Maryland's Exceptional Win Rate Leads to a 15% Uptick in Sports Betting Revenue

March Madness was especially good for the Old Line State's eight online sports betting sites, as the annual event produced a handle of more than $370 million.

Last Updated: Apr 11, 2023 12:56 PM ET Read Time: 4 min
Diamond Miller Maryland Terrapins WNCAAB
Photo By - USA TODAY Sports

The Old Line State's first March with legal sports betting online was nothing short of successful.

The Maryland Lottery and Gaming Control Commission reported a March handle of $385.9 million, which was up 12% from February with an exceptional win rate of 12.3%. The $44.5 million in gross revenue represented 15% month-over-month growth.

With promotions and free bets down nearly 28% from February, the adjusted revenue topped $35 million. Maryland officials were thrilled to see that lead to a record $5.3 million from the 15% tax rate go back to the state and its Blueprint for Maryland Future Fund.

“This was the first time that mobile wagering on March Madness was available in Maryland, and as our market continues to mature we’re pleased to see it generate a strong contribution to education funding,” said Maryland Lottery and Gaming Director John Martin.

FanDuel crushes the competition

March Madness was especially good for the Old Line State's eight online sports betting sites, as the annual event produced a handle of more than $370 million. A win rate of 12.5% brought in $35 million in online revenue for Maryland sports betting.

FanDuel dominated the mobile sportsbook competition with a handle of $176.5 million and a hold of 14.3% for a revenue topping $25 million, while DraftKings posted a win rate of 11.1% on a handle of $115.5 million.

BetMGM produced a more impressive hold of 13.7% on over $38 million in wagers, and Betfred and PointsBet also claimed holds of over 12%. Meanwhile, Caesars and Barstool Sportsbook failed to reach double digits.

MGM National Harbor continued its spot at No. 1 among the 10 retail sportsbooks with a 15.1% hold on a $5.2 million handle. Its revenue of over $780,000 was the best in March as well.

However, it was a losing month for operators at Live! Casino, which paid out over $4.7 million to brick-and-mortar sports bettors.

Orioles launch sports bar without a sportsbook

Much to the confusion of fans attending Baltimore Orioles games this early MLB season, the SuperBook Lounge at Camden Yards does not actually offer sports betting through SuperBook Sports.

The lounge has no intention of doubling as a retail sportsbook, nor can bettors wager on games through SuperBook — a licensed operator which hasn’t gone live in Maryland yet. Sports wagers can be made through other providers at this time in the lounge, which is set on acting only as a premier sports bar with 38 televisions and a 150-inch LED wall that includes an odds ticker.

Camden Yards announced the partnership with the Las Vegas sportsbook in August 2022 and previously stated that the lounge is intended for a social atmosphere with food and beverages.

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