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, May vs. April

 

Total handle

Mobile handle

Revenue

May

$431.528M

$419.488M

$46.608M

April

$486.319M

$474.994M

$37.910M

Change

Down 11.3%

Down 11.7%

Up 22.9%

Maryland Sports Betting Handle and Revenue: May 2024

May saw Maryland sports betting traffic continue to dwindle. The overall handle of $431,528,137 was down 11.3% from April’s $486,319,124. However, it was not all bad news for the state’s licensed sportsbooks.

In a year-to-year comparison, the May 2024 handle was up 34.8% from the same month last year. Also, the $46,608,364 sportsbooks reported as revenue in May was an increase of 23% from April’s $37,909,642 and 50.3% higher than May 2023, when they combined for $31,004,743.

Mobile wagering dropped slightly more in May as the 13 Maryland sports betting apps reported a combined handle of $419,488,480. That was down 11.7% from the $474,993,823 that was wagered in April. Still, even with the decline in activity, mobile operators saw their revenue increase by 22% from month to month ($45,733,074 vs. $37,486,282). On a year-to-year basis, online betting fueled the state’s growth spurt as the mobile handle increased 37.5%, and revenues jumped by 54.5% from May 2023.

The top mobile wagering operator in Maryland for May was Live! Casino Mobile (FanDuel Maryland Sportsbook), which accepted $195,177,993 in bets last month. DraftKings was second with a handle of $137,366,226. BetMGM was third after taking $31,078,143 in wagers, followed by Caesars Sportsbook’s $17,549,858 and ESPN BET’s $16,801,369.

Maryland Mobile Sports Betting History

Maryland Sports Betting Handle and Revenue FAQs

Author

The veteran team of Maryland sports betting experts behind BetMaryland.com.

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