Maryland Has Most Profitable Month Since Sports Betting Launched

The Old Line State announced that October was their most profitable since sports betting launched in December 2021. The Maryland Lottery and Gaming Control Agency (MSLGCA) announced that the state saw $5.8 million in tax revenue in October. That broke their record from March 2023, when the state collected $5.3 million in revenue. The MSLGCA also announced that the industry had a handle of $483,147,391 for the month, their second largest.

The most significant factor for the success has been NFL betting, which continues to be the most wagered-on league. Maryland is home to the Baltimore Ravens, one of the best teams in the NFL, through the first ten weeks of the season. 

“People love to bet on football, and that is certainly reflected in the handle this time of year,” MSLGCA Director John Martin said of the revenue.  “The Ravens’ success and college football are contributing factors, and there is a convergence of the seasons in October, with the baseball playoffs and World Series and the start of hockey and basketball. From an overall perspective, the results show that a robust market has taken shape here in Maryland and is making a steady contribution to the state’s education programs.”

Maryland has a total of 13 retail sportsbooks and 12 mobile operators, with online sports betting generating most of the state’s impressive tax revenue. 

FanDuel Continues to Dominate

October’s numbers show that FanDuel remains the most popular option for bettors in Maryland. They had an October handle of $210,548,643, which was by far the largest. DraftKings was second with a handle of just over $157 million, with BetMGM a distant third at $38 million. This has been a theme across the country, with FanDuel and DraftKings capturing almost 80% of US sports betting market share.

The most surprising result came from the recently launched Fanatics. While their $13.7 million handle was far below that of their top competitors, it makes them the fifth largest operator. Fanatics is focused on becoming a significant player in the sports betting game, and they have found some success early on in Maryland.