Maryland Sports Betting Handle Reaches $384.68M In June

Per Maryland Lottery and Gaming, the state’s sports betting handle reached $384.68 million in June 2024, and operators generated $5.72 million in taxable revenue. Sports wagering contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs.

Maryland sports betting operators produced $5.72 million in taxable revenue, the fifth-best single-month total

According to the news release, the $5.72 million contribution to the Old Line State last month was the fifth-best single-month total and was more than double the $2.8 million figure recorded in June 2023. The $384.68 million in handle was an increase of 51.2% compared to the $254.5 million total in June 2023.

Of the $384.68 million handle, retail operators reported $11.26 million (including $5,500 in free promotional wagers). Plus, mobile operators accepted $373.41 million (includes $811,187 in free promotional wagers) in bets.

June’s 10.3% hold brought in a total of $39.7 million in gross gaming revenue. Revenue spiked 46.5% from June 2023. Win rate stayed on track with June 2023’s results, as Maryland sportsbooks reported a 10.6% hold last year.

Combined prizes also totaled $345 million last month. Retail operators paid $10.84 million to patrons, while mobile bookmakers reported $334.17 million in total prize winnings.

FanDuel dominated the Old Line State with $162.7 million in handle, $22.2 million in total revenue

In June, FanDuel led all other sportsbooks with $162.7 million in handle and $22.2 million in revenue. DraftKings finished second with $128.1 million in accepted wagers and $10.3 million in profit.

Veterans Services Corporation recently launched LetsBetMD in Maryland on July 3. The newest operator in the Terrapin State has quite the hill to climb in order to compete with even ESPN BET or Fanatics Sportsbook.

Moreover, Maryland’s tax coffers have collected $35.7 million total through the first six months of 2024. It has outperformed the first half of 2023 by over $14 million.

Sports wagering data is tracked and reported based on the State of Maryland’s fiscal year, which runs from July 1 through June 30. For the 12 months of Fiscal Year 2024, sports wagering contributed $60.31 million to the Blueprint for Maryland’s Future Fund.

Another $985,862 in expired sports wagering prizes were contributed to the state’s Problem Gambling Fund during FY2024. Since the inception of Maryland’s sports wagering program in December 2021, cumulative contribution to the fund has totaled $88.45 million, and cumulative expired prizes contributed $3.21 million.