Aug 1, 2024; Cleveland, Ohio, USA; Baltimore Orioles shortstop Gunnar Henderson (2) celebrates after hitting an RBI double during the first inning against the Cleveland Guardians at Progressive Field. Mandatory Credit: Ken Blaze-USA TODAY Sports
- Maryland generated $6.2 million in sports betting tax revenue during July
- Sports bettors wagered more than $333.3 million for the month
- It was the fourth-most lucrative month for the state since its sports betting launch
Summer is typically a slow-down season for a state’s sports betting market.
Doesn’t seem like Maryland is having that much of a problem.
The Maryland Lottery and Gaming Control Agency reported more than $6.2 million in sports betting tax revenues for the month of July, the fourth-highest month of tax revenues since the state launched sports betting in November 2022.
Increased Growth in July
Maryland sports bettors wagered $333,269,669 in July, of which $324.9 million was bet online. July’s 2024 sports betting handle was an increase of nearly 35% from the July 2023 totals, up from $247.4 million last year.
Additionally, the state reported $41,693,708 in sports betting revenues for the month, which led to $6,254,056 in sports betting tax revenues at the state’s 15 tax rate. The summer is typically a slow time for most states, due to the lack of high-impact sports betting markets, but the $6.2 million sports betting tax revenue total was the fourth-highest total since Maryland launched sports betting in 2022.
The July 2024 sports betting tax revenue total was nearly double the July 2023 total of $3.3 million.
Operators paid out more than $289.5 million in winnings to online and retail sports betting customers for the month, for a combined hold rate of 13.1% in July. There were 13 online sports betting platforms and 12 retail locations that operated during July 2024 compared with just 11 online sportsbooks and 10 retail locations operated during July 2023.
Maryland Lottery and Gaming recently reported the state took in more than $60.3 million in sports betting tax revenues from July 1, 2023, through June 30, 2024, as part of the state’s total gaming tax revenues of $1.585 billion.
Casino gaming contributions to the state were $824 million, lottery profits were $699.6 million, and sports wagering and daily fantasy sports combined to contribute $61.3 million.
FanDuel Continue Top Run in Maryland
FanDuel easily held on to its top slot as the state’s most lucrative sports betting operator, reporting $145.8 million in July sports betting handle and $21.1 million in taxable revenue. FanDuel contributed $3.16 million in sports betting tax revenues to the state.
DraftKings reported $106.46 million in July sports betting handle, with nearly $12.2 million in taxable revenue. DraftKings contributed $1.8 million in sports betting tax revenue to Maryland for July.
Veterans Services, the newest operator in Maryland, reported just $130,937 in total online sports betting handle for July, its first full month of operation since receiving a license. it contributed just $2,310 in tax revenue to the state.
Bally’s, in its first month of operation in Maryland, reported just a little over $59,500 in handle and just $163 in tax revenue to the state.
Here are the online sports betting handle and tax revenue totals for the month of July:
- Bally’s: $59,533, $ 163 in tax revenue
- BetMGM: $25,567,011 in handle, $470,509 in tax revenue
- Bingo World (BetRivers): $5,182,515 in handle, $77,085 in tax revenue
- Caesars Sportsbook: $16,176,747 in handle, $224,175 in tax revenue
- Crab Sports: $583,553 in handle, $4,994 in tax revenue
- DraftKings $106,464,247 in handle, $1,829,567 in tax revenue
- Greenmount (betPARX): $801,501 in handle, $12,950 in tax revenue
- ESPN BET: $10,534,599 in handle, $169,354 in tax revenue
- FanDuel: $145,850,836 in handle, $3,168,895 in tax revenue
- Long Shots: $89,847 in handle, $0 in tax revenue
- Fanatics Sportsbook: $13,199,149 in handle, $138,006 in tax revenue
- Riverboat on the Potomac: $0 in handle, $0 in tax revenue
- SuperBook: $260,200 in handle, $5,366 in tax revenue
- Veterans Services (Bee-Fee): $130,937 in handle, $2,310 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.
Maryland’s sports betting industry has shown continued strength this summer, with a significant increase in revenue and participation from bettors across the state. Since the launch of sports betting in Maryland earlier this year, the industry has seen steady growth and success.
One of the key factors contributing to the success of Maryland’s sports betting market is the wide variety of sports and events available for bettors to wager on. From popular sports like football, basketball, and baseball to niche sports like rugby and cricket, there is something for every type of sports fan to enjoy and bet on. This diverse range of options has attracted a large and diverse audience of bettors, leading to increased revenue for sportsbooks and the state.
Additionally, the convenience and accessibility of mobile sports betting have played a significant role in the industry’s success. With the ability to place bets from anywhere in the state using a mobile device, bettors have been able to participate in sports betting more easily and frequently than ever before. This convenience has led to a surge in participation and revenue for sportsbooks, further solidifying Maryland’s position as a strong player in the sports betting market.
Furthermore, partnerships between sports betting operators and professional sports teams in Maryland have helped to drive interest and engagement in sports betting. By offering exclusive promotions and experiences to fans of local teams, sportsbooks have been able to attract a loyal and dedicated customer base. These partnerships have not only benefited sportsbooks but have also helped to strengthen the relationship between sports teams and their fans.
Overall, Maryland’s sports betting industry has shown impressive growth and strength this summer, thanks to a combination of factors including a diverse range of sports offerings, mobile betting capabilities, and strategic partnerships with local sports teams. As the industry continues to evolve and expand, it is clear that Maryland is poised to become a major player in the sports betting market for years to come.
