Maryland Falls Just Short of Record Sports Betting Month in January

In January, sports betting activity in Maryland saw a slight decrease for both apps and retail providers. However, the top sports betting sites in the state had one of their most successful months to date.

In January, Maryland’s top sportsbooks achieved their third-highest lifetime handle, with the second-highest month in hold rate and revenues. The only month to surpass this performance was December 2022, the first full month of comprehensive Maryland sports betting.

On the journey, the Maryland legal sports betting sector has exceeded $6 billion in lifetime handle, supported by numerous promotions from Maryland sportsbooks to increase overall engagement.

Maryland exceeds $500 million in January sports betting

Maryland sportsbooks saw a total of $545 million in wagers in January, making it the third highest month for sports wagering activity in the state, according to the Maryland Lottery and Gaming report.

Although the total amount of betting activity in January dropped by approximately $15 million from December’s nearly $560 million, it still showed a 23.4% year-over-year improvement compared to the nearly $441.5 million recorded in January 2023.

In January, Maryland’s top sports betting apps accounted for the majority of the state’s handle, bringing in $527.8 million out of the total $545 million handle from the state’s sports betting sites.

Maryland sportsbook revenues second-best ever

Maryland sportsbooks capitalized on a large amount of bets and the unexpected defeat of the Baltimore Ravens in the AFC Championship game.

In Maryland, sportsbooks held 14.7% of total revenues, the second-highest win rate since sports betting was legalized 15 months ago. This resulted in a near-record $80 million in gross sports betting revenue for providers in January.

Maryland sportsbooks experienced their best revenue month in December 2022, bringing in $85.2 million. The $80 million revenue figure for January marks a significant increase of $17.7 million from December and is over $20 million higher than the $59.6 million generated in January 2023.

Maryland’s top sportsbooks saw an all-time high in adjusted gross revenues thanks to a winning combination of strong handle, high revenues, and an impressive hold rate. This success resulted in a record $8.2 million in taxes paid by state providers in January, as sportsbooks came out on top against bettors in Maryland.

Maryland Lottery and Gaming Director John Martin stated in the monthly report that the sports wagering calendar always plays a significant role, with the football playoffs in January consistently generating high numbers. The outcome of the AFC Championship game, which did not go in favor of Ravens fans, may have influenced the results observed.

It serves as a reminder that unexpected results can occur, which is why it is important for those who gamble to establish a budget, create a plan and adhere to it, and prioritize enjoyment above all else.

FanDuel flexes with dominant January

FanDuel Maryland dominated the competition as the most popular sports betting app in Maryland. In January, FanDuel received $244.9 million in bets and generated $43.8 million in gross revenues with an impressive win rate of 17.9%.

In January, DraftKings Maryland came in second place in accepted wagers with $154 million and revenue of $23.5 million. BetMGM Maryland finished third with over $40 million in bets and over $5 million in revenue for the same period.

In January, ESPN BET ranked fourth in Maryland with slightly over $35.9 million in wagers, capturing a 6.8% market share. This was close to the initial goal of 7%. Caesars Underscoreg Maryland followed closely behind in fifth place with a $24.5 million handle, and Fanatics came in sixth with $20 million in bets.