Maryland Sportsbooks Handled More Than $320 Million In Sports Bets In May

Written By Dan Holmes on June 12, 2023 - Last Updated on June 13, 2023
Maryland sports betting may revenue

For a sixth consecutive month since launching legal sports betting, Maryland sportsbooks handled more than $300 million in wagers in May, coming in at more than $320 million. That figure led to more than $4.6 million in tax revenue.

The state reported $320.1 million in total handle combined between retail and online sources, with the bulk of that — more than $305 million — deriving from Maryland online sportsbooks. Since it launched sports betting, Maryland has generated more than $2.4 billion in sports bets.

To date, more than $27 million has been paid in taxes to the state from sports betting activity since it was legalized in Dec. of 2021. That money is used for the Blueprint for Maryland’s Future Fund and the Problem Gambling Fund. Sports betting operators are taxed at 15% of their taxable win amount.

FanDuel, DraftKings account for vast majority of Maryland sports betting

FanDuel Sportsbook Maryland and DraftKings MD topped sportsbooks in total handle in May, accounting for more than 80% of the market ($248 million). Combined, those two companies paid in excess of $4 million in taxes in May.

Sports wagers accepted online dropped slightly in May compared to April, from $313.4 million to $305.0 million. Mobile sports betting is clearly the most popular method of betting. In May, $305 million of the $320 million, or 95%, of the total wagered on sports in Maryland, came from online activity or sportsbook apps.

The state now has 10 sports betting operators, with Fanatics joining the market late in early June. However, the controlled demonstration that Fanatics held on May 30, was included in the revenue report.

Maryland online sportsbooks total handle for May 2023

As they do in much of the United States, DraftKings and FanDuel dominate the sports betting market in Maryland. In every full month with legal sports betting, those two sportsbooks have topped $100 million in total handle. That figure represents the amount of wagers accepted.

SportsbookHandlePrizes PaidHold %Promotional PlayOther DeductionsTaxable WinContributions To The State

The legal sports betting market has been a success in Maryland, which took quite a while to launch online sportsbooks after legalizing the activity in 2021, but has hit the ground running. A look at Google search trends shows that queries related to sports betting have increased, indicating the popularity of the regulated market in the Old Line State.

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Dan Holmes

Dan Holmes writes about sports betting, sports media, casino and sports betting legislative matters for several of the Play sites, including PlayMaryland, PlayMichigan and PlayMassachusetts. He's the author of three books, and previously reported for Major League Baseball, as well as the National Baseball Hall of Fame and Museum. He lives near Lake Michigan with his daughters.

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