The Free State continues to make its mark in the sports betting industry.
Maryland sports betting hit a big milestone in August by surpassing $100 million in total tax revenue since the first retail sportsbook opened in December 2021. The state collected about $5.5 million in sports betting taxes in August 2024. This amount more than doubled from $2.5 million in August 2023. However, it was slightly less than the record $6.2 million collected in July 2024.
The tax money that funds the Blueprint for Maryland’s Future Fund is supported by sports wagering revenue and contributions from the Problem Gambling Fund. It will be used to improve public education programs in the state of Maryland.
This is the 14th state to surpass $100 million in state tax revenue in the post-PASPA era.
Maryland Sports Betting Handle Also Up YOY
An organization like Maryland Lottery and Gaming reported a sports betting handle of around $377 million in August 2024, up 43% from $264 million in August 2023.
Maryland sportsbooks have totaled more than $3.5 billion handle this year, an increase of 37% compared to the first eight months of 2023. This growth is impressive, especially since the number of operators stayed almost the same, with 11 online and 12 retail sportsbooks in August 2024 compared to 12 online and 12 retail sportsbooks the previous year.
Online Betting is the Preferred Choice in Maryland
Online sports betting is leading the Maryland market, with about $368 million in online bets compared to $9 million at retail sportsbooks. The gaming commission also reported $39 million in monthly gaming revenues, with a hold of around 10%.
FanDuel held onto its lead in Maryland last month, with about $161 million in online sports bets. DraftKings followed with $119 million, and BetMGM came in third with $32 million.
Baseball Most Popular Sport to Bet on In Maryland in August
With the Orioles in a playoff chase, it’s not surprising that baseball brought in the most revenue at $6 million, with operators winning 6% of the $88 million bet. This was a big increase from last August when top-rated sportsbooks had a 3% hold and less than $2 million in winnings.
Most of Maryland’s August revenue came from parlays, with $22 million in winnings. The house had a 18% hold from $126 million in bets, which was 6% points lower than the 24% hold in July.
Sports Betting is Big Business in Maryland
During the first full fiscal year of mobile sports betting, Maryland generated over $60 million in tax revenue. With its popularity growing and surpassing $100 million in sports betting tax revenue, the state is positioned for further growth as it enters the lucrative football season.
The significant increase in August’s handle and tax revenue highlights Maryland’s growing influence in the US sports betting market. There’s no doubt, sports betting in The Old Line State is here to stay.
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