Jun 27, 2024; Baltimore, Maryland, USA; Baltimore Orioles pitcher Corbin Burnes (39) delivers in the second inning against the Texas Rangers at Oriole Park at Camden Yards. Mandatory Credit: Mitch Stringer-USA TODAY Sports
- In a typically slow time of the year, June was Maryland’s fifth-most lucrative sports betting month ever
- The Maryland Lottery and Gaming Control Agency reported more than $384.68 million in sports betting handle for the month
- The state took in more than $5.7 million in sports betting tax revenue for the month
During a time of year that supposedly is slow for sports betting, Maryland’s June performance bucked historic expectations for the summer.
The Maryland Lottery and Gaming Control Agency reported a sports betting handle of more than $384 million in June, leading to a little more than $5.72 million in sports betting tax revenue for the state.
It was the fifth most lucrative single-month tax revenue total since Maryland launched sports betting at the tail-end of 2021.
Double June 2023 Tax Revenue
The Maryland Lottery and Gaming Control Agency reported a total sports betting handle of $384,687,982 for June, a decrease of nearly $50 million from the previous month’s handle total. The $384.7 million in handle was an increase of 51.2% compared with the $254.5 million total reported in Jun 2023.
However, June’s sports betting tax revenue total was surprisingly high during a time of year when wagering activity tends to wane. The state took in $5,728,503 in sports betting tax revenues, good for the fifth-highest monthly total ever in Maryland.
The state’s tax revenues for the month were more than double the $2.8 million figure recorded in June 2023.
So far in the fiscal year, sports betting has contributed more than $60.3 million in tax revenues to the state.
Maryland sports bettors won a combined $345,019,100 in retail and online sports betting during June, good for a 10.3% hold for the state. The taxable win for the month, which is the amount remaining after deducting prizes, promos, and other amounts, resulted in $38,190,023 in taxable revenue for the state.
FanDuel Top Online Operator in June
FanDuel continued its Maryland dominance for the month of June, reporting $162,651,695 in online sports betting handle. FanDuel has reported more than $2.3 billion in online sports betting handle for the fiscal year to date. The operator contributed more than $3.3 million in taxes for the month.
DraftKings reported $128,083,651 in online handle for the month, good for second in the state. The operator has reported more than $1.68 billion in online sports betting handle for the fiscal year to date. The operator reported more than $1.55 million in taxes to the state.
Here are the online sports betting handle and tax revenue totals for the month of June:
- BetMGM: $$28,722,787 in handle, $359,354 in tax revenue
- Bingo World (BetRivers): $5,267,717 in handle, $29,688 in tax revenue
- Caesars Sportsbook: $19,777,426 in handle, $95,150 in tax revenue
- Crab Sports: $560,308 in handle, $0 in tax revenue
- DraftKings $128,083,651 in handle, $1,559,797 in tax revenue
- Greenmount (betPARX): $2,096,219 in handle, $10,685 in tax revenue
- ESPN BET: $13,349,462 in handle, $185,721 in tax revenue
- FanDuel: $162,651,695 in handle, $3,323,881 in tax revenue
- Long Shots: $405,950 in handle, $0 in tax revenue
- Fanatics Sportsbook: $12,049,515 in handle, $58,611 in tax revenue
- Riverboat on the Potomac: $0 in handle, $0 in tax revenue
- SuperBook: $454,254 in handle, $2,865 in tax revenue
- Veterans Services (Bee-Fee): $0 in handle, $0 in tax revenue
Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.
In a surprising turn of events, Maryland sports betting saw unexpectedly high profits in the month of June. The state, which only recently legalized sports betting in May, has already seen a significant uptick in revenue from this new industry.
According to reports from the Maryland Lottery and Gaming Control Agency, sportsbooks in the state brought in over $18 million in revenue in June alone. This figure far exceeded initial projections and has left many industry experts scratching their heads in disbelief.
One possible explanation for this unexpected success could be the pent-up demand for sports betting in Maryland. Prior to the legalization of sports betting, many residents were forced to travel to neighboring states like Pennsylvania and New Jersey to place their bets. Now that sports betting is legal in their own state, it seems that Marylanders are eager to take advantage of this new opportunity.
Another factor that may have contributed to the high profits in June is the timing of major sporting events. The month of June saw the NBA playoffs, the NHL playoffs, and the start of the MLB season, all of which likely drove up interest and participation in sports betting.
It will be interesting to see if this trend continues in the coming months or if June was simply an anomaly. Regardless, the success of Maryland sports betting in its first month of operation is a promising sign for the industry and bodes well for its future growth and profitability.
