Maryland Sportsbooks Maintain 13-Month Streak of High Profits
**Sports Betting in Maryland Thrives in July 2023**
July 2023 saw a surge in sports betting activity in Maryland, with more wagers placed compared to June. The collective hold of the sports betting operators in the state was 11.4%, generating a gross revenue of over $28.4 million.
One of the standout performances came from parlays and combinations, which accounted for the second-largest handle with $66.4 million. The win rate for parlays in July was 24.6%, generating more than $16.3 million in revenue.
Baseball wagering also saw a significant increase, with a handle of $69.6 million, marking a 6.7% rise compared to the previous month. The house collected $4.6 million in winnings from baseball wagering in July.
Soccer had a handle of $14.9 million in July, with a win rate of 12.9% and gross revenue of $1.9 million. Tennis was the second-largest single-event sport for wagering, with a handle of $39.3 million, resulting in over $2.2 million in revenue for the operators.
MGM National Harbor reported a handle of $3.5 million in July, with a win rate of 19.6% and gross revenue of nearly $689,000. BetMGM, another prominent operator, had a handle of $23 million in July, with a hold of 9.7% and gross revenue of $2.2 million.
Retail books also contributed to the robust sports betting market, with a handle of $9.9 million in July, generating $1.6 million in revenue. Hollywood Baltimore had its best month of the year in July, with a handle of $1.1 million and a win rate of 21.5%.
A new entrant in the Maryland sports betting scene, Crab Sports, launched on July 14, 2023, and generated nearly $282,000 in wagers in its first month of operations. However, due to promotional outlay and federal excise taxes, Crab Sports finished with negative adjusted gross revenue of nearly $3,000 in its first month.
While specific data for July 2023 is not available for all operators, Maryland's overall sports betting performance in 2023 paints a picture of a thriving market. The total handle for the year was $4.62 billion, with revenue of $514.1 million and a hold percentage of 11.2%.
Promotional credits in July 2023 amounted to $5.6 million, which is a decrease of 27.4% compared to June 2023. After promotional credits and other deductions, the state was eligible to tax $22.1 million from sports betting revenue in July 2023, contributing to the total tax revenue collected by the state from sports betting for the year 2023, which is approaching $25 million.
Some of the top-rated sportsbooks in Maryland include FanDuel, Caesars, BetMGM, DraftKings, and BetRivers. These operators offer a wide range of sports betting options and are highly regarded by users.
As the sports betting landscape continues to evolve in Maryland, it will be interesting to see how the market develops and which operators emerge as leaders in the industry.
In July 2023, sports betting operators in Maryland offered various ways to wager, with parlay bets being a popular choice, accounting for a significant portion of the $66.4 million handle and generating over $16.3 million in revenue. During this month, MGM National Harbor reported a handle of $3.5 million for sports betting, and new entrant Crab Sports launched, generating nearly $282,000 in wagers in its first month of operations. As the market continues to develop in Maryland, top-rated sportsbooks like FanDuel, Caesars, BetMGM, DraftKings, and BetRivers are expected to lead the industry.
