Maryland Reports Slight Dip in Monthly Sports Betting Revenue

SAN ANTONIO, TEXAS – MARCH 28: Faith Masonius #13 and Angel Reese #10 of the Maryland Terrapins react to the loss to the Texas Longhorns during the Sweet Sixteen round of the NCAA Women’s Basketball Tournament at the Alamodome on March 28, 2021 in San Antonio, Texas.The Texas Longhorns defeated the Maryland Terrapins 64-61 Elsa/Getty Images/AFP

Many anticipated that February would be a successful month for U.S. sportsbooks, with nearly two weeks of Super Bowl betting providing ample opportunity for the nation’s wagering providers to profit.

Data for February is slowly being reported from various U.S. sports betting regions, with Maryland being one of the early states to release its numbers. Surprisingly, betting activity in Maryland decreased from January to February.

The decline in the state’s February handle was particularly surprising because 2023 marked the first year that Maryland sports betting was accessible to mobile users during the Super Bowl.

Breaking down MD’s February betting handle

Maryland’s total sports betting revenue reached $339.4 million, with mobile providers Barstool, Betfred, BetMGM, BetRivers, Caesars, DraftKings, FanDuel, and PointsBet accounting for a staggering $325.1 million, or 96.5% of the total handle. Retail sportsbooks contributed just $14.3 million to the overall total.

The Maryland handle has exceeded $335 million for the third consecutive month, but only $441.5 million in bets were reported by the state’s sportsbooks in February, marking a significant decrease compared to the record-breaking $497.1 million in December.

MD sports betting revenue totals

Revenue from sports betting in Maryland decreased in February.

Profits dropped significantly to $40.2 million from the $59.6 million made by sportsbooks in January, with Super Bowl betting in Maryland underperforming and surprising many.

The hold rate for Maryland sportsbooks decreased from 13.5 percent in January to 11.8% in February.

Some positive news came out of this situation. Tax revenues earned by the state from sportsbook profits reached $2.8 million in February, an increase from the $2.11 million in January.

Top performing Maryland sportsbooks

Maryland is home to many top sportsbooks in the U.S. legal sports betting industry, and it comes as no surprise that the leading sports betting sites in the country are thriving in the state.

In February, FanDuel led the Maryland sports betting market by generating $157.7 million in bets, accounting for nearly half of the state’s total handle of $339.4 million. DraftKings followed in second place with $100.4 million in bets, while BetMGM trailed behind in third with $33.1 million in betting activity.

Next up was Caesars Underscoreg, which reported approximately $16 million in wagering activity.

MGM National Harbor stood out as Maryland’s top retail sports betting performer, likely due to its prime location near Washington, DC. The casino generated $5.6 million in sports betting activity, making it the leader in the state. Maryland Live! Casino followed as the second-best retail facility with $3.4 million in wagers, while Horseshoe Casino produced $2.2 million in February bets.

Looking ahead in MD

Maryland’s legal sports betting downturn may be temporary as March Madness is poised to dominate the legal sports betting scene. Similar to the Super Bowl, this will mark the inaugural opportunity for Maryland bettors to place wagers on the annual NCAA Basketball tournament.

It is uncertain if Mayland bettors will surpass the record $497.1 million seen in December. The state will be closely watched in about a month when they report their March sports betting numbers, as they were one of the first states to do so. Will they reach the $500 million mark and experience a boost from March Madness? Only time will reveal the answer.

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.