Maryland May Sportsbook Revenue Tops $50 Million
State's Sportsbooks Clean Up on Parlays
The month of May turned out to be a pretty strong one for sportsbooks in Maryland. Maryland Lottery and Gaming reported gross sports betting revenue of $51.1 million for May. That’s the second-highest profit the state has shown in any month since sports betting went live in December 2021. The Maryland May sportsbook revenue came in a month that is typically a bit slow for sportsbooks. The sports betting handle for May for $431.5 million, which is up 34.8% from the $320.2 that was wagered in May 2023. The state was the big winner, earning just shy of $7 million for the month.
As usual, the vast majority of wagers were placed through mobile sports betting apps. Retail sportsbooks had a handle of $12 million, while online sports betting ed for the other $419.4 million. Of the online sportsbooks, FanDuel led the way in the state once again. The company received $195.2 million in online wagers for the month. Gross revenue was just over $30 million for the month before FanDuel took deductions for promotional play. FanDuel had a $27.2 million taxable win.
DraftKings was No. 2 for the month, accepting $137.3 million in wagers. The company had taxable winnings of $12.2 million for the month. A distant third was BetMGM, which had handle of just over $31 million for the month, which resulted in taxable revenue of $2.9 million. Caesar’s edged out ESPN Bet for the No. 4 spot in handle. Caesar’s received $17.5 million worth of bets in May, while ESPN Bet took $16.8 million worth of wagers. ESPN Bet did help the Maryland May sportsbook revenue a little more with taxable revenue of $1.3 million compared to Caesar’s $796,288.
Fanatics held down the No. 6 spot in of betting handle with $12.3 million, while BetRivers was the only other sportsbook to the $1 million mark with $6.9 million in online wagers.
MGM led the field in of retail sports betting handle, accepting $3.8 million in wagers at its MGM National Harbor location.
Sportsbooks Score Big in Parlays
Of the $51.1 million in Maryland May sportsbook revenue, $36.2 million came from parlay/combination wagers. Maryland sportsbooks had a hold of 25.7% for the month on parlays, so the parlay bettors. For the 2024 fiscal year, parlays have been the biggest money maker for the sportsbooks. Of the total $531.2 million hold, $374.1 million has come from parlay/combination wagers.
After parlays in May, the sportsbooks did the best in pro basketball, showing just over $4.8 million in profits. The next category was the “Other” sports, which includes the likes of table tennis, MMA/boxing, and the like. The next most profitable sport for the sportsbooks was tennis, followed by baseball. Soccer edged out golf and ice hockey for the No. 5 most profitable sport.
For the fiscal year, pro basketball is running No. 2 in of revenue, with the sportsbooks showing $38.8 million in profits. Pro football was No. 3 with $24.37 million in revenue, just ahead of tennis, which yielded $24.33 million in profits. Pro baseball was No. 5, resulting in $16.1 million in profits for the state’s sportsbooks.
For the fiscal year, Maryland has made $54.5 million in tax revenue between online and retail sports betting.
For Point Spreads Sports Magazine.
