In the first full month of online sports betting, an overwhelming majority of Marylanders chose to place wagers online as opposed to betting at retail sportsbooks. Out of $497.1 million in total wagers — $478.2 million, or 96% — were made online.
Looking at the latest December revenue numbers, it’s safe to say that online sports betting is off to a fast start in Maryland.
FanDuel & DraftKings continue dominance in December
Maryland online sports betting launched Nov. 23, and Maryland bettors took to it immediately.
During the first nine days after launch, the seven online sportsbooks in operation handled 85% of all wagers placed in the state. Of the $219 million bet during that stretch, $186 million was bet online.
FanDuel Sportsbook was the big winner in those nine days, accounting for 48% of online bets for $89.9 million.
DraftKings Sportsbook followed with $69.6 million, or 37% of online wagers.
The two operators dominated the scene to combine for 85% of the total digital bets made in those nine November days.
December, the first full month of online sports betting in Maryland was no different.
Maryland’s seven live sportsbooks combined for $478.2 million in online wagers, returning just under $412 million of that to eager bettors.
FanDuel remained at the top with $236.2 million in December wagers — good for 49.4% of online bets and 47.5% of all wagers. DraftKings followed with $157.8 million in wagers — good for 33% of online bets and 31.8% total.
Monthly numbers for Maryland online sports betting are as follows:
|Handle||Prizes Paid||Hold %||Promotional Play & Other Deductions||Taxable Win||State Taxes|
|November (9 days)||$186,084,495.57||$160,216,032.14||13.9%||$64,145,318.85||$38,276,855.42||$4,261.65|
Promotional play limits Maryland tax contributions
December revenue numbers reveal that the state collected $440,042 in contributions from over $2.93 million in taxable winnings. Promotional play totaled just over $71 million, with 99.9% of the promos coming from the online side.
Maryland regulations allow sportsbooks to deduct promotional play from their revenue before reporting numbers to the state. This makes for high marketing and promo spend following launch, though these numbers will decrease in the coming months.
The retail side pulled in $18.9 million in wagers across various casinos and gambling establishments, making up 3.8% of the statewide total for the month. MGM National Harbor handled $6.9 million to hold the top spot, making up 36.4% of bets on the retail side. Live! Casino and Hotel followed closely behind with $5.9 million — 31.1% of handle.
The future of Maryland online betting looks bright
Old Line State sports fans have plenty to wager on right now. Opportunities include NFL betting, NHL betting and NBA betting, along with college sports. Fans have several local teams to wager on, including the Baltimore Ravens, Washington Wizards and Washington Capitals. The Ravens made the playoffs last weekend and will play rival Cincinnati Bengals on Sunday in a wild card matchup.
The future looks bright for sports betting in Maryland. In fact, PlayMaryland sports betting projections, expect sportsbooks to pull in over $4 billion in wagers in 2023. This should generate over $200 million in sportsbook revenue, amounting to nearly $75 million in tax for the state.
Fanatics Sportsbook launched its retail location at FedEx Field at the end of January, which should contribute to an impressive start for the year.
Additionally, Bally’s Interactive and WynnBet were both granted licenses for online sports wagering in December and are expected to launch in early 2023.