FanDuel and DraftKings continued their dominance of the Maryland online sports betting market in July, taking 80% of the bets made in the state during the month.
Data was released Thursday by the Maryland Lottery and Gaming Control Agency, two days after it was announced that the biggest player in sports, ESPN, would be entering the sports betting business.
The Worldwide Leader could be the only brand capable of competing with the industry’s market share kings in Maryland. Or, it could wind up fighting for whatever it can get from the remaining 20% of the Maryland online sports betting pie.
Maryland online sportsbooks handle $237.5 million in July
Maryland sports betting revenue saw an increase in July, batting down the typical decline in summer profits for sports betting across the country. July is often the slowest sports betting month of the year.
While handle was down about 2% from June for online sportsbooks in Maryland, they saw a $2 million increase in taxable win, meaning more tax revenue for the state.
More than $247 million was bet on sports in the state in July, with $237.5 million wagered on the state’s 11 online sports betting platforms.
Among them was the newest Maryland online sportsbook, Crab Sports, which handled more than $281K in bets while operating for about half the month.
Fanatics Sportsbook, which was in its second full month of operation in the state, albeit in a beta mode, saw its handle increase slightly to $1.8 million.
DraftKings sees monthly increase, closes gap on FanDuel
While sports betting market share has been a two-horse race in Maryland since the beginning, it is FanDuel Maryland that has had a decided advantage.
DraftKings Maryland did make up some ground in July, even though it still finished No. 2.
FanDuel led the way in the state with $99.5 million in handle, down from the $108.7 million it handled in June.
DraftKings saw a monthly increase, however, handling $92 million bets, up from $89.7 in June.
Their nearest competitor was BetMGM Maryland, which handled about $23 million.
The news of PENN Entertainment rebranding its Barstool sportsbooks to ESPN Bet starting this fall is one that shook the industry. ESPN is the biggest name in sports in the US, without question. Whether that will translate into a successful sportsbook, however, is unknown.
When the ESPN Bet name starts to adorn the former Barstool Online Sportsbook in Maryland, it will have some work to do. Barstool handled $4.4 million in bets during July, which was fifth among Maryland online sportsbooks. That’s in line with where it has been since launch.
Online sportsbooks generate $3 million in state tax revenue
More than $3.3 million in state tax revenue was generated by sports betting in July, with nearly all of it coming from mobile sports wagering.
Nine of the 11 online sportsbooks in Maryland registered a taxable win during the month, contributing just over $3 million combined. Retail sportsbooks contributed $231K to the state.
Each sportsbook contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education in the state.