Maryland may not be a huge state geographically, but its population density and proximity to the Nation’s Capital bode well for it being one of the most prolific legal sports betting markets in the U.S.
Maryland Lottery and Gaming (MLG) released financial metrics for July on Monday, showing that the Maryland sports betting market notched a new milestone. Sportsbooks in Maryland became the 12th state to hit the $1 billion in all-time gross revenue.
Operators hauled in $333.3 million in wagers in July, a 34.7% year-over-year increase. Monthly gross revenue spiked nearly 56% compared to July 2023 to close at $43.8 million. The 13.1% hold is the second-highest win rate of the year behind January’s 14.7%. It was also the fourth consecutive month Maryland sportsbooks achieved a double-digit win rate.
Maryland sports betting is also the 11th state to surpass $3 billion in year-to-date handle as well, compiling $3.16 billion in wagers which is a 36.4% year-over-year climb compared to the first seven months of 2023.
July’s wagering activity contributed $6.3 million to the state, good for the fourth-best single-month total and almost double the $3.3 million in tax contributions recorded in July 2023. Sports wagering contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs.
State coffers have collected nearly $42 million in tax contributions through the first seven months of the year, a $17.1 million boost from the same period last year.
Maryland sports betting performance
Sports betting in Maryland may have had a higher handle in June, but Maryland sportsbooks took home more revenue in July than they did in the month prior.
Online sportsbooks in Maryland earned $40.7 million in revenue on a $282.4 million online handle, while Maryland’s retail sportsbooks brought in just north of $1 million in revenue thanks to a 15.2% hold on its $8.37 million handle.
Best sportsbooks in Maryland
FanDuel dominates the Maryland sports betting market, and July was its fourth straight month with a hold percentage with a few decimals of 14%. The market leader has hauled in $1.4 billion in bets in the Old Line State so far in 2024, and is approaching the $200 million revenue mark with $198.6 million YTD.
DraftKings is its next closest competitor - per usual - but it still hasn’t hit $1 billion in YTD handle or $100 million in YTD revenue yet, so it’s still pretty far behind in second place.
Four other Maryland online sports betting sites other than FanDuel and DraftKings - BetMGM, Caesars, Fanatics, ESPN - posted $1 million or higher revenue figures.
Fanatics achieved its all-time monthly revenue high for its Maryland business in July.
BetRivers was the only other Maryland online sportsbook to haul in more than nine figures in handle ($5.18 million), but it did not eclipse $1 million in revenue ($526,900).
Top 6 Maryland online sports betting sites
| Operator | July Handle | Revenue |
|---|---|---|
| FanDuel | $145.85 million | $21.48 million |
| DraftKings | $106.46 million | $12.46 million |
| BetMGM | $25.57 million | $3.2 million |
| Caesars | $16.18 million | $1.72 million |
| Fanatics | $13.2 million | $1.72 million |
| ESPN BET | $10.53 million | $1.16 million |
Superbook announced its departure from Maryland sports betting, plus seven other U.S. markets in July, and it only mustered a $260,200 handle and $40,900 in revenue in its last month of operation in Maryland. The silver lining for the outgoing operator though is that its 15.7% hold in July was its best of 2024.
LetsBetMD launched in Maryland on July 1 and generated a $130,900 handle and $20,200 in revenue in its first month of business there.
Bally Bet went live at the end of July to make Maryland sports betting its ninth active market.
