Maryland Sportsbooks See 30% Jump In Year-Over-Year February Betting

Written By Hill Kerby on March 14, 2024 - Last Updated on May 31, 2024
A picture of an graph showing an increase for a story about Maryland's February sports betting revenue

Maryland sportsbooks are off to a successful start in 2024.

According to the most recent report from Maryland Lottery and Gaming, sports betting handle totaled $442.6 million in February, a 30.4% year-over-year increase.

Maryland sportsbooks paid $399.1 million in prizes, resulting in a $43.4 million hold (9.8%). After $14.5 million in promotional play and other deductions, they reported a $28.1 million win, taxed at 15%.

This resulted in a $4.2 million state contribution, up 50.5% from a year ago. Maryland sports betting contributions support public education programs in the state through the Blueprint for Maryland’s Future fund.

Monthly declines still show relative strength

February is sandwiched between two other prominent sports betting months. It has the Super Bowl, but one event cannot compete with other popular spectacles like the NFL Playoffs in January and college basketball’s March Madness.

Furthermore, the Baltimore Ravens earned the top seed in the AFC and hosted two playoff games in January. They lost the second game to the eventual Super Bowl Champion Kansas City Chiefs, costing the state a chance at betting on the Ravens in the Super Bowl two weeks later.

Unsurprisingly, Maryland sports betting volume and tax contributions dropped accordingly from January’s numbers. However, January represented the third-highest handle in state history ($545 million) and set a record for the highest state contribution ($8.2 million).

Despite the month-over-month drop, February’s numbers were plenty strong:

The $442.5 million handle was the sixth-best all-time and better than two other months with full football schedules (September 2023’s $442.5 million and January 2023’s $441.5 million).

The $4.2 million state tax contribution was also the sixth-best all-time. It was the first time in state history that Maryland sportsbooks had a single-digit hold and a tax bill above $4 million.

FanDuel the clear leader in Maryland

Mobile sports betting has been live in the Old Line State for over 15 months and has significantly boosted Maryland’s sports betting volume. In February, mobile wagers accounted for 96.8% of the state’s action, and one sportsbook continued to establish itself as the clear leader.

FanDuel MD reported a $191.3 million handle, accounting for nearly 45% of all wagers placed on mobile devices. Its next-closest competitor, DraftKings MD, accepted $137 million in wagers and had a 32% market share.

Combined, DraftKings and FanDuel accepted $328.3 million of the state’s $428.4 million in mobile wagers. That leaves $100 million (23%) for Maryland’s 10 remaining sportsbooks.

Four of those sportsbooks generated above $10 million handles:

BetRivers Sportsbook MD was the only operator with a seven-figure handle, accepting $5.9 million in wagers. Crab Sports ($726K), betPARX Sportsbook ($659K), Betfred Sportsbook ($576K), SuperBook ($525K), and PointsBet (-$240) failed to reach that mark.

Fiscal year handle up 120% so far

Eight months are now completed in the Fiscal Year 2024, and Maryland’s sports betting market shows impressive gains:

  • Handle is up 120.6% year-over-year ($3.5 billion vs. $1.6 billion).
  • Sportsbooks’ taxable winnings are up 430.9% year-over-year ($247 million vs. $57.3 million)
  • Contributions to the state are up 330.9% year-over-year ($37.1 million vs $8.6 million)

FY 2023 data includes the timeframe between July 1, 2022, and Nov. 23, 2022, when mobile sports betting wasn’t available. For a truer comparison, we can compare the totals of the last three months and how they perform year over year.

  • Handle: $1.55 billion (+29.7% from $1.19 billion)
  • Taxable win: $126.1 million (+354% from $35.7 million)
  • State contributions: $18.9 million (+354% from $5.4 million)

That said, FanDuel and DraftKings maintain a stronghold on the market. In February 2023, the two combined to take a 79% market share.

Maryland has four new sportsbooks a year later, and the two behemoths’ market share is 77%. Even with more options, Maryland sports bettors have shown where their loyalties lie.

Photo by PlayMaryland
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Hill Kerby

Hill Kerby is a proponent of legal, safe, and responsible gambling. He feels fortunate to be able to contribute to the growing betting industry through his writing, primarily using his background in poker, sports, and psychology to do so.

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