Sportsbook revenue in Maryland amounts to a 10.3% hold during June period

Maryland Rakes in $39.7 Million from Sports Betting in June

Maryland's gambling scene just keeps getting hotter, with sports betting revenue soaring to a whopping $39.7 million in June. This was thanks to a 10.3% hold on a staggering $384.7 million in bets placed. The Old Line State managed to notch a double-digit win rate for the third month in a row.

The 13 sports betting apps in the state combined for a 10.5% hold in June, pocketing $39.2 million out of the $373.4 million wagered. This significant increase in revenue came with a sharp drop in promotional spend by operators, delivering an all-time monthly low of $816,700 – a steep decline of 89.5% compared to the $7.8 million in bonuses and credits offered in June 2023.

The reduced promotional spending allowed the state to collect taxes on $38.2 million in adjusted gross revenue, translating into an inflow of $5.7 million into tax coffers. Compared to June 2023, the overall gross revenue increased by 46.5%. However, it fell slightly behind the 51.6% surge in handle. Operator winnings were down 22.3% from May, with a steeper 10.9% dip in handle.

Year-to-date, Maryland has collected a total of $35.7 million in taxes, running $14.1 million ahead of last year's pace.

FanDuel Crushes the Competition, No Deductions

Established as a dominant force in Maryland's mobile sports betting market, FanDuel continued its winning streak in June with a mighty $22.5 million in winnings thanks to a 13.9% hold. This impressive result was achieved against a handle of $162.7 million. FanDuel has consistently achieved a double-digit hold rate in Maryland since save last November, and June's winnings helped push its all-time gross revenue above the $500 million mark. What makes this even more significant is that FanDuel did not report any deductions via mobile betting, resulting in a substantial $22.2 million in taxable revenue.

On the other hand, DraftKings claimed $10.7 million in gross winnings, marking its 10th consecutive month of eight-figure revenue. It achieved an 8.4% hold from $128.1 million worth of bets, with its all-time action surpassing $2.5 billion. Although DraftKings' 9.8% hold for the first half of the year is nearly seven-tenths of a percentage point lower than its all-time mark, it's still a strong showing.

BetMGM and ESPN BET Chase Smaller Winnings

BetMGM landed in third place for both revenue and handle, collecting $2.5 million in revenue from $28.7 million in handle, resulting in an 8.6% win rate. ESPN BET followed closely, earning $1.3 million in revenue from $13.3 million worth of bets, translating to a 9.5% hold.

Fanatics Sportsbook and Caesars trailed behind with seven-figure revenue totals for June. Fanatics cleared $1 million by $17,604 thanks to an 8.5% hold from $12 million-plus in handle, while Caesars finished with $854,000 after a 4.3% hold.

Betfred, preparing to exit Maryland's mobile marketplace by the end of the month, paid out $8,662 above its $405,950 handle in June. To leave the state with a coveted $1 million in gross revenue, they'll need to generate just $8,495 in revenue in July.

BetPARX posted a strong second-highest handle at $2.1 million – nearly triple the $787,000 reported for May, despite revenue not following suit. With a 4.2% win rate, it earned $87,300 in revenue, marking an increase of $6,400. Its $10,850 in promotional bonuses and credits represented an all-time high since its debut in Maryland in August 2023.

For a detailed understanding of Maryland's sports wagering regulations and available operators, consult the MD sports betting FAQ page.

Parlays Remain a Winning Bet

Parlays and same-game parlays accounted for a significant portion of operator revenue, with $25.4 million in winnings representing 64% of the total amount. Operators narrowly missed a 20% hold on the multi-leg bets for the third month in a row, achieving a 19.9% hold against $127.4 million in handle. Year-to-date, the hold on parlays in Maryland is 20.2%, with sportsbooks claiming a total of $226.1 million in winnings.

Basketball revenue edged out baseball for second place among operators, collecting $4.5 million in basketball winnings due to a 9% hold from $50.2 million in wagers. In contrast, baseball yielded a mere 3.9% win rate, generating $4 million-plus in revenue off $103.1 million in handle.

The "other" category, which encompasses sports like auto racing and golf, provided $2.5 million for sportsbooks. However, the public cashed in on $632,900 above their $6.8 million wagered in golf, resulting in a less-than-ideal -9.3% hold for the month.

A Mixed Bag for Retail Sportsbooks

Maryland's 13 retail sportsbooks recorded a modest $424,400 in gross revenue against $11.3 million in handle, representing a 3.8% hold. Despite this, losses at five brick-and-mortar venues, led by MGM National Harbor with a $246,100 deficit, resulted in a substantial 38% increase in taxable revenue to $685,000.

So far in 2024, the combined handle has reached $2.83 billion – a 36.6% uptick compared to the first six months of 2023. Although the 11% hold has produced $309.7 million in gross winnings, representing a 22.5% increase, it is nearly 1.3 percentage points lower than the first half of last year. Adjusted gross revenue has spiked 65.6% to $238.1 million compared to the first half of 2023.

[1] Wes Moore, Governor of Maryland (2025-present) - https://www.governor.maryland.gov/[2] Budget Reconciliation and Financing Act of 2025 - https://mgaleg.maryland.gov/[3] Maryland Lottery and Gaming Control Agency - https://mgalottery.com/

Maryland's sports-betting market saw a significant surge in revenue, with FanDuel leading the pack, earning a 13.9% hold on a $162.7 million handle, amounting to $22.5 million in winnings.
Operators in Maryland pocketed a significant portion of their revenue from parlay bets, with $25.4 million in winnings representing 64% of the total amount, indicating a high demand for multiple-leg betting.
The retail sports-betting scene in Maryland also experienced growth, with a combined handle of $2.83 billion in the first six months of 2024, a 36.6% increase compared to the same period in 2023.