Maryland Lottery and Gaming has released the state’s sports betting figures for November, revealing sportsbooks generated a betting handle of nearly $639.9 million, bringing the total for FY2025 up to almost $2.48 billion.
That monthly handle marks a 16.2% increase on the $550.7 million in November 2023, while the year-to-date betting handle is 24.6% higher than it was at this point last year.
The handle also made it back-to-back months for Maryland sports betting operators, breaking sports betting handle records and surpassing the record set in October of $593.1 million. It means sportsbooks contributed a record $11.98 million to the state, a significant 274.6% increase year-on-year.
FY2025, which so far covers July 2024 to November 2024, has added more than $40 million to state contributions, much higher than the $18.1 million at the same point in FY2024. The $11.98 million added in November 2024 accounts for almost 30% of the total.
Significant hold boosts taxable revenues
A 12.9% hold on the November sports betting handle helped generate almost $78.7 million in taxable revenues, significantly more than the $21.3 million produced the year prior. In November 2023, sportsbooks only kept a hold of 7.6%.
Maryland Lottery and Gaming does not release figures by operator like other U.S. states but details the differences between mobile and retail sports betting. For example, $621 million of the sports betting handle was produced by online sports betting compared to almost $18.9 from retail sports betting.
The retail sports betting hold was 10.1%, producing almost $2 million in taxable revenues. Meanwhile, the mobile sports betting hold of 13% made $80.4 million in revenues. Retail sports betting added just over $200,000 to state taxes, while the rest came from online wagering.
Strong year despite October setback
Like many U.S. betting states, Maryland saw significantly lower sports betting revenues than expected in October. States such as New York set record-breaking sports betting handles but posted revenue declines year-on-year thanks to favorable results for bettors, particularly in the NFL.
MD was less affected than other U.S. states. Its record-breaking October sports betting handle produced a low hold of 8.4%, but revenues still increased by 21.3% year-on-year, continuing the significant growth seen across FY2025.
Maryland sportsbooks set a new record for taxes collected in September, while revenues increased 43% year-on-year. A 10.4% hold powered that tax record and has since been supplanted by November 2024, but it marks a three-month streak of records being set in MD.
Even August, traditionally a quieter betting month due to the lack of NFL, NBA, and NHL betting, saw a 6% increase in the sports betting handle year-on-year.
Several changes in FY2025 have boosted the Maryland sports betting market, including the launch of Bally Bet in July 2024 after a trial period approved by the Maryland Lottery and Gaming Control Commission.
