Maryland legal sports betting didn’t just squeak past its highest handle on record. The Old Line State barreled right through its previous best in November.
Maryland Lottery and Gaming reported a monthly handle of $550.7 million, topping the $497.1 million recorded in December 2022.
The November handle represented a 14% increase from October’s $483.1 million, previously the second-highest handle.
With the NFL, college football, NBA, college basketball, and NHL all coinciding, it shows what a sports-thirsty market featuring 12 mobile and 13 retail sportsbooks is capable of after about a year since online sports betting went live.
Sportsbooks’ gross revenue, however, did not match the Old Line State’s heavy action. Bettors put up a fight, lowering the month-over-month hold by 4.5 points to November’s 7.6%. Operators grossed $41.6 million, hauling in $21.3 million in adjusted revenue, down 45% month-over-month after sportsbooks handed out over $28.6 million in promotional credits.
Online operators made up 98.6% of the Old State’s amount wagered while retail sportsbooks accounted for $17.4 million of the total handle.
Operators paid out $3.2 million in taxes, adding to the Blueprint for Maryland’s Future Fund’s $46.25 million accumulated this year.
FanDuel sets state record
FanDuel and DraftKings once again dominated the Maryland market, combining for over $400 million of the total handle.
FanDuel finished ahead of its rival with a handle of $241.7 million, the most ever in a month by a sportsbook in Maryland, while DraftKings took in $165.8 million in November.
BetMGM placed third with a hair under $36 million in the amount wagered.
ESPN BET makes strong debut
ESPN BET, which entered the market halfway through November, made major waves in its debut. The recognizable brand and PENN Entertainment’s new platform, which replaced Barstool, recorded a handle of $33.3 million, the fourth highest for the month in the Old Line State.
ESPN BET recorded a 12.5% hold but gave away over $13 million in promotional credits to help drum up business for their new sportsbook app.
Bettors best retail powers
MGM National Harbor led all brick-and-mortar sportsbooks with a handle of $5.7 million. A month after recording a 16% hold, the win rate fell to 7.5%, well below its fiscal year average of 9%.
Live! Casino’s $4.1 million handle was second best in November among retail shops, but the FanDuel-run sportsbook posted an even worse hold of 3.8%.
Four other in-person sportsbooks landed handles in seven figures, but none crossed $2 million.
