All About Maryland Sports Betting Handle And Revenue

The experts at BetMaryland.com have assembled this guide to explain what we mean when we talk about Maryland sports betting revenue, also known as hold, compared to the sports wagering handle that the state reports each month.

There is an evolving sports betting market in Maryland with many online/mobile operators as well as a number of retail sports wagering options at brick-and-mortar casinos. There is also in-person betting at smaller physical facilities around the state. The number of online sportsbook operators and retail sports wagering facilities is expected to increase in the near future.

The handle is simply the total dollars wagered on sports in the state each month. In Maryland, bettors wager hundreds of millions of dollars each month. After a sports betting law was passed by the state’s General Assembly in 2021, legal, regulated sports betting began initially at retail sportsbooks in five casinos in December 2021. Online sports betting launched with seven operators in November 2022.

The revenue derived from online Maryland sportsbook apps is called hold – that refers to the amount that operators have left after they pay out winning bets. Taxable win is the hold minus promotional wagers and other specified deductions. Each sportsbook contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs.

Maryland Sports Betting, June vs. May

Maryland Sports Betting Handle and Revenue: June 2024

Maryland sports bettors wagered $384,687,982 in June, according to a report released on July 10 by Maryland Lottery and Gaming. While that was down 10.9% from May’s handle of $431,528,137 in a month-over-month comparison, it was a 51.1% increase from the $254,476,790 total in June 2023.

The state’s approved sports betting operators reported taxable gaming revenues of $38,190,023 in June. That’s down 18.1% from May’s $46,608,364. However, it was more than doubled the $18,900,337 from 12 months earlier in a year-over-year comparison. 

Online operators continue to dominate the market. Those sportsbooks claimed $373,418,990 of the month’s handle and $37,505,042 of the revenue.

FanDuel remains the top Maryland sports betting operator for handle. The Flutter Entertainment brand is partnered with Live! Casino and accepted $162,651,696 in wagers last month. DraftKings took $128,083,651. With a handle of $28,722,787, BetMGM claimed third place, followed by Caesars Maryland Sportsbook’s $19,777,427 and ESPN Bet’s $13,349,463.

Like overall revenue, Maryland’s tax revenue dropped by 18.1% from May. The state generated $5,728,503 during June, down from $6,991,255 that Maryland received in May. In June 2023, the Maryland sports betting tax haul totaled $2,835,051.

Maryland Mobile Sports Betting History