- Maryland Lottery and Gaming reported $4.4 million in sports betting tax revenues for March
- Tax revenues decreased by more than $2 million compared with February
- Sports betting has contributed more than $65.59 million in tax revenues in FY 2025
March Madness was anything but crazy for Maryland sports betting.
Maryland Lottery and Gaming reported sports betting generated just $4.4 million in tax revenues for March, a nearly $2 million decrease from the February total of $6.3 million. Despite the revenue decrease, total sports betting handle actually increased in March compared with February.
The results can at least partially be contributed to an NCAA men’s basketball tournament that saw favorites clean up, giving an edge to the public for the month’s largest sports betting event.
$65 Million in Tax Revenues For FY 2025
Maryland Lottery and Gaming reported $588,500,308 in total sports betting handle for March 2025, an increase of more than $200 million from the total sports betting handle recorded in February.
However, the state reported just $4,419,403 in total tax revenues for the month, a decrease from the February total of $6,350,174.
The first nine months of Fiscal Year 2025 have comparatively been much more profitable for Maryland compared to the first nine months of Fiscal Year 2024. Through the first nine months of Fiscal Year 2025 (July 2024 through March 2025), sports wagering contributed $65,590,694 to the state compared to $41,905,251 for the same period in Fiscal Year 2024.
Online sports betting handle, as is typically the case, dominated retail sports betting. Online sports betting handle contributed $573,354,414 for the month, compared with just $15,145,894 bet at in-person sportsbooks.
Tax revenues will only increase after the fiscal year concludes, as Maryland lawmakers agreed to increase the sports betting tax rate in the next state budget. Gov. Wes Moore (D), Senate President Bill Ferguson (D-46), and House Speaker Adrienne A. Jones (D-10) recently introduced the framework to the state’s 2026 budget, which includes an increase in the Maryland sports betting tax rate from 15% to 20%.
When Gov. Moore released his budget plan in January to address the state’s $3 billion deficit it included a proposal to increase the sports betting tax rate to 30%.
Moore also proposed an increase to the state casino table games rate, bumping it from 20% to 25%, which was not included in the framework.
The increase to 20% is expected to bring in $32 million more in revenues for the 2026 fiscal year budget.
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March Sports Betting Totals
As is the case for most months, FanDuel came out on top, reporting $249.7 million in online sports betting handle and $2.1 million in sports betting tax revenues to the state. DraftKings was close behind with $177.9 million in online sports betting handle and $1.43 in sports betting tax revenues.
Here are the online sports betting handle and tax revenue totals for the month of March:
- Bally’s: $1,621,533 in handle, $4,106 in tax revenue
- BetMGM: $49,126,720 in handle, $280,429 in tax revenue
- Bingo World (BetRivers): $9,244,208 in handle, $49,433 in tax revenue
- Caesars Sportsbook: $27,261,734 in handle, $152,351 in tax revenue
- Crab Sports: $1,005,361 in handle, $15,845 in tax revenue
- DraftKings: $177,922,378 in handle, $1,431,409 in tax revenue
- Greenmount (betPARX): $640,151 in handle, $9,615 in tax revenue
- ESPN BET: $17,431,351 in handle, $79,333 in tax revenue
- FanDuel: $249,762,481 in handle, $2,171,476 in tax revenue
- Long Shots: $0 in handle, $0 in tax revenue
- Fanatics Sportsbook: $38,384,233 in handle, $143,945 in tax revenue
- Riverboat on the Potomac: $0 in handle, $0 in tax revenue
- SuperBook: $0 in handle, $0 in tax revenue
- Veterans Services (Bee-Fee): $954,260 in handle, $0 in tax revenue
In March, Maryland saw a decrease in sports betting revenues, marking a significant shift in the state’s gambling industry. This decline comes as a surprise to many, given the growing popularity of sports betting in recent years.
One possible explanation for this decrease could be attributed to the end of the NFL season, which typically drives a significant portion of sports betting revenue. With the Super Bowl taking place in February, March may have seen a lull in betting activity as fans awaited the start of the next season.
Additionally, the ongoing COVID-19 pandemic may have played a role in the decrease in sports betting revenues. Restrictions on gatherings and limited capacity at sporting events may have deterred some bettors from participating in sports betting activities.
It is also worth noting that competition from neighboring states could be impacting Maryland’s sports betting revenues. With nearby states such as Pennsylvania and New Jersey offering robust sports betting markets, Maryland may be facing increased competition for bettors’ dollars.
Despite the decrease in sports betting revenues in March, it is important to remember that the industry is still relatively new in Maryland. As more sportsbooks launch and awareness of sports betting grows, it is possible that revenues will rebound in the coming months.
Overall, while the decrease in sports betting revenues in March may be concerning, it is important to consider the various factors that could be contributing to this trend. With continued growth and development in the sports betting industry, Maryland may see a resurgence in revenues in the near future.
