Maryland has never seen sports betting tax revenue like this.
Maryland Lottery and Gaming reported that the Blueprint for Maryland’s Future Fund hauled in a whopping $9.4 million in September, the most since sports wagering began nearly three years ago and a 193.7% increase year-over-year.
It beat out the previous high in January 2024 by $1.2 million.
September’s gross revenue of $65.4 million was up 43.4% compared to the same month in 2023 and ranks as the third-highest ever in the Old Line State. After deducting promotional bets and other amounts, Maryland's 11 online and 12 retail sports betting operators produced a taxable revenue of $62.5 million.
The $532.9 million handle, fifth-best all time, rose 20.4% and was the highest since March’s $536.7 million. The 12.3% hold was up around two points year-over-year and month-over-month. It’s also the sixth consecutive month with a double-digit win rate.
Behind the first full month of the NFL and college football, Maryland sports betting action jumped 41.2% month-over-month while the gross revenue increased 66.8% from August.
While online sports betting accounted for all but nearly $12 million of the overall handle, retail sportsbooks produced a higher hold, reaching 14.1% in September.
Paralying into profit
The NFL generated 21.8% of all individual sports wagers in September, racking up a handle of $116.4 million. That’s up 53.3% from the $75.9 million in football bets accepted in September 2023.
College football’s $30.3 million handle, however, was down 47% year-over-year. The hold on both sports was low, with the NFL getting 4% and college football falling below 1%.
However, football season led to massive profits on parlays, which produced $50.3 million in revenue on a 25.2% hold. Revenue from multi-leg wagers were up 60% year-over-year and accounted for 37.2% of all bets placed in September.
FanDuel produces monster month
| Operator | September Handle | Gross Revenue |
|---|---|---|
| FanDuel | $231.8 million | $32.9 million |
| DraftKings | $175.9 million | $20.2 million |
| BetMGM | $39.4 million | $4.4 million |
| Caesars | $22.9 million | $1.4 million |
| Fanatics | $22.5 million | $2.2 million |
| ESPN BET | $15.6 million | $1.5 million |
FanDuel had a monster September, generating 32% more action year-over-year with a Maryland-best handle of $231.8 million. That was also up from the $160.7 million wagered in August.
FanDuel’s $32.9 million in gross revenue was also tops in the state while the 14.2% hold ranked second behind Crab Sports’ 16.3%.
DraftKings accepted $175.9 million in wagers, and an 11.5% hold led to $20.2 million in gross revenue.
BetMGM’s third-place handle of $39.4 million grew by more than $7 million compared to the previous month. Caesars edged Fanatics Sportsbook by just $400,000 for fourth place with a handle of $22.9 million. With the ability to still deduct promotional spending from gross revenue, Fanatics handed out nearly $1.4 million in promo bets, the most among online operators in August.
ESPN BET’s action rose from $11.9 million in August to $15.6 million in September, but the hold stayed just below double digits.
