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June Serves as Worst Sports Betting Month for Maryland Since Launch of Mobile in November

Dave Bonderoff

Last Updated: July 11, 2023 2:07 PM EDT • 1 min 37 sec read.

Maryland has become a reliable sports betting jurisdiction in the broader U.S. market, but June proved that it, too, is susceptible to a healthy summer sports betting slowdown.

June was the worst month for the best sports betting apps in Maryland since November, when the state officially launched a comprehensive mobile sports betting platform on the 23rd of that month. June snapped a six-month streak of $320 million or more handle for Maryland.

It isn't all bad news for Maryland sports betting, though. With June's figures factored in, the state has surpassed the $3-billion mark in terms of lifetime handle.

June's handle slips under $300 million

According to the Maryland Lottery and Gaming June earnings report released July 10, bettors spent just under $254.5 million with the state's best sportsbooks.

The best sports betting sites in Maryland accounted for nearly 96% of the overall wagering activity for the state, with $243.8 million of the total $254.5 million coming from Maryland's 10 mobile sports betting providers.

Revenues and taxes paid

According to Maryland Lottery and Gaming, the taxable win for sportsbooks in Maryland was $18,900,337 in June, thanks to a 10.6% hold. Last month’s hold rate came in considerably lower than the average 13.3% hold rate for the fiscal year.

The lower hold rate can be attributed to bettors in Maryland having wagering success on two sports in particular. Maryland sportsbooks lost $314,902 on hockey bets in June. Motorsports betting led to $932 in losses in the state.

It all led to $2,835,051 in total sports betting taxes paid to Maryland state and local coffers in June, thanks to the state's 15% tax rate. That’s down from $4.65 million in May.

FanDuel dominates Maryland

FanDuel once again came out on top as the most popular sportsbook in the state in June. FanDuel generated $108.7 million in bets last month and saw $14.5 million in gross gaming revenue, thanks to an impressive 13.4% hold. FanDuel paid $1.6 million in taxes in Maryland in June and was the only provider to eclipse the $1-million mark in terms of taxes paid to the state.

DraftKings was a predictable second in the Maryland market in June. It took in $89.7 million and reported $7.8 million off of an 8.7% hold. BetMGM was next with a $20.8 million June handle, with $2.2  million in revenues. Caesars was fourth with $11.9 million in June bets, but thanks to an underwhelming 4.9% hold, the sportsbook profits came out to just $588,740 last month.

Of note, Fanatics Sportsbook, which made a major splash last week with its acquisition of PointsBet USA’s assets, totaled a slightly underwhelming $1.6 million in bets in Maryland in June, its first full month of operation in the state.

Written By:
Dave Bonderoff
Dave Bonderoff and betting go hand-in-hand. Both are characterized by "odds". Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn't found a sport yet that can't contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.