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June Serves as Worst Sports Betting Month for Maryland Since Launch of Mobile in November

Perry Sandra

Updated as of July 11, 2023 at 2:07 PM EDT • Read time: 1 min 37 sec. For more information, visit our Twitter and Google News links.

Fans celebrate after Baltimore Orioles defeated the New York Yankees.
Fans celebrate after Baltimore Orioles defeated the New York Yankees. Photo by Rob Carr/Getty Images via AFP.

Maryland has established itself as a dependable sports betting jurisdiction in the larger U.S. market. However, the month of June demonstrated that even Maryland is not immune to a slowdown in sports betting activity during the summer months.

June marked a significant downturn for top sports betting apps in Maryland, breaking a streak of six consecutive months with a handle of $320 million or more. This was the lowest performance since November, when the state debuted its mobile sports betting platform.

Despite some challenges, Maryland sports betting has some positive news. The state has now exceeded $3 billion in lifetime handle with the addition of June’s figures.

June’s handle slips under $300 million

The Maryland Lottery and Gaming June earnings report, released on July 10, revealed that bettors wagered nearly $254.5 million at the state’s top sportsbooks.

Maryland’s top sports betting sites dominated the market, accounting for almost all of the state’s wagering activity. Of the total $254.5 million bet, $243.8 million came from Maryland’s 10 mobile sports betting providers.

Revenues and taxes paid

Maryland Lottery and Gaming reported that sportsbooks in Maryland had a taxable win of $18,900,337 in June, with a hold rate of 10.6%. This hold rate was lower than the average hold rate of 13.3% for the fiscal year.

The decrease in hold rate can be explained by Maryland bettors experiencing success with two specific sports. Underscoregs in Maryland saw losses of $314,902 from hockey bets in June, while motorsports betting resulted in $932 in losses.

In June, a total of $2,835,051 in sports betting taxes were paid to Maryland state and local coffers, due to the state’s 15% tax rate. This amount decreased from $4.65 million in May.

FanDuel dominates Maryland

In June, FanDuel maintained its position as the most popular sportsbook in the state, generating $108.7 million in bets and $14.5 million in gross gaming revenue. With a 13.4% hold, FanDuel paid $1.6 million in taxes in Maryland, surpassing all other providers by exceeding the $1-million mark in taxes paid to the state.

In June, DraftKings placed second in the Maryland market with a total handle of $89.7 million, generating $7.8 million in revenue with an 8.7% hold. Following behind was BetMGM with a $20.8 million handle and $2.2 million in revenues. Caesars came in fourth with $11.9 million in bets, but due to a disappointing 4.9% hold, the sportsbook only made $588,740 in profits last month.

Fanatics Underscoreg, which recently acquired PointsBet USA’s assets, generated $1.6 million in bets in Maryland during its first full month of operation in June, which was slightly lower than expected.

Written By:
Perry Sandra
Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.