Sports betting operators in Maryland generated $4.65 million in tax revenue for the state in May, the Maryland Lottery reported Monday.
The state currently has 10 mobile and retail sportsbooks, and sportsbooks provide 15% of their taxable win to the state. The tax revenue goes to the Blueprint for Maryland’s Future Fund, a measure to support public education.
Once again, it was FanDuel’s mobile product that paced sports betting operators in Maryland. FanDuel posted a monthly handle of $146.3 million and had had an impressive hold of 15.9%. FanDuel’s mobile hold in Maryland has exceeded 12% since mobile sports betting launched in the state in November of 2022.
FanDuel had a taxable win of $18 million and contributed $2.7 million in tax revenue to the state in May, the most of any mobile sportsbook in Maryland. DraftKings ($1.3 million) was the only other operator to generate more than $1 million of tax revenue for Maryland in May.
DraftKings sits behind FanDuel
DraftKings was the only other mobile operator to generate a handle of more than $30 million, reporting a monthly handle of $101.9 million. The company has exceeded $100 million in handle in Maryland during every full month with legal mobile betting.
DraftKings had a solid hold percentage of 12.2% and its taxable win was $8.7 million.
BetMGM’s monthly handle was $27.5 million, and the operator had a monthly hold percentage of 12.9%. Its taxable win was $1.9 million, and it contributed $285,567 to the state. Caesars Sportsbook reported a monthly handle of $15.7 million, but its hold percentage was just 4.5%. Caesars’ taxable win was below $400,000, and it contributed $56,353 in tax revenue in May.
Fanatics Sportsbook recently made its entrance into Maryland, and the sports betting operator has its sights set on competing with DraftKings and FanDuel. Fanatics was operational during a controlled demonstration on May 30 and reported a handle of $9,479. The bettors participating in the controlled demonstration struggled, with Fanatics Sportsbook posting a 73% hold.
While Fanatics Sportsbook is now technically live in Maryland, the sportsbook is currently only offered in a beta testing capacity, so its June numbers aren’t expected to be large.
SuperBook Sports, which recently entered Maryland, had a monthly handle of $546,473, the smallest of any non-Fanatics operator.
Retail wagering details
On the retail side, Live! Casino (FanDuel) barely outpaced MGM National Harbor (BetMGM) from a handle perspective. Live! Casino reported a monthly handle of $5 million, and MGM National Harbor posted a handle of $4.8 million.
MGM National Harbor had a higher taxable win, however, and generated $84,480 for the state. Live! Casino generated $68,467 in tax revenue for Maryland in May. Both retail locations had hold percentages between 11 and 12%, a bounce-back after a tough April.
Retail wagering accounted for just 4.7% of the state’s total wagering handle ($320.2 million) in May. In-person sports betting accounted for 4.5% of the tax revenue generated by overall sports wagering in May.
