June Sports Betting Revenue Report Shows Fanatics Off To Slow Start In Maryland

Written By Paul Costanzo on July 10, 2023
June 2023 maryland sports betting revenue

Fanatics Sportsbook MD handled $1.6 million in wagers in June, its first month as a live online sportsbook in Maryland.

That placed Fanatics eighth among the 10 online sportsbooks in Maryland, and was worth 0.6% of the market’s $243.8 million in online handle during the month.

It’s a rough start for the sports apparel brand-turned sportsbook, although June is a slower month, in general.

Maryland sportsbooks handle more than $250 million in June

The Maryland Lottery and Gaming Control Agency reported Monday that Maryland’s retail and online sportsbooks combined to handle $254.5 million in June. It’s a 20.5% drop in handle from May, although that’s not surprising.

Summer months bring sports betting downturns, as there are fewer major events for bettors to wager on. Baseball was the most bet on sport in the state in June, with $65.5 million. Professional basketball — due largely to the NBA Finals — was second at $34.5 million, followed by tennis at $23.6 million.

More than a third of the wagers made in the state ($93.4 million) were made on parlays.

Online sports betting accounted for 95.8% of the bets made in the state. FanDuel Sportsbook MD was the leader, again, bringing in more than $108 million in wagers. DraftKings Sportsbook MD was second at $89.7 million.

Revenue at online sportsbooks was more than $18 million, and they paid a collective $2.7 million in state taxes. That takes the total state tax payment above $20 million since launching this past November.

Fanatics lags behind Maryland sports betting competitors

June was a big month for Fanatics, as it won the bidding war to take over the US assets of PointsBet. It also launched its online sportsbook in Maryland.

But it didn’t exactly explode out the gate here.

At $1.6 million in handle, it finished the month above only SuperBook Sports and BetFred.

While competing with the likes of FanDuel or DraftKings has proven to be nearly impossible for sportsbook operators around the country, Fanatics has been talking and spending as though it plans to be a major player in the industry.

One month into its time in Maryland, however, it found itself with plenty of ground to make up.

June 2023 Maryland online sports betting revenue by operator

SportsbookHandlePrizes PaidHold %Promotional PlayOther DeductionsTaxable WinContributions To The State
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Paul Costanzo

Paul Costanzo is the managing editor of PlayMaryland, and its sister site in the PlayUSA network, PlayMichigan. He has covered news and sports at various media outlets over the past 20 years. Paul works with a talented team at PlayMaryland to provide the latest news and information on the state's blossoming sports betting industry.

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