Maryland online sportsbooks posted a solid sophomore showing in January, taking in over $422 million in legal bets, according to state gaming regulators. In just over two months, online sports gamblers in the state have shelled out more than $1 billion.
Maryland bettors put $441 million on the line in January
The Maryland Lottery & Gaming Control Agency said the state’s 10 retail and seven online sportsbooks combined for nearly $441.5 million in bets last month. Maryland sports betting operators kept $59.6 million, or roughly 13.5%, after winning bets were paid out.
Sports gamblers have plenty to bet on in January. The gambling entree is the end of the NFL regular season and the beginning of the playoffs. The NBA and NHL play almost daily as a side offering, while the PGA Tour is in full swing.
Handle | Prizes Paid | Hold % | Promotional Play & Other Deductions | Taxable Win | State Taxes | |
---|---|---|---|---|---|---|
January | $422,657,953.76 | $364,618,587.34 | 13.7% | $22,802,573.66 | $12,586,781.30 | $1,888,017.20 |
December | $478,270,326.20 | $395,966,816.94 | 17.2% | $71,964,684.29 | $298,609.09 | $44,791.36 |
November (9 days) | $186,084,495.57 | $160,216,032.14 | 13.9% | $64,145,318.85 | $38,276,855.42 | $4,261.65 |
To Date | $1,087,012,775.53 | $920,801,436.42 | 15.3% | $159,537,723.29 | $12,913,155.00 | $1,936,973.25 |
January wagering results in $2.1 million for Maryland
A temporary amnesty allows online sportsbooks to deduct nearly $23 million from their taxable gambling revenue. As a result, Maryland collected just over $2.1 million in taxes from legalized sports betting in January.
Online sports betting in Maryland debuted on Nov. 23, 2022. Nearly $1.09 billion has been legally wagered with Maryland online sportsbooks since.
FanDuel, DraftKings most popular sportsbook apps
The nation’s two largest online sportsbooks are staking an early lead in Maryland. More than 80% of the monthly total gambled online was bet using either FanDuel or DraftKings apps.
According to data from the MLGCA, FanDuel posted a monthly handle (the amount wagered) of $208.9 million. The book had a monthly hold (total after winning bets are paid out) of 16.1%, the highest among Maryland’s online operators.
DraftKings’ handle in January was just under $132 million and the book’s hold was 11.8%. Under the state’s 12-month tax break for online sportsbook operators, DraftKings paid $0 in taxes in January.
Sportsbook | Handle | Prizes Paid | Hold % | Promotional Play & Deductions | Taxable Win | Contributions To The State |
---|---|---|---|---|---|---|
FanDuel | $208,878,840.38 | $175,184,016.18 | 16.1% | $10,264,291.46 | $9,996,579.02 | $1,499,486.85 |
DraftKings | $131,928,610.49 | $116,326,456.28 | 11.8% | $7,478,251.26 | $0.00 | $0.00 |
BetMGM | $40,718,830.72 | $35,416,822.18 | 13.0% | $3,360,160.76 | $967,417.40 | $145,112.61 |
Caesars | $19,959,874.20 | $18,594,941.66 | 6.8% | $851,856.58 | $513,075.96 | $76,961.39 |
Barstool | $12,588,039.87 | $368,643.20 | 11.4% | $1,339,700.38 | $1,062,877.48 | $159,431.62 |
PointsBet | $5,798,554.42 | $5,348,046.01 | 7.8% | $312,978.81 | $19,805.19 | $2,970.78 |
BetRivers | $2,785,203.68 | $2,591,785.84 | 6.9% | $166,391.59 | $27,026.25 | $4,053.94 |
Total | $422,657,953.76 | $364,618,587.34 | 13.7% | $22,802573.66 | $12,586,781.30 | $1,888,017.20 |