Sports Betting Handle In Maryland Slips to $486 Million in April

Written By Hill Kerby on May 14, 2024
A picture of a warning sign for slipping and falling

Even though Maryland sports betting declined in April compared to the previous month, it should still be considered a success.

Maryland sportsbooks reported $486.3 million in April handle, a 9.4% decrease from March’s $536.7 million. The drop was expected due to fewer major sporting events on the calendar.

  • April handle: $486.3 million – sixth-highest in state history (+48% year-over-year from $292.8 million)
  • Prizes paid: $435.9 million
  • Revenue: $50.4 million (10.4% hold) – sixth-highest in state history (+41.5% year-over-year)
  • Taxable winnings: $37.9 million
  • State taxes: $5.7 million – fourth-highest in state history (+47.1% year-over-year)

FanDuel, DraftKings Combine for Over 75% Market Share

Mobile wagers account for the vast majority of Maryland sports betting volume each month. April’s mobile handle was just shy of $475 million, while retail sportsbooks handled just $11.3 million for the month.

The nation’s two largest sportsbooks had strong showings in Maryland in April. FanDuel Maryland, the established leader in the state, reported a $221.1 million handle. This was good for 46.5% of all wagers.

DraftKings Maryland had a $141.7 million handle, accounting for another 29.8% of the state’s wagers. Combined, the two held a 76.3% market share in April.

ESPN Bet Reclaims 3rd Spot from BetMGM in April

The Old Line State saw a different third-place finisher in April than in recent months. ESPN Bet Maryland’s handle grew to $35.6 million, good enough to surpass BetMGM Maryland.

ESPN Bet last outperformed BetMGM in December 2023, but BetMGM’s three-month run ended in April after its handle fell to $34.4 million, down nearly 20% from March.

Three more Maryland sportsbooks had handles totaling seven or eight figures:

The lowest-grossing Maryland sportsbooks failed to hit $1 million in April handle:

  • BetPARX: $597,000
  • Betfred Sportsbook: $595,000
  • SuperBook: $584,000
  • Crab Sports: $378,000

Parlays, NBA Betting Lead the Charge

April marked the eighth consecutive month in which Maryland’s sports betting handle finished well above $400 million. This accomplishment came with no help from March Madness or NFL betting either.

Marylanders wagered more money through parlays and combinations than any single sport. April’s parlay action totaled $162.6 million (33.4% of total wagers).

Professional basketball was next with a $122.5 million handle (25.2% of total wagers). Baseball finished third with $82 million wagered (16.9%).

Three more sports had eight-figure handles:

  • Tennis: ($32 million; 6.6% of total wagers)
  • Soccer: ($17.4 million; 3.6%)
  • Ice hockey: ($11.9 million; 2.9%)

MD Sports Betting to Hit Several Landmarks by End of FY 2024

With April’s numbers in the books, Maryland sportsbooks have two months remaining in Fiscal Year 2024. It marks its first full fiscal year with online sports betting. Fiscal Year 2023 had only seven-plus months of data after Maryland sports betting launched in November 2022.

The state will also have plenty to celebrate by the fiscal year’s end. Most notably, sports betting volume will surpass $5 billion, resulting in over $50 million in state tax contributions. In April, the state collected $5.7 million in tax revenue.

To date, sports betting handle totals nearly $4.56 billion (+96.7%). Sportsbooks have reported $317.3 million in taxable winnings and contributed $47.6 million (+167.8%) in taxes. Most of that money goes to the Blueprint for Maryland’s Future Fund.

Photo by Shutterstock
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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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