Maryland Sports Betting Handle Jumps 48% Year-Over-Year

The Maryland legal sports betting scene continues to perform admirably, even during the traditional spring/summer sports betting slowdown that generally occurs at this time every year. Our best sports betting sites had a better-than-expected April 2024 in the Old Line State.

According to the Maryland Lottery and Gaming April report, Maryland sports betting apps and retail providers combined to take in nearly a half-billion dollars for the month. While encouraging, it is the second time in three months that operators in the state have failed to eclipse the $500 million mark.

FanDuel was far and away the month's top-producing Maryland sports betting site. It accounted for more than 60% of the overall revenue for state operators, nearly 47% of the overall April handle, and almost 80% of the promotional credits and bonuses handed out to bettors there. Bettors who would like to take advantage of the site in Maryland can use our FanDuel promo code. 

$486.3 million April handle

Sports bettors in the Old Line State spent a total of $486.3 million with Marland sports betting apps and retail providers. That figure represents an impressive 48.1% year-over-year increase from the $328.4 million in April 2023.

However, it is also a nearly $50 million or 9.3% month-over-month drop from the $536.7 million in March when the NCAA Men's and Women's basketball tournaments dominated wagering menus.

Ninety-eight percent of Maryland's April sports betting handle came from the state's mobile sports betting sites. The remainder, approximately $11.3 million, came from retail, brick-and-mortar facilities in the state. Residents undoubtedly took advantage of Maryland sportsbook promos.

April's handle propelled the Maryland sports betting industry past $2 billion this year and represented the eighth time that the state’s monthly handle has eclipsed $400 million.

Revenues rise year-over-year too

Maryland sportsbook revenues followed up on what was a good overall handle. Thanks to a 10.4% win rate (10.6% form Maryland sports betting apps and 2.6% for retail), Maryland sportsbooks were able to generate $50.4 million in gross sports betting revenues in April.

That represents an impressive 41.5% year-over-year spike from the $35.6 million in April 2023 and an even more eye-opening $5.2 million month-over-month jump from the $45.1 million in March, when the statewide hold rate was an uncharacteristically average 8.4%.

Thanks to the state's 15% tax rate, state providers paid out $5.7 million in taxes from the $37.9 million in adjusted gross revenues. This brings the year-to-date tax contribution total to $23 million, which is nearly $9 million ahead of the pace set for the first four months of 2023.

FanDuel is in a league of its own

FanDuel was easily the most popular Maryland sports betting app in April. FanDuel Maryland was responsible for $211 million of the overall $474 million mobile sports wagering handle in the Old Line State in April, or about 46%.

Because of an elevated 14% hold, FanDuel enjoyed about $30.8 million in winnings in April, about 60% of the state's total. It is the fifth time in 18 months of operation in the Old Line State that FanDuel has surpassed $30 million in monthly winnings.

It was also responsible for about 80% of the state's monthly promotional credits and bonuses. In April, it paid out $8.6 million in freebies to its clientele.

DraftKings Maryland finished a familiar second with a $141.7 million April handle and $12.1 million in revenue. ESPN BET Maryland was third with $35.6 million in accepted April bets but just $900K in revenue from a miserable 2.5% hold.

BetMGM Maryland rounded out the top four with $34.4 million in accepted bets in April and $3.6 million in revenue.