Maryland sports betting has been busier than it has ever been in November, as the Maryland Lottery and Gaming reported a monthly handle of $550.7 million, which proved to be 10% higher than the state’s previous record set in December 2022.
Record-Setting November
Maryland’s sportsbooks were buzzing in November as bettors were eager to fatten their wallets in time for Christmas. Sports bettors were ramping up to a spectacular month, as October generated the second-highest handle since the Old Line State launched mobile sports betting on November 23, 2022. An impressive $483.1 million was wagered in October, but it fell short of December 2022’s record handle of $497.1 million.
However, that was just a foreshadowing of the blizzard of bets that was to come, as the online sportsbooks accepted over $550 million in wagers in November, which has now set the bar for sports betting in Maryland. It was a 14% increase over October and nearly 10% higher than the previous record.
Unfortunately for the sportsbooks, the prodigious handle did not translate into stunning revenues as the hold, or win rate, fell to 7.6%, which was a 4.5% decrease from the previous month.
Gross revenues reported were a disproportionate $41.6 million due to the rather meager 7.6% hold, but compounding a revenue reduction was the $28.6 million in promotional credits and bonuses that carved into profits, reflecting a $21.3 million adjusted gross revenue (AGR), which was a 45% decrease from October’s AGR. Online betting contributed to over 98.6% of the wagering, leaving the retail market with a pittance by comparison.
The mechanics that wrought the biggest handle in Maryland’s brief sports betting history was a confluence of events – sporting events to be more specific – with all the major professional and college sports in action at the same time. The 12 mobile and 13 retail sportsbooks available, allowed anyone who wanted to make a bet to find easy access to do so.
ESPN BET Launches
Although FanDuel paced the pack by setting a state handle record of $241.7 million, and DraftKings trailing with $165.8 million in November –accounting for $407.5 million of November’s $550.7 million in total handle–, ESPN BET entered the market on November 14th and posted solid numbers for a mid-month entry with $33.3 million.
However, in order to generate interest in the newest online platform with a worldwide brand name, ESPN BET doled out over $13 million in bonuses and promotional credits to stimulate activity and interest in their platform. That produced a fourth-place finish behind FanDuel, DraftKings, and BetMGM.
The brick-and-mortar locations were led by the MGM National Harbor, which generated $5.7 million in handle but saw its hold decrease from 16% in October to 7.5% in November. Live! Casino trailed in second place, with a $4.1 million handle, while no other retail sportsbook posted a handle of more than $2 million for the month.
The Maryland tax coffers collected $3.2 million in taxes for November and have now levied over $46 million in 2023, whose funds are directed to the Blueprint for Maryland’s Future Fund.
Calculators
