Christmas Comes Early for Maryland Sportsbooks

Maryland’s sportsbooks had their best month ever in November as the handle soared to a record high of nearly $640 million only one month after setting a previous high in October.

Betting Biz Booming

The Maryland Lottery and Gaming announced sports betting in the Old Line State was never more robust and profitable than in November 2024. The combined handle at the state’s mobile and retail sportsbooks set a monthly handle record of $639.9 million, with over 97% generated through the digital sector.

Everything was clicking on all cylinders for Maryland sportsbook operators in November. Not only was a record handle set, but the books also reported a record-setting hold of 13%, which then led to a monthly gross revenue record of $82.3 million in gross gaming revenue and an adjusted gross revenue record (AGR) of $78.6 million, which towered above last year’s AGR of $21.3 million.

Naturally, this triggered a monthly record-breaking tax collection for the state of just shy of $12 million, which was up 274.6% over November 2023. The state has now collected more than $40 million in the first five months of the fiscal year, which is $18.1 million more than the same time in FY2024.

The big tax numbers are a result of a handle that was up 16.2% from last November and the nearly $2.48 billion Marylanders have wagered in the first five months of FY2025.

The Leader of the Pack

FanDuel captured over 44% of Maryland’s November handle, reporting $283.3 million, which was a whopping $83 million more than its nearest challenger, Boston-based DraftKings, which tallied $199.7 million. The state licenses 11 active mobile and a dozen retail sportsbooks.

A list of each mobile sportsbook’s November handle and tax payment is below:

• FanDuel: $283,374,933 in handle, $6,014,739 in tax revenue
• DraftKings $199,712,263 in handle, $3,568,248 in tax revenue
• BetMGM: $52,596,158 in handle, $948,407 in tax revenue
• Fanatics Sportsbook: $30,533,232 in handle, $381,796 in tax revenue
• Caesars Sportsbook: $24,979,793 in handle, $315,639 in tax revenue
• ESPN BET: $17,635,637 in handle, $267,574 in tax revenue
• Bingo World (BetRivers): $7,797,939 in handle, $75,811 in tax revenue
• Bally’s: $2,619,257 in handle, $0 in tax revenue
• Greenmount (betPARX): $1,110,528 in handle, $8,967 in tax revenue
• Crab Sports: $422,952 in handle, $7,844 in tax revenue
• Veterans Services (Bee-Fee): $229,415 in handle, $5,007 in tax revenue

Bally’s Making Moves

Bally Bet is a newcomer to the Maryland market after having launched in late July and is still trying to gain a foothold in the market. Maryland is the ninth state in which Bally Bet operates. Its parent company, Bally’s LLC, recently announced it had secured funding for its Chicago casino while also trumpeting a merger with Standard General that is slated to close in 2025.

“The addition of four complementary properties through this merger to our existing 15 domestic casino properties will add further geographic and market diversity to our portfolio,” Bally’s CEO Robeson Reeves said. “With QC&E’s development pipeline recently completed or already well underway, we see a path toward additional revenue and EBITDAR growth and value accretion as those projects are completed in 2025.

“We look forward to bringing our ultimate vision to bear and to working closely with the Stand General team to execute on that vision.”