There are 13 sports betting apps in Maryland, and they’re on a nice hot streak of late.
Maryland Lottery and Gaming (MLG) reported June’s financial results spanning the Maryland sports betting market where MD sportsbooks tallied a 10.3% hold on a $384.7 million handle.
June is never really a marque month for sports betting operators anyway, but finding a double-digit win rate is a nice prize. June’s hold brought in a total of $39.7 million in gross gaming revenue.
Year-over-year, handle surged 51.2% while revenue spiked 46.5%. Win rate stayed on par with June 2023’s results as Maryland sportsbooks sported a 10.6% hold last year.
Maryland’s sports wagering market generated $5.7 million in contributions to the state’s Blueprint for Maryland’s Future Fund supporting public education programs in June. This tax contribution was the fifth-best single-month total and was more than double the $2.8 million contributed in the same month last year.
Maryland’s tax coffers have collected $35.7 million total through the first six months of 2024, outpacing the first half of 2023 by over $14 million.
June gloom
We’re entering the doldrums of the sports betting calendar, with June and July usually setting the floor for performance for the year. Maryland sports betting handle declined for the third straight month, dropping nearly $50 million below May’s total.
Maryland sportsbooks also recorded their second-highest monthly revenue profits ever taking in more than $50 million in May, and June’s revenue results came in 22.3% lower.
Best Maryland sportsbooks
Online sportsbooks in Maryland dominated the market once again, hauling in $373.4 million in wagers while MD retail sportsbooks collected $11.3 million.
FanDuel is the top dog in the Old Line State, besting the market in both handle and revenue with $162.7 million and $22.2 million, respectively, in those categories. The market share leader in the U.S. sports betting industry has also touted a double-digit win rate all but one month in the Maryland sports betting market.
DraftKings has generated eight-figures in revenue for 10 months straight now, too, after pocketing $10.7 million in gross winnings from its $128.1 million handle.
It’s a steep dropoff to the rest of the pack. BetMGM was just about $100 million removed from DraftKings with its $28.7 million handle.
ESPN BET is the only other online sportsbook in Maryland to record seven-figure revenue totals or more for June.
| Operator | June Handle | Revenue |
|---|---|---|
| FanDuel | $162.7 million | $22.2 million |
| DraftKings | $128.1 million | $10.3 million |
| BetMGM | $28.7 million | $2.4 million |
| Caesars | $19.8 million | $634,334 |
| ESPN BET | $13.3 million | $1.2 million |
| Fanatics | $12.1 million | $390,745 |
Veterans Services Corporation partnered with London-based Bee-Fee to launch LetsBetMD on July 3, and the newest sportsbook in Maryland definitely has its work cut out for it to gain market share.
