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Quarterback Lamar Jackson #8 of the Baltimore Ravens celebrates his touchdown against the Houston Texans as we look at the Maryland sports betting revenue report for January 2024.
Quarterback Lamar Jackson #8 of the Baltimore Ravens celebrates his touchdown against the Houston Texans during the fourth quarter in the AFC Divisional Playoff game at M&T Bank Stadium on January 20, 2024 in Baltimore, Maryland. Photo by Patrick Smith/Getty Images via AFP.

Maryland sports betting apps and retail providers experienced a small downturn in overall sports betting activity in January, but the state's best sports betting sites still enjoyed one of their best months ever in the Old Line State.

Maryland's best sportsbooks recorded their third-best lifetime handle in January while posting their second-best month in hold rate and revenues, bettered by only the first full month of comprehensive Maryland sports betting in December 2022.

Along the way, the Maryland legal sports betting industry surpassed $6 billion in lifetime handle with plenty of Maryland sportsbook promos to boost total activity.

Maryland exceeds $500 million in January sports betting

According to the Maryland Lottery and Gaming January report, Maryland sportsbooks took in $545 million in wagers last month. That figure comes in as the third-best month ever in terms of sports wagering activity for the state.

While that total is a roughly $15 million drop from the nearly $560 million in betting activity from December, it does represent a 23.4% year-over-year improvement from the nearly $441.5 million recorded in January 2023.

Maryland's best sports betting apps made up the overwhelming majority of the state's January handle, with $527.8 of the $545 million handle coming from the state's sports betting sites.

Maryland sportsbook revenues second-best ever

Maryland sportsbooks took full advantage of a high handle and the surprising loss of the Baltimore Ravens in the AFC Championship game.

Sportsbooks in the Old Line State were able to hold 14.7% of total revenues, the second-best win rate in 15 months of sports betting legalization in the state. That led to a near-record $80 million in gross sports betting revenue for Maryland providers for January.

You have to go back to December 2022 ($85.2 million) to find a better revenue month for Maryland sportsbooks. That $80 million figure for January is an impressive $17.7 million spike from December's revenue haul and is just over $20 million better than the $59.6 million from January 2023.

The combination of good handle, good revenues, and great hold rate led to an all-time high in adjusted gross revenues for Maryland's best sportsbooks. It also led to a record $8.2 million in taxes being paid by state providers, as sportsbooks were able to get the better of the bettor in Maryland in January.

“The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers,” said Maryland Lottery and Gaming Director John Martin as part of the monthly report. “The AFC Championship game didn’t go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw.

"It’s a reminder that unforeseen outcomes happen, so it’s always best for anyone who wagers to set a budget, have a plan and stick to it, and keep the focus on having fun.”

FanDuel flexes with dominant January

FanDuel Maryland ran away with the battle for the most popular Maryland sports betting app. FanDuel accepted $244.9 million worth of January bets in the Old Line State and reported $43.8 million in gross revenues off a whopping 17.9% win rate.

DraftKings Maryland finished second with $154 million in accepted wagers in Maryland in January and $23.5 million in revenue. BetMGM Maryland finished third with just over $40 million in January bets and over $5 million in revenues.

ESPN BET was fourth with just over $35.9 million in January wagers. It resulted in a 6.8% market share in Maryland, not too far off the first-year target of 7%. Caesars Sportsbook Maryland rounded out the top five Maryland sportsbooks with a $24.5 million January handle, while Fanatics was sixth with $20 million in accepted bets.