Everyone in the sports world hopes August flies by because the closer we get to September, the more football there is.
The boost sportsbooks get from the start of football season is palpable, and the latest figures from Maryland Lottery and Gaming (MLG) show the Old Line State is no exception.
Monthly handle increased for the first time since March when the NFL postseason was wrapping up and NCAA March Madness was getting underway. Total wagers declined each month thereafter, but August’s handle was 13.2% better than July’s.
Maryland sportsbooks hauled in $377.4 million in total bets in August, generating $39.2 million in revenue from that wagering activity on a 10.4% cumulative hold. August marked the fifth month in a row where operators notched a 10%+ hold too. The revenue haul fell just shy of July’s $43.8 million.
The broader outlook is even more favorable for Maryland sports betting overall as well. August’s handle achieved a 43.1% year-over-year increase compared to the same period last year, while revenue jumped a sizable 57.6%.
Contributions to state coffers spiked an impressive 118.5% versus Aug. 2023’s total, and tax contributions for the current fiscal year soared 101.7% over the previous year.
The $5.6 million in tax contributions to the Blueprint for Maryland’s Future Fund brought the grand total to over $100 million in funds generated in support of the state’s public education programs since the inception of Maryland sports betting in Dec. 2021.
FanDuel still ahead
Online sportsbooks dominate the market in Maryland and FanDuel leads the pack. FanDuel consumed 44% of all online sports betting in Maryland with its $160.7 million handle while its archrival DraftKings made up for another 32% of the online marketplace with a $119.3 million handle.
| Operator | August Handle | Taxable Win |
|---|---|---|
| FanDuel | $160.7 million | $2.7 million |
| DraftKings | $119.3 million | $1.8 million |
| BetMGM | $32.2 million | $479,757 |
| Caesars | $19.2 million | $146.133 |
| Fanatics | $16 million | $45,340 |
| ESPN BET | $11.9 million | $130,159 |
| BetRivers | $5.7 million | $61,925 |
| Bally's | $1.6 million | $5,268 |
| betPARX | $768,176 | $9,896 |
| Crab Sports | $764,659 | $4,328 |
| Veteran Services | $322,448 | $1,115 |
BetMGM was a distant third with a $32.2 million handle, while Caesars, ESPN BET, and Fanatics were the only other online operators to achieve an eight-figure handle.
Bally’s went live in Maryland in July and topped $1.6 million in wagers during August, while the other newcomer in the mix, LetsBetMD - under the license of Veteran Services Corporation (VCS) - only mustered $322,448 in handle last month.
Retail sportsbooks in Maryland brought in a $9 million handle and drove $1.2 million in revenue for a 13.1% hold. Maryland online sports betting sites accounted for nearly 98% of all wagering activity ($368.4 million) and 97% of all revenue generated ($38.1 million).
