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Maryland Sportsbooks Generate $16.5 Million Handle In First Month 4j4t1s

FanDuel, BetMGM emerge as bettors' early favorites in December launch window 2qq5f

Chris AltrudaChris Altruda
January 10, 2022
in Regulation

Photo by Sean Pavone/Shutterstock 5x4g25

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sports betting handle during December, as five operators conducted retail wagering for the first time in the Old Line State.

The quintet all launched within two weeks of each other, with followed suit Dec. 17.

Despite the small handle, operators came out well ahead, totaling close to $3.2 million in revenue for a 19.15% win rate. Nearly all of that money was eligible to be taxed at the state rate of 15%, which resulted in $469,297 going to the Blueprint for Maryland’s Future Fund that s state public education programs.

“We are truly excited that sports wagering is available, and we’re eager to do our part to keep the market growing,” Maryland Lottery and Gaming Director John Martin said in a statement that accompanied the release of the first set of revenue numbers.

Mobile wagering still appears to be many months out, with fall 2022 a target date as state regulators continue vetting applicants.

FanDuel, BetMGM lead the pack 4p1n59

Maryland sports betting data from December, per release: pic.twitter.com/3OYKUg4s3r

— Bennett Conlin (@BennettConlin) January 10, 2022

Despite spotting BetMGM a full day of operation, FanDuel was able to claim initial honors for both handle and revenue. Its $7.1 million handle represented nearly 43% of Maryland’s total handle, and FanDuel was also the only operator to post a seven-figure revenue total, as the nearly $1.4 million won resulted in a 19.3% hold.

BetMGM, however, was a strong second with just shy of $6 million handle for 36.2% market share and within $10,000 of $1 million in revenue for a 16.5% win rate. Caesars rounded out the podium spots in both categories with close to $2.6 million handle (15.6% market share) and had the highest hold (20.9%) of any operator that accepted $1 million or more in wagers, as it finished with $541,486 in gross revenue.

In two weeks of action, TwinSpires had the highest overall win rate at 30.55%, finishing with $169,312 on $554,218 wagered. In eight days of wagering, Barstool Sportsbook generated $319,001 worth of bets and $95,694 in revenue as it narrowly missed a hold of 30% in the short window.

Though not a true like-for-like comparison for retail sports betting when taking into the number of venues, population, and neighboring states with and without sports wagering available, Maryland’s handle for December was nearly 60% of Louisiana had more venues accepting wagers that were also open for the entirety of the month, in contrast to Maryland’s staggered go-live approach.

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Chris Altruda

Chris Altruda 6a54t

Chris Altruda was a sportswriter with ESPN, The Associated Press, and STATS for more than two decades before coming to Better Collective in 2019. When not crunching sports betting revenue figures, he is usually listening to Iron Maiden or exploring Chicago neighborhoods. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

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