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Roman Hemby of the Maryland Terrapins signals as we provide an update on Maryland's legal sports betting handle and revenue from October 2023.
Roman Hemby of the Maryland Terrapins signals after running for a first down against the North Carolina State Wolfpack at Bank of America Stadium in Charlotte, North Carolina. Photo by Grant Halverson/Getty Images via AFP.

Maryland's best sports betting apps and retail providers had an excellent October. When all was said and done, the five full weeks of NFL action, college football, MLB playoffs, and the commencement of both the NBA and NHL seasons provided a significant boon for the legal sports betting industry in the Old Line State.

October provided Maryland with the second-best handle ever during its 23 months of operation and the single biggest tax payout by providers to needy state and local coffers. Maryland sports betting is officially in its 24th month of legal retail sports wagering and only launched a mobile sports wagering platform in November 2022.

“People love to bet on football, and that is certainly reflected in the handle this time of year,” said Maryland Lottery and Gaming Director John Martin on October's numbers. “The Ravens’ success and college football are contributing factors, and there is a convergence of the seasons in October, with the baseball playoffs and World Series and the start of hockey and basketball. From an overall perspective, the results show that a robust market has taken shape here in Maryland and is making a steady contribution to the state’s education programs.”

Second-best handle ever

The Maryland Lottery and Gaming October revenue report identified an impressive $483.1 million sports betting handle for October. That number represents a nearly $42 million month-over-month spike in sports bets. Maryland sports betting apps only launched in November 2022, so there is no definable year-over-year comparison. 

Only December 2022’s $497 million total was a better overall betting month than October. It was the state's first full month of a comprehensive retail and mobile sports betting platform.

Sports betting sites aided by Maryland sportsbook promos comprised most of the October handle. Just under 96% of October's sports betting activity came from Maryland sports betting apps.

Third-best revenue haul for Maryland sportsbooks

The October handle spike for Maryland sportsbooks helped the state's providers' bottom line. The Maryland Lottery and Gaming statement reported $58.7 million in gross sports betting revenue. It is the third-best revenue total ever for the Maryland legal sports betting scene behind $85.2 million last December (the state's first full month of mobile sports betting) and $56.9 million in January of this year.

October's figure represents more than a $12 million increase from the $45.575 million in September. Its hold rate for Maryland sportsbooks came in at 12.2%, up from 10.3% in September and the 20th time in 23 months that the state's sportsbooks have boasted a win rate above 10%. 

Of note, the hold October hold rate on parlays for Maryland sportsbooks was 21.1% on the $179.5 million taken in by such bets, and $37.8 million in revenue came from parlay bets alone.

Adjusted gross revenue came in at $38.7 million after a healthy October promotional spend of almost $19.4 million by sportsbooks.

The tax bill for state providers was the highest ever due to good revenues and a good win rate for Maryland sportsbooks, as $5.8 million in taxes was collected in October, besting the previous high of $5.3 million in March and the $3.23 million in September.

FanDuel tops

FanDuel Maryland had by far the best month of any sportsbook in the state's wagering industry. FanDuel took in $210,548,643 in bets and generated $28.3 million in revenue thanks to a 13.4% win rate. October represented the 12th straight month that it produced a 10% or higher hold rate in Maryland.

DraftKings Maryland was second in the race for Maryland's bet sports betting app. DraftKings accounted for $157.6 million of the overall Maryland October handle, its best total this year, as $19.4 million in revenues were reported off of a 12.3% hold rate.

BetMGM Maryland came third with a $38.5 million October handle and $4.7 million in revenues. Caesars had their best-ever month in the Maryland market with $21.8 million in bets and $1.6 million in revenues, with Fanatics rounding out the Top-5 with $13.7 million in bets (up 14.7% month-over-month) and nearly $1.1 million in revenue.