Maryland Experiences Mixed Sports Betting Results in May

The relatively new Maryland mobile sports betting industry experienced mixed numbers in May. The overall legal sports betting handle suffered a slight month-over-month decline, but revenues actually rose thanks to a healthy hold enjoyed by the state's sports betting providers.

Despite seeing the lowest sports betting total since mobile sites went live in November, when the state enjoyed just eight days of legal online sports betting, Maryland sports betting has been remarkably consistent. Ten mobile and retail legal sports betting providers have not slipped below $320 million in overall bets since the platform expanded just over seven months ago.

May was a month that saw a new provider added to the Maryland legal sports betting scene. Fanatics started with a "controlled demonstrations" on May 30, becoming the state’s 10th sports betting provider as it attempts to be considered one of the best sports betting apps in Maryland.

Maryland's May sports betting figures

Maryland bettors spent a total of $320,199,671 with the state's legal sports betting providers in May, 95.3%, or $305 million of which came from the state's online providers.

While slightly discouraging that the handle dropped month-over-month at the best sportsbooks, the decline wasn't as drastic as seen in other legal sports betting jurisdictions. The $320.2 million is just over $8 million less than the $328.4 million reported in April.

Maryland's record sports betting handle came in December, which was during its first full month of mobile betting. $497.1 million was taken in by the state's sportsbooks that month, when Maryland sportsbook promos were as prominent as ever.

What about revenues?

Sports betting revenues in Maryland actually increased month-over-month in May, despite the drop in overall handle. Sportsbooks made $42.7 million in May, thanks to a healthy 13.3% hold. In April, Maryland’s sports betting sites made $35.6 million, off of a 10.9% hold.

Tax revenues followed the sports betting revenue surge in the Maryland market. A total of $4.65 million was contributed to Maryland state and local tax coffers from profits made by its providers. That’s up from $3.86 million in April and is the second-highest tax revenue total in the seven months since mobile wagering kicked off in November.

FanDuel reigns

FanDuel came out on top of the race to be Maryland's top legal sports betting provider in May. It is a trend that we have seen since Maryland expanded their legal sports betting seven months ago.

FanDuel took in $146.3 million of the state's overall $320.2 million May handle and had a sky-high hold of 15.9%. FanDuel continued its success in the Maryland market and extended their streak of 12%-plus holds to seven months.

DraftKings was next with a $101.9 million handle in May with the remaining providers far behind. BetMGM finished third with a $27.5 million handle, and Caesars rounded out the top four with $15.7 million in bets taken in.

As far as revenues, thanks to the 15.9% hold, FanDuel led the way with $18 million in profits and $2.7 million in tax contributions. DraftKings made $8.7 million, thanks to a 12.2% hold, BetMGM made $1.9 million off a 12.9% hold and Caesars stumbled to less than $400,000 in profits, largely because of an awful 4.5% hold.