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
| Sportsbook | Handle | Prizes Paid | Hold % | Promotional Play | Other Deductions | Taxable Win | Contributions To The State |
|---|---|---|---|---|---|---|---|
| FanDuel | $108,659,787.20 | $94,113,480.29 | 13.40% | $3,470,966.54 | $262,972.05 | $10,812,368.32 | $1,621,855.25 |
| DraftKings | $89,664,242.40 | $81,881,961.90 | 8.70% | $1,896,923.91 | $219,418.30 | $5,665,938.29 | $849,890.74 |
| BetMGM | $20,843,391.24 | $18,597,348.04 | 10.80% | $1,210,877.38 | $49,081.28 | $986,232.91 | $147,934.94 |
| Caesars | $11,917,179.73 | $11,328,439.71 | 4.90% | $196,893.40 | $29,568.38 | $362,278.24 | $54,341.74 |
| Barstool | $4,786,828.22 | $4,426,184.18 | 7.50% | $70,931.14 | $11,967.07 | $277,745.83 | $41,661.87 |
| BetRivers | $2,547,894.37 | $2,358,394.81 | 7.40% | $124,947.82 | $6,369.74 | $58,182.00 | $8,727.30 |
| PointsBet | $2,358,711.41 | $2,116,128.03 | 10.30% | $71,929.67 | $5,716.95 | $129,314.82 | $19,397.22 |
| Fanatics | $1,600,335.91 | $1,271,098.20 | 20.60% | $616,005.30 | $2,460.83 | $0.00 | $0.00 |
| BetFred | $996,333.56 | $862,369.88 | 13.40% | $73,085.54 | $2,490.83 | $0.00 | $0.00 |
| SuperBook | $442,469.03 | $418,550.77 | 5.40% | $22,009.86 | $1,040.67 | $0.00 | $0.00 |
| Total | $243,817,173.07 | $217,373,955.81 | 10.80% | $7,754,570.56 | $591,086.10 | $18,292,060.41 | $2,743,809.06 |
