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July 11, 2023
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July 11, 2023
During the past month, sports betting brought in $2.8 million in taxes in Maryland, according to information released by the state lottery on Monday. The state’s 10 retail and 10 mobile sportsbooks produced a combined $254.5 million in wagering handle in June. Since retail establishments debuted sports betting systems in December 2021 and mobile sports betting went online in November of last year, Maryland bettors have placed more over $3 billion in wagers on legal sports betting platforms.
Nearly 96 percent of June’s handle came from mobile sportsbooks, but three brick-and-mortar casinos did produce monthly handles of more than $1 million. With a handle of $3.6 million, MGM National Harbor (BetMGM) led the state’s retail casinos, followed by Live! Casino (FanDuel), $2.8 million, and Horseshoe Casino (Caesars Sportsbook), $1.4 million. Although the sportsbook at Horseshoe Casino was one of three to record a handle over $1 million, it was the only retail sportsbook to show a negative hold percentage (-0.1 percent) in June as customers enjoyed a profitable month.
Mobile Gaming is Dominated by FanDuel
Customers bet $108.7 million on FanDuel in June, making it the most widely used mobile sportsbook in Maryland. With a hold percentage of 13.4 percent, FanDuel generated $14.5 million in gross revenue and slightly under $11 million in taxable winnings. The operator of the sportsbook generated $1.6 million in tax revenue, making it the only business in Maryland to generate more over $1 million in tax revenue in a single month (June).
DraftKings reported a handle of $89.7 million each month, with an operator hold percentage of 8.7%. The operator reported $7.8 million in gross revenue, which translated into tax revenue of roughly $850,000.
With a hold of 10.8% on a $20.8 million monthly handle, BetMGM generated $2.2 million in gross revenue. Caesars Sportsbook generated gross monthly revenue of $588,740 on a handle of $11.9 million, although the operator only had a hold of 4.9 percent.
Barstool Sportsbook reported a $4.8 million handle and a 7.5 percent hold for the month. The monthly handle for BetRivers was $2.5 million, and its hold of 7.4 percent was almost identical to that of Barstool Sportsbook. PointsBet has a hold of 10.3 percent and a handle of $2.4 million per month.
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Fanatics Sportsbook, which is currently in the state’s beta-testing phase, recorded a handle of $1.6 million each month. In an effort to attract more clients, the sportsbook’s promotional play accounted for more than 33% of that total. The beta version of Fanatics Sportsbook is also accessible in Tennessee, Ohio, and Massachusetts. The operator has a retail sportsbook at FedEx Field, the home of the Washington Commanders, as part of its operations in Maryland. Even though it hasn’t yet been operational during an NFL regular season, the location generated $264,674 in handling in June.
Of the 10 mobile sportsbooks operating in the state, SuperBook Sports, which opened its mobile sportsbook there in April, had the lowest monthly handle ($442,469). The Baltimore Orioles’ home stadium, Camden Yards, houses a retail sports betting lounge run by SuperBook Sports.
