The Maryland Lottery and Gaming reported a record $536.7 million in sports betting handle for March, with FanDuel leading the way with a 10.7% hold. The handle was up 39.1% compared to the previous year, marking the fourth time in the last five months that wagering surpassed $500 million. However, the $45.1 million in operator revenue was down 5.1% year-over-year, with the state levying a 15% tax on $32.4 million in adjusted gross revenue.
FanDuel had a total handle of over $3 billion and gross winnings of $400 million, while DraftKings extended its streak of months with over $10 million in revenue to seven. BetMGM also performed well, with $2.9 million in revenue. ESPN BET and Caesars narrowly cleared $1 million in revenue, while Fanatics Sportsbook continued to lower its adjusted gross revenue deficit.
The majority of operator gross revenue, $30.5 million, came from parlays, which had a 16.9% hold, making up 33.7% of the total handle for March. Pro basketball wagering provided the largest chunk of operator winnings at $5.6 million, followed by college basketball at $2.7 million. The “other” category, including auto racing and boxing, provided $2.2 million in operator winnings.
Overall, sports betting in Maryland continues to be a lucrative industry, with total tax revenue surpassing $70 million since its launch in December 2021. The state has also become the 14th state to surpass $7 billion in all-time handle, indicating a strong market for sports betting in Maryland.
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Photo credit sportshandle.com