Maryland Sports Betting Posts Impressive Numbers in May

The Old Line State just had one of the best and most profitable sports betting months in its history.

Maryland released their revenue numbers for May, and the results were far better than expected. The Maryland Lottery and Gaming Control Agency announced that the state saw a handle of over $431 million in May, leading to $6.9 million in tax revenue. That makes May their second-most profitable month since launching three years ago. The impressive handle is up over 34% from May 2023, while the tax revenue was over 50%.

May’s success continues an impressive 2024 campaign for Maryland sports betting. The state kicked off the year by setting a record-high for tax revenue in January at $8.2 million. May’s numbers mean the state has now outperformed their 2023 numbers in each of the first five months of the year. 

The state’s massive month was driven by the NBA and NHL playoffs and a rise in popularity for WNBA betting. All tax revenue generated went towards the Blueprint for Maryland’s Future Fund, which supports the state’s school systems.

FanDuel Soars While Fanatics Falters

Maryland’s impressive month was led by FanDuel, who posted an industry-high handle of $195 million. DraftKings was the next highest at $137 million, followed by BetMGM at $31 million.

While FanDuel and DraftKings' continued success is hardly surprising, Fanatics's struggles are a cause for concern. The new sportsbook finished with a May handle of over $12 million, which was lower than Caesars and ESPN Bet. Given the amount that Fanatics has invested in their new platform, their performance in Maryland marks a significant failure.

Fanatics' biggest concern is the gap between themselves and ESPN Bet. PENN Interactive recently launched the ESPN Bet platform, which came soon after Fanatics began launching around the country. Given the small market share available for both new players, there is a good chance that only one will survive over the long run.