit of $2.15 million with a hold rate of 7.4%.

Ice hockey, mostly the NHL, and pro baseball (primarily the MLB), had similar numbers in March. Both sports collected handle over $12 million apiece, which comprised a combined 5% of all bets in the state. Pro baseball had a win rate of 6.7% while ice hockey had a profit of 3.9%.

Motorsports generated the highest hold percentage in Maryland, at almost 30%. Only $380,000 was wagered but operators still picked up a profit of $112,559 on motor racing events.


About the Author
Nikhil Kalro

Nikhil Kalro

Nikhil Kalro covers the sports betting industry and revenue reporting at Gaming Today. Much of his work analyzes state revenue information, including betting activity and revenue for individual states and sportsbook operators. In addition, Nikhil provides news updates on the gambling industry itself, including product launches and legal issues. Nikhil’s previous experience includes five years with ESPN.

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