Apr 11, 20024; Boston, Massachusetts, USA; Baltimore Orioles left fielder Colton Cowser (17) hits a home run against the Boston Red Sox during the fifth inning at Fenway Park. Mandatory Credit: Eric Canha-USA TODAY Sports
- Maryland Lottery and Gaming reported $431.5 million in sports betting handle for May
- The state took in more than $6.9 million in sports betting tax revenue for the month
- It was the state’s second-best single-month tax revenue total
May is usually a slow sports betting month for state. Maryland Lottery and Gaming just reported its second most profitable month of sports betting since launching in December 2021.
Go figure.
Maryland Lottery and Gaming representatives reported $431.5 million in combined retail and online sports betting handle, which generated more than $6.9 million in tax revenues for the commonwealth. It’s the second most profitable sports betting month for Maryland.
Massive Month for the State
May is historically a slow sports betting month. Baseball is usually not a huge sports betting market and the NBA playoffs are the only other big event to hit during the month. However, Maryland Lottery and Gaming reported a total retail and sports betting handle total of $431,528,137 for the month, an increase of 34.8% compared with the $320.2 million total in May 2023.
But the state’s real success came at the expense of its bettors. Maryland’s sports betting market generated $6,991,225 in sports betting tax revenue for the Blueprint for Maryland’s Future Fund, which supports public education programs.
The tax revenues represented a 50.3% increase from the $4.6 million figure in May 2023.
Total retail sports betting handle for the month came in at $12,039,657, leading to $131,293 in tax revenue to the state. Online sports betting handle totaled $419,488,479 and more than $6.8 million in tax revenue.
Maryland sports bettors won a combined $380,463,006 for the month, leading to a $51,065,131 (11.8%) hold for the month. The taxable win for the month, which is the amount remaining after deducting prizes, promos, and other amounts, resulted in $46,608,364 in taxable revenue for the state.
During the first 11 months of fiscal year 2024 (July 2023 through May 2024), sports wagering has contributed $54,582,952 to the Blueprint for Maryland’s Future Fund.
Since launching sports betting in December 2021, sports betting has contributed $82,724,657 to the Blueprint for Maryland’s Future Fund. The total expired prizes contributed to the state’s problems gambling fund is $3.1 million.
FanDuel Top Online Operator in May
FanDuel continued its Maryland dominance for the month of May, reporting $195,177,992 in online sports betting handle. FanDuel has reported more than $2.1 billion in online sports betting handle for the fiscal year to date. The operator contributed more than $4 million in taxes for the month.
DraftKings reported $137,366,225 in online handle for the month, good for second in May. The operator has reported more than $1.5 billion in online sports betting handle for the fiscal year to date. The operator reported more than $1.8 million in taxes to the state.
Veterans Services Corp., which launched this month through Bee-Fee Limited, reported just $80 in online sports betting handle. It lost $96 for the month. Veterans Services Corp. received a sports betting license in April 2023.
Veterans Services Corp. has run the Washington, D.C. Lottery for more than a decade
Here are the online sports betting handle and tax revenue totals for the month of May:
- BetMGM: $31,078,142 in handle, $438,151 in tax revenue
- Bingo World (BetRivers): $6,927,698 in handle, $74,295 in tax revenue
- Caesars Sportsbook: $17,549,858 in handle, $119,443 in tax revenue
- DraftKings $137,366,225 in handle, $1,837,043 in tax revenue
- Greenmount (betPARX): $787,029 in handle, $11,087 in tax revenue
- ESPN BET: $16,801,36 in handle, $205,903 in tax revenue
- FanDuel: $195,177,992 in handle, $4,082,858 in tax revenue
- Long Shots: $496,979 in handle, $0 in tax revenue
- Fanatics Sportsbook: $12,334,039 in handle, $86,202 in tax revenue
- Riverboat on the Potomac: $0 in handle, $0 in tax revenue
- SuperBook: $528,722 in handle, $0 in tax revenue
- Veterans Services (Bee-Fee): $80 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.
Sports betting has been a hot topic in Maryland recently, with the state legalizing it in 2021. Many are wondering if the sports betting totals in Maryland will exceed expectations and bring in profitable results for the state.
There are several factors that could contribute to the success of sports betting in Maryland. One of the main reasons is the popularity of sports in the state. Maryland is home to several professional sports teams, including the Baltimore Ravens and the Washington Football Team. With a passionate fan base, there is sure to be a high demand for sports betting in the state.
Additionally, Maryland has a large population, which means there is a large potential market for sports betting. The state also has a strong economy, which could lead to higher levels of disposable income for residents to spend on sports betting.
Another factor that could contribute to the success of sports betting in Maryland is the regulations put in place by the state. Maryland has implemented strict regulations to ensure that sports betting is fair and transparent. This could help attract more bettors who feel confident in the integrity of the system.
Overall, there is a lot of potential for sports betting in Maryland to exceed expectations and bring in profitable results for the state. With a passionate fan base, a large population, a strong economy, and strict regulations, Maryland could become a major player in the sports betting industry. Only time will tell how successful sports betting will be in Maryland, but all signs point to a promising future for the industry in the state.
