- Maryland Lottery and Gaming reported nearly $11.8 million in sports betting tax revenue for November
- November was the most profitable month of sports betting in Maryland history
- Maryland sports bettors wagered nearly $640 million in November
Maryland came into an early Christmas present this year.
Maryland Lottery and Gaming today reported more than $78.6 million in taxable gaming revenue this past November. The state taxes sports betting at a rate of 15%, which led to nearly $11.8 million in sports betting tax revenue, a historic mark for the Old Line state.
November was the most profitable month of sports betting in the state’s history since its December 2021 launch.
Happy Holidays, Maryland
The commission reported Maryland sports bettors wagered $639,867,400 during November 2024, the largest single-month handle total, surpassing the $593.1 million figure set in October 2024. Online sports betting dominated the state once again, with $621.01 million in sports betting handle for the month, compared with just $18.85 million in retail sports betting handle in November.
November’s $11.8 million in sports betting tax revenue surpassed the previous single-month tax revenue record of $9.4 million set in September 2024.
Through the first five months of FY 2025, Maryland sports betting has taken in $40,065,740 in total tax revenue, compared to $18,111,505 for the same period in FY 2024. To date, Maryland has reported $128.6 million in sports betting tax revenue.
Maryland currently has 11 online sports wagering platforms and 12 retail sportsbook locations.
FanDuel Has Exceptional Month
FanDuel paced all sports betting operators in November, nearly doubling DraftKings in both handle and sports betting tax revenue. FanDuel reported more than $283.3 million in sports betting handle and $6.01 million in sports betting tax revenues in November.
DraftKings lagged behind FanDuel, but dominated the rest of the competition. DraftKings reported $199.7 million in sports betting handle for the month and $3.5 million in sports betting tax revenue.
Here are the online sports betting handle and tax revenue totals for the month of November:
- Bally’s: $2,619,257 in handle, $0 in tax revenue
- BetMGM: $52,596,158 in handle, $948,407 in tax revenue
- Bingo World (BetRivers): $7,797,939 in handle, $75,811 in tax revenue
- Caesars Sportsbook: $24,979,793 in handle, $315,639 in tax revenue
- Crab Sports: $422,952 in handle, $7,844 in tax revenue
- DraftKings $199,712,263 in handle, $3,568,248 in tax revenue
- Greenmount (betPARX): $1,110,528 in handle, $8,967 in tax revenue
- ESPN BET: $17,635,637 in handle, $267,574 in tax revenue
- FanDuel: $283,374,933 in handle, $6,014,739 in tax revenue
- Long Shots: $0 in handle, $0 in tax revenue
- Fanatics Sportsbook: $30,533,232 in handle, $381,796 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): $229,415 in handle, $5,007 in tax revenue
In a historic month for sports betting in Maryland, the state has set a new record for revenue generated from this popular form of gambling. According to the Maryland Lottery and Gaming Control Agency, the total sports betting revenue for the month of October reached an impressive $20.3 million.
This significant increase in revenue can be attributed to several factors, including the growing popularity of sports betting in the state, as well as the recent legalization of online sports betting. In June of this year, Maryland Governor Larry Hogan signed a bill into law that allowed for online sports betting to be offered by licensed operators in the state. This move has undoubtedly contributed to the surge in revenue seen in October.
In addition to the legalization of online sports betting, the state has also seen a rise in the number of sportsbooks operating within its borders. With more options available to bettors, it is no surprise that revenue has reached record levels.
The success of sports betting in Maryland is a positive sign for the industry as a whole. It demonstrates the potential for significant growth and revenue generation in states that choose to legalize and regulate this form of gambling. It also highlights the importance of providing consumers with safe and secure options for placing bets on sporting events.
As sports betting continues to gain popularity across the country, Maryland’s record-setting month serves as a reminder of the potential economic benefits that can be derived from this activity. With proper regulation and oversight, sports betting can be a lucrative source of revenue for states looking to boost their coffers and provide entertainment options for residents.
