Maryland February Sports Betting Numbers Reflect End of NFL Season

Maryland experienced an expected post-NFL sports betting slowdown in February despite the single biggest day on the American sports wagering calendar, the Super Bowl, and an extra day on last month's sporting menu. Those declines saw some dips for our best sports betting sites that operate in the state.

According to the Maryland Gaming and Lottery February earnings report, Maryland sports betting apps, and the state's retail providers experienced a healthy month-over-month drop in sports betting handle and revenues. However, handle and revenue figures were up year over year.

FanDuel, DraftKings, and BetMGM were the most popular Maryland sports betting sites in February, with ESPN BET finishing a slightly disappointing fourth.

$442.6 million February handle

The Old Line State sports betting providers reported $442.6 million in accepted bets in February. That figure represents an 18.8% month-over-month dip from the $545 million reported in January but a surprisingly healthy 30.4% year-over-year increase from the $339.4 million from February 2023.

Apps contributed $428.4 million of the February handle in the Maryland sports betting scene, while retail made up the other $14.1 million.

Gross revenues down month-over-month but up year-over-year

Just like Maryland's February sports betting handle, revenues figures were mixed for Maryland's best sportsbooks. $43.3 million in gross sports betting revenue was reported by Maryland Gaming and Lottery.

February 2024's figures are a sharp 45.7% month over-month drop from the $80 million reported in January but do represent an 8% year-over-year increase from the $40.2 million from February 2023.

The hold rate for Maryland sportsbooks came in at 9.8% in February, the third-lowest win rate for Maryland sportsbooks in their 16 months of operation. Maryland sports betting providers have managed to eclipse a 10% win rate in 13 of the 16 months of service. By comparison, a 14.7% win rate was reported by Maryland sportsbooks in January.

Adjusted gross revenues, after deductions and promotions was $28.1 million. Thanks to a 15% tax, $4.2 million in tax revenue resulted from Maryland's February legal sports wagering activity.

So far, through two months of 2024, adjusted revenue is up a whopping 153.6%, allowing $7.5 million more in taxes to flow to state and local coffers over the same two-month-period last year.

FanDuel tops the Maryland market

Residents enjoyed plenty of Maryland sportsbook promos in February.

FanDuel was the most used and successful Maryland sports betting site in February. It accounted for $191.3 million of the overall $442.6 million handle and claimed $23.4 million in gross winnings from a 12.2% hold.

DraftKings Maryland was second in the market, reporting $137 million in accepted wagers in the Old Line State in February, with $13.4 million in gross winnings off a 9.8% hold.

BetMGM claimed third in the race to be the most popular Maryland sports betting app, with $37.3 million in accepted bets in February. It reported $2.7 million in revenues for the month off an underwhelming 7.2% hold.

ESPN BET Maryland finished a somewhat disappointing fourth in the Maryland market with a $22.2 million handle in February, down 38.2% month-over-month. $22.2 million is an unflattering 5.2% market share for ESPN BET, far from its first-year target of 7%, which it has reached and even surpassed in other jurisdictions across America. ESPN BET claimed over $1.7 million in gross revenue in February from a 7.9% hold.

Caesars Sportsbook Maryland was fifth with $19.4 million in accepted bets last month with Fanatics Sportsbook Maryland sixth. It reported $12.8 million in bets in Maryland in February.