In July, Maryland Sportsbooks routed the public for a strong 13% hold

On Monday, August 12, Maryland Lottery and Gaming reported $43.8 million in gross sports betting revenue for July. Sportsbooks across the state were dominant to combine for a 13.1% hold. This was Maryland’s second-highest win rate in 2024 behind a 14.7% hold in January and their fourth consecutive month with a double-digit hold. The state’s 11.2% hold through the first seven months of 2024 is just ahead of its 11.1% hold for all of 2023. Their percentage in July was boosted due to the 23.8% win rate on parlays and same-game parlays. Additionally, gross revenue skyrocketed by 55.7% compared to their numbers from 2023. However, Maryland’s $333.3 million in wagers is up 34.7% in the last year. Maryland became the 12th state to surpass $1 billion in all-time gross revenue. Lottery Director John Martin had this to say.

“We’re pleased with the growth of the market because it translates into education funding for Maryland,” said Martin. “Sports wagering has contributed nearly $100 million to Maryland’s schools since launching in December 2021, which is a win for everyone in the state.”

Maryland’s parlay handle helped the revenue surge in July

In June 2023, Maryland Lottery and Gaming began reporting category-specific handle and revenue figures. One takeaway is how much parlay wagering can impact the hold as an increased percentage of the overall handle. Last month, wagering on multi-leg bets totaled $109.3 million. That was an outstanding 64.6% increase from July 2023. Additionally, parlays accounted for 32.8% of all wagers in July 2024. That’s a 26.8% increase compared to 2023. Maryland’s 23.8% hold on parlays in July 2024 was only enough for $26 million in winnings. This was the third time in the last four months that their hold for parlays was over 22%.

All 12 mobile sportsbooks in Maryland had at least a 10% hold in July 2024. This was the final month of operation for Betfred and SuperBook. Betfred led all sports betting apps with an outstanding 17.1% hold in July. They collected $15,400 in winnings from $89,000 in wagers. In SuperBook’s final month of operation, they had a 15.7% hold. Their best hold percentage of 2024. SuperBook claimed $40,900 in revenue from $451,200 in wagers and a 5.9% win rate over 16 months of legal betting.