Maryland Reports Strong May Sports Betting Numbers
Maryland has published its sports wagering result for May, which stands out as its second-most profitable month since its sports betting market launched in December 2021.
Maryland operators had a hold rate of 11.8% in May, resulting to a GGR of $51.1 million.
LISTEN TO THIS ARTICLE:According to data from Maryland Lottery and Gaming, retail and online sports betting operators collected a combined handle of $431.5 million in May. The figure marks an increase of 34.8% compared to the $320.2 million wagered in the same month last year.
Online sports betting dominated the market, generating $419.5 million in wagers, while retail betting accounted for $12.0 million.
In May, Maryland sports bettors collectively won $380.5 million, resulting in a hold of $51.1 million (11.8%) for operators.
After deducting prizes, promotions, and other expenses, the taxable adjusted gross revenue for the month amounted to $46.6 million.
Based on current regulations, 15% of the taxable revenue generated by Maryland's sportsbooks goes towards Maryland's Future Fund, which supports education and other initiatives. In May, this amount reached nearly $7 million, up 50.3% year-on-year.
From July 2023 to May 2024, the first 11 months of fiscal year 2024, sports betting in Maryland has generated $54.6 million in contributions to the fund. The all-time sports betting tax contributions to the Future Fund now stands at $82.7 million.
FanDuel Continues Market Dominance
In terms of operator's performance, FanDuel maintained its leading position in the market with $195.2 million in total online and more than $4 million in taxes to the state.
DraftKings secured the second spot with $137.4 million in bets and $1.8 million in taxes to the state. BetMGM rounded off the top three with $31.1 million in handle and $438,151 in tax revenue.
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Maryland's sports betting performance in May mirrors that of New York, with both states experiencing a significant surge in revenue in a month typically considered sluggish for sports betting. Like Maryland, New York recorded its second-highest sports betting revenue in the month.
Maryland Casino Industry Experiences Growth
The growth the Old Line State experienced in its sports betting market in May also reflected in its casino industry. In a report published earlier this month, Maryland's six retail casinos posted a combined revenue of $173.2 million, up 6.1% year-on-year.
Of the total, $121.2 million came from slot games, while $52 million was generated from table games. May's revenue ranks ninth on the state's all-time high monthly gaming revenue list.
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