Maryland’s March Sports Betting Handle Jumps Nearly 40%

Written By T.J. McBride on April 12, 2024
A picture of a rising graph for a story about March sports betting revenue in Maryland

Maryland sports betting handle in March climbed beyond $500 million after a slight dip in February.

In total, $536.7 million was wagered on sports last month, a significant increase from the prior month, when just $442.6 million was wagered. That is a month-to-month increase of 21.3%. Additionally, wagers in March were a massive 39.1% better year over year, proving how much the Maryland sports betting market has grown.

Leading the way in March was wagers on basketball. Of course, betting on March Madness was brisk, but NBA wagering made a significant impact.

March Madness spurs Maryland sports betting to another successful March

March Madness is one of the year’s biggest events for sports wagering. That impact was felt in the Maryland sports betting market.

According to the Maryland Lottery and Gaming Control Agency report, players bet $83.7 million on NCAA basketball in March. They won $81 million on those wagers, which left just $2.7 million in revenue for operators. In March, 15.6% of all sports wagers were on NCAA basketball, the second-highest bet-on sport.

Its professional counterpart took the top slot. Wagers on pro hoops eclipsed $160 million, representing 29.8% of the total Maryland handle.

Parlay wagers saw the most action, with $181.1 million of total handle. Of course, many of those parlays likely included bets on NCAA and professional basketball, but the dominance of the parlay wager cannot be overstated. Nearly 34% of the statewide handle came from parlays.

Here are the top five sports (including parlays) players bet on in March and the hold percentage that resulted:

  • Parlays: $181.1 million (16.9%)
  • Professional basketball: $160 million (3.5%)
  • NCAA basketball: $83.7 million (3.2%)
  • Tennis: $29 million (7.4%)
  • Soccer: $18.6 million (3.7%)

FanDuel is the top Maryland online sportsbook in March

No mobile operator was as popular in March as FanDuel, which is partnered with Live! Casino and Hotel.

FanDuel took $247.8 million of mobile sports wagers in March. Those who placed those wagers took home $221.3 million in winnings, which left $26.5 million in revenue. That equated to a hold percentage of 10.7% for March, which led all major operators in the state. FanDuel accounted for 47.5% of the statewide handle.

The distant second-place finisher was DraftKings, which accepted $155.1 million of wagers. Its bettors won $143.7 million, which left $11.4 million. Overall, DraftKings had a hold percentage of 7.4%.

The bronze medal for March mobile sports betting was earned by BetMGM with $42.8 million of bets taken. From that total, $39.9 million was paid out as winnings, leaving $2.9 million in revenue and a hold percentage of 6.7%.

Here are the top five sports betting mobile operators by total handle with hold percentages:

MGM National Harbor was the state leader in retail sports wagers for March

MGM led the state in retail sports betting via its sportsbook in MGM National Harbor. It took in $4.5 million of retail sports wagers and paid out its bettors $4.3 million.

Live! through FanDuel took home second place with $3.4 million of retail sports betting handle, which left $353,652 of revenue.

Here are the top five Maryland retail sportsbook operators in March and hold percentages:

Maryland receives $4.9 million in tax contributions from March sports betting

Operators in Maryland took home a combined $45.1 million of revenue in March. After accounting for promotional plays and other deductions, that left a total taxable win of $32.4 million. From that total, the state takes 15% in tax contributions, which was $4.9 million.

A minuscule $103,310 came from retail sports betting.

Despite being the most popular retail sports betting operator, MGM did not pay a single dollar of taxes from its retail sportsbook because its promotional plays and other deductions outweighed the revenue generated. This happened to five retail operators, showing how far in-person sports wagering has fallen.

The $4.9 million in taxes generated was 8.6% lower than in March 2023, which had set the record for the highest single-month tax contribution from sports betting. Inversely, tax contributions grew by 14.3% month over month.

Photo by PlayMaryland
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T.J. McBride

T.J. McBride is a writer and reporter based in Denver, Colorado who covers the Denver Nuggets as a beat writer. His byline can be found across many websites such as ESPN, FiveThirtyEight, Bleacher Report, and others.

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