Maryland’s sports betting handle rose 6.6% month-over-month from $247.4 million in July to $263.7 million in August.
For the month, Maryland had 12 operational retail and 12 operational mobile sportsbooks. MY retail sportsbook handle rose 35.2% from $9.9 million in July to $13.4 million in August, which constituted 5.1% of total state handle.
Despite an increase in retail wagers taken, hold decreased from 15.9% to just 3.5%. As a result, taxable win fell 57.7% to just $653,079 for the month of August. Contributions to the state, by ways of the 15% tax rate on taxable win, was $97,961.86.
Maryland mobile sports betting handle increased 5.4% from $237.5 million to $250.4 million, whereas taxable revenue also decreased from $20.5 million to $16.4 million month-over-month. Promotional spend hiked as expected given August saw the build-up to the new NFL season, with a 44.7% rise in promotional spend, hitting $8.1 million up from $5.6 million in July.
When breaking down on an operator-by-operator level, DraftKings and FanDuel dominated the Maryland market. DraftKings held 41.6% market share for August, with DraftKings taking 36.7%. FanDuel’s margin was considerably stronger, with the firm generating 59.0% of the entire state’s taxable revenue.
Rounding off the top five by handle were BetMGM, Caesars and Fanatics. The top five by market share comprise 94.7% of total MY sports betting handle.
On a sport-by-sport breakdown, the top five were as follows:
- Parlay/Combinations: $74.7 million handle (28.3% share), $12.4 million hold (16.6% margin)
- Pro Baseball: $74.4 million handle (28.2% share), $2.0 million hold (28.3% margin)
- Tennis: $35.3 million handle (13.4% share), $2.8 million hold (7.9% margin)
- Other: $27.7 million handle (10.5% share), $1.8 million hold (6.4% margin)
- Pro Basketball: $18.3 million handle (7.0% share), $1.2 million hold (6.6% margin)
Canton Gaming and Whitman both opened new retail sportsbook locations right at the end of July, so recorded just $1,603 and $2,105 in handle respectively. September, with the launch of NFL and both new retail locations trading a full month should see further uptick in Maryland.