Maryland Sports Betting Industry Remains Strong Amid Seasonal Summer Slowdown

The best sports betting sites operating in Maryland appear to have been able to mitigate the predictable seasonal summer betting slowdown across the broad U.S. legal sports betting landscape.

The Old Line State saw a slight dip in wagering action month-over-month, according to the Maryland Lottery and Gaming July report. Still, revenues for Maryland’s best sportsbooks increased in July, month-over-month and year-over-year.

Maryland sports betting can thank a 13.1% win rate for the July successes. The second-highest win rate in Maryland history helped revenues climb and increased tax revenue contributed from state providers to needy state and local tax coffers. More specifically, a 23.8% hold on parlays and same-game parlays buoyed the overall numbers.

Regarding individual books, FanDuel maintained its position as the most popular Maryland sports betting app in July. Familiar foe DraftKings was second, with BetMGM and Caesars rounding out the top four.

July handle

Maryland sports betting apps and retail providers accepted $333.3 million in wagers in July, $324.9 million of which came from Mayland sports betting sites. Residents took advantage of numerous Maryland sportsbook promos.

It's a 13.4% month-over-month drop from nearly $384.7 million reported in June but is an almost 35% year-over-year improvement from the $247.4 million in wagers taken last July.

July’s handle totals allowed Maryland to become the 11th state in the American legal sports betting industry to surpass $3 billion in bets in 2024. So far this year, it has accepted $3.16 billion in wagers—a 36.4% year-over-year increase from last year's first seven months.

Gross sports betting revenue

Maryland sportsbooks reported $43.8 million in gross sports betting revenue in July. It represents a rare mid-summer 10.3% month-over-month revenue increase from the $39.67 million generated in June and an eye-opening 55.7% year-over-year revenue spike from $28.1 million last July.

The revenue uptick is due to a 13.1% hold rate, which is the second-best ever for the Maryland legal sports betting scene.

July’s numbers helped the Old Line State become the 12th state to reach $1 billion in lifetime gross revenues. Year-to-date, adjusted revenues for Maryland’s best sportsbooks is up a whopping 68.7%.

Maryland sportsbooks paid a total of $6.25 million in taxes to needy state and local coffers in July—the fourth-highest tax total since Maryland legal sports betting launched in Nov. 2022. Just $3.3 million in taxes was collected last July.

It takes the year-to-date tax contribution total to $42 million, a $17.1 million improvement from the same seven-month period from last year.

FanDuel tops

FanDuel again emerged as the most popular Maryland sports betting app in July. It made up $145.8 million of the state’s total $333.3 million handle and claimed $21.1 million in winnings.

DraftKings was far behind in second with $106.46 million in accepted July wagers and $12.2 million in taxable revenues. BetMGM was third with nearly $25.68 million in wagers in July and $470.5K in revenues, with Caesars Sportsbook rounding out the top four with almost $16.2 million in bets and $224K in July revenues.

Newcomers struggled to gain much sportsbook traction in July. Veterans Services, in its first full month of operation in the Maryland market, saw just $130.9K in total wagers during the month and $2,310 in revenue. Bally’s, which also closed out its first full month of wagering in the Maryland market, accepted just $59.5K in bets in July and $163 in taxable revenues.