Action in Maryland rose 14% year-over-year in December, but the revenue did not follow.
Maryland Lottery and Gaming reported a monthly handle of $637.3 million, the second-highest ever behind November’s wagers, but gross revenue of $45.6 million fell 26.8% from December 2023. Adjusted revenue of $43.2 million was down less than 1% year-over-year.
The Old Line State ended 2024 with the lowest hold of the year. The 7.2% was half of November’s win rate and well below the 10.8% hold that Maryland’s 11 mobile and 13 retail sportsbooks averaged for the year.
Retail sportsbooks especially had a rough go in December, recording a loss of over $774,494 on an $18.6 million handle. Online operators accounted for $619.4 million of the amount wagered, but the hold was less than 8% for the month.
Sports betting still contributed $6.5 million to the Blueprint for Maryland’s Future Fund to support education and the Problem Gambling Fund.
Sport by sport
The NFL accounted for the largest amount of wagers as more than $121.8 million was bet on the sport in December. However, operators only won back 1.7% of the pro football wagers, down from November’s 8% hold on the NFL bets.
Bettors’ success in pro football also led to a significant month-over-month drop in parlay revenue, which fell from $56.2 million to $30.5 million on a $254.9 million handle. College football did produce a 7.4% hold on a $27.5 million handle.
NBA wagering was second among all sports with a handle of $103.7 million and accounted for $5.4 million of revenue. College basketball generated $28.2 million in wagers and produced a 5% hold for sportsbooks.
FanDuel sets new mark
| Operator | December Handle | Revenue |
|---|---|---|
| FanDuel | $285.3 million | $25.4 million |
| DraftKings | $182.9 million | $13.2 million |
| BetMGM | $52.4 million | $3.3 million |
| Fanatics Sportsbook | $40.7 million | $2.4 million |
| Caesars | $27.2 million | $1.3 million |
| ESPN BET | $17.5 million | $339K |
FanDuel led all online operators with a handle of $285.3 million, the most ever wagered through a single operator in Maryland. FanDuel’s 8.9% hold produced revenue of $25.4 million.
DraftKings was second with a handle of $182.9 million, but a 7.2% hold was five points lower than the previous month.
BetMGM came in third with a December handle of $52.4 million but barely got above a 6% win rate.
Fanatics Sportsbook generated the most it ever has in Maryland with a $40.7 million handle.
Caesars came in fourth at $27.2 million followed by ESPN BET at $17.5 million. The PENN Entertainment platform produced a 1.9% hold that led to less than $400,000 of revenue in December.
Best year yet
Maryland sports betting saw $5.9 billion wagered in 2024, a 28.7% increase from 2023. Sportsbooks hauled in $635.7 million in gross revenue, a 23.7% increase from the previous year and the most accumulated since sports betting launched in 2022.
However, the double-digit hold was the lowest yet. The state got $82.3 million of the $548.6 million of adjusted revenue, which was up 78% from 2023.
