The Super Bowl helped spur a 7.5% year-over-year sports betting increase in the Old Line State. With the NFL champion Philadelphia Eagles in nearby New Jersey, Maryland Lottery and Gaming reported a $475.7 million handle, the most ever during February and the ninth-highest total since wagering launched in 2022.
Maryland's 11 online and 13 retail sportsbooks produced $60 million in gross revenue, a 38% rise from Feb. 2024. Profits increased despite the $18.5 million football handle leading to more than $1 million in operator revenue loss.
The 12.6% hold was up from 9.9% the previous year and marked the ninth double-digit win rate in the last 11 months. The state hauled in $6.3 million in taxes from a $43.2 million adjusted income.
Monthly drop
With only one football game in February, Maryland operators endured a significant month-over-month decrease in action and profit.
Handle fell 23% compared to January, which featured the NFL playoffs and the end of college football's postseason. During February, sportsbooks made $18 million less in gross revenue from the month that produced the third-highest total ever.
However, parlays continued to be big business, generating $43.6 million in profit. NBA betting contributed $6.6 million in sportsbook income from a $118.8 million handle.
FanDuel’s record high hold
| Online Operator | February Handle | Revenue |
| FanDuel | $202.6 million | $32.3 million |
| DraftKings | $143.6 million | $16.4 million |
| BetMGM | $40.4 million | $3.8 million |
| Fanatics Sportsbook | $30.7 million | $3.3 million |
| Caesars | $23.4 million | $1.6 million |
| ESPN BET | $12.5 million | $1.2 million |
Online sports betting accounted for $463.2 million of the total betting amount in February. Mobile operators also handed out $16.2 million in promotional bets and finished the month with $59.2 million in gross revenue.
A whopping 16% hold helped FanDuel lead the way with $32.3 million in profits on a $202.6 million handle.
DraftKings took in $143.6 million in wagers and produced $16.4 million in income, nearly $7 million less than January. BetMGM finished third with a $40.4 million handle and a hold slightly under 10%.
Fanatics Sportsbook was the only other operator to surpass $30 million in bets and $3 million in profits for the second consecutive month. Caesars’ handle dropped by $6 million from the previous month. ESPN BET’s $12.5 million was down over $6 million from the previous month, but revenue only slipped $400,000.
Legislation updates
It’s been a busy start to the year for gambling in the Maryland General Assembly. A bill to ban sweepstakes gaming in the Old Line State passed through the Senate Budget and Taxation Committee Monday 13-0.
Maryland doesn’t offer legal iGaming, either, and time is running out on delegate Vanessa Atterbeary’s House Bill 0017, aiming to legalize online casinos and generate more state revenue. Mar. 17 is the cross-over day for the legislation to reach the Senate, and the bill stalled despite heavy discussion last month.
