Sports betting in Maryland is growing at a record rate, even despite less revenue than expected in the first month of 2024. Per one report, Maryland sports betting apps and retail providers experienced a small downturn in overall sports betting activity in January. However, the state’s best sports betting sites still enjoyed one of their best months ever in the Old Line State. As noted in the article, the state’s sportsbooks recorded their third-best lifetime handle in January while posting their second-best month in hold rate and revenues. This was bettered by only the first full month of comprehensive Maryland sports betting in December 2022. Also, along the way, the Maryland sports betting industry surpassed $6 billion in lifetime handle with plenty of Maryland sportsbook promotions boosting the total activity.
For this report, SBS will be going over the latest gaming news and notes coming from the Old Line State along with more notes and info about Maryland gaming updates.
As noted in the same article and also according to the Maryland Lottery and Gaming January report, Maryland sportsbooks took in $545 million in wagers last month. That figure comes in as the third-best month ever in terms of sports wagering activity for the state. While that total is a roughly $15 million drop from the nearly $560 million in betting activity from December, it does represent a 23.4% year-over-year improvement from the nearly $441.5 million recorded in January 2023. Moreover, Maryland’s sports betting apps made up the overwhelming majority of the state’s January handle, with $527.8 of the $545 million handle coming from the state’s sports betting sites.
As referenced in the report, Maryland sportsbooks took full advantage of a high handle and the surprising loss of the Baltimore Ravens in the AFC Championship game. Sportsbooks in the Old Line State were able to hold 14.7% of total revenues, the second-best win rate in 15 months of sports betting legalization in the state. That led to a near-record $80 million in gross sports betting revenue for Maryland providers for January.
According to the same article, you have to go back to December 2022 ($85.2 million) to find a better revenue month for Maryland sportsbooks. That $80 million figure for January is an impressive $17.7 million spike from December’s revenue haul and is just over $20 million better than the $59.6 million from January 2023. The combination of a good handle, good revenues, and a great hold rate led to an all-time high in adjusted gross revenues for Maryland’s best sportsbooks. It also led to a record $8.2 million in taxes being paid by state providers, as sportsbooks were able to get the better of the bettor in Maryland in January.
“The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers,” said Maryland Lottery and Gaming Director John Martin as part of the monthly report. “The AFC Championship game didn’t go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw.” Moreover, Martin adds, “It’s a reminder that unforeseen outcomes happen, so it’s always best for anyone who wagers to set a budget, have a plan and stick to it, and keep the focus on having fun.”
Per the same article, FanDuel Maryland ran away with the battle for the most popular Maryland sports betting app. FanDuel accepted $244.9 million worth of January bets in the Old Line State and reported $43.8 million in gross revenues off a whopping 17.9% win rate. DraftKings Maryland finished second with $154 million in accepted wagers in Maryland in January and $23.5 million in revenue. BetMGM finished third with just over $40 million in January bets and over $5 million in revenues. ESPN BET was fourth with just over $35.9 million in January. It resulted in a 6.8% market share in Maryland, not too far off the first-year target of 7%. Finally, Caesars Sportsbook Maryland rounded out the top five Maryland sportsbooks with a $24.5 million January handle, while Fanatics was sixth with $20 million in accepted bets.
Of course, with such an excellent start to the new year, there is plenty of room for growth when it comes to sports wagering in the Old Line State.
After you are all squared away regarding the latest gaming news and notes coming from the Old Line State, make sure to tap into the wide variety of resources and info for you only at SBS. Of course, for even more information on the topic at hand, our Maryland sports betting guide has you covered with all the latest gaming news and info coming from the Old Line State. Of course, if you are interested in some higher stakes wagering, then the VIP sports betting sites rundown is a must-read resource. Here you can learn more about the perks of VIP betting and how it might make sense for you and along with the perks of it. On a separate note, for those on the go, the best betting apps breakdown is a fantastic resource. Here you can understand the perks of mobile betting.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.
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