March Madness Proves Beneficial for Maryland Underscoregs

The financial report for Maryland’s sports betting in March 2024 reveals that March Madness significantly boosted the performance of the state’s top sports betting platforms and retail providers.

In March, Maryland experienced its fourth most successful month in terms of sports betting activity since the state began operating 28 months ago. However, despite a high handle, revenues were not as impressive due to a low hold rate, resulting in diminished profits for sportsbooks in the state.

As usual, FanDuel continued to lead the race as the most popular sports betting site in Maryland. The company set a new state record for monthly handle for a single sportsbook, maintained a strong 10% hold rate, and contributed to nearly 66% of the state’s total sportsbook revenue.

$536.7 million in accepted bets

In March, Maryland sportsbooks saw a total of $536.7 million in wagers, marking the fourth-highest amount in the state’s history. This represents a significant 21.3% increase from the previous month’s total of nearly $442.6 million in February, and an impressive 39.1% improvement from the $386 million wagered in March 2023. With plenty of Maryland sportsbook promotions available, residents have ample opportunities to make the most of their betting experience.

Maryland bettors were able to legally wager on March Madness for the first time last March.

In four of the last five months, Maryland sports betting providers have exceeded $500 million in monthly bets. The year-to-date sports betting handle in Maryland has now surpassed $1.5 billion, marking a 21.3% increase compared to the first three months of 2023.

In March, Maryland joined the exclusive $7 billion lifetime handle-club as the 14th state.

$45.1 million revenues slightly disappoint

In March, Maryland sportsbooks generated $45.1 million in gross revenues, showing a slight increase from February’s $43.45 million. However, this figure represents a 5.1% decrease from the $47.55 million earned in March 2023.

The slightly disappointing revenue totals can be attributed to the 8.4% combined hold rate for providers in the Old Line State, which is the second lowest win rate for state providers since June 2022.

Maryland sports betting apps contributed $4.9 million in taxes from the $32.4 million adjusted gross revenue.

FanDuel posts new record

In February, FanDuel dominated the Maryland sports betting market as the most popular app, breaking a new monthly handle record with $247.8 million in accepted wagers. It maintained a double-digit hold rate of 10.7% for the 16th time in 17 months, resulting in a win of $26.5 million.

FanDuel Maryland reached a milestone by accepting over $3 billion in wagers and generating $400 million in gross revenues, including March’s figures.

In March, DraftKings Maryland recorded $155.1 million in wagers and $11.5 million in revenues with a 7.4% hold, coming in second place. BetMGM Maryland ranked third with $42.8 million in wagers and $2.9 million in revenue.

Maryland’s ESPN BET garnered $32 million in wagers, but a 1.5% hold resulted in revenue of just under $500K for the month. Caesars Underscoreg Maryland ranked fourth with $21.4 million in bets, followed by Fanatics Underscoreg Maryland in fifth place with $14.1 million in March wagers.