Maryland’s legal sports betting market continues to thrive, with FanDuel leading the pack in both handle and revenue. In July, Maryland sportsbooks hit a new milestone by surpassing $1 billion in all-time gross revenue, with operators generating $333.3 million in wagers, a 34.7% increase from the previous year. The 13.1% hold represents one of the highest win rates of the year, contributing $6.3 million to the state.
FanDuel remains the dominant player in Maryland, with a hold percentage nearing 14% and $1.4 billion in bets so far in 2024. DraftKings follows closely behind, but has not reached $1 billion in year-to-date handle or $100 million in year-to-date revenue. Other top online sportsbooks, including BetMGM, Caesars, Fanatics, and ESPN, also posted strong revenue figures.
While the market continues to thrive, some operators have exited the Maryland sports betting scene, such as Superbook, which saw its best hold in July before departing. New players like LetsBetMD and Bally Bet have entered the market, contributing to its diversity and growth.
Overall, Maryland sports betting has proven to be a lucrative market, with significant increases in revenue and tax contributions to the state. The success of sportsbooks in the state reflects a growing interest in legal sports betting and a positive outlook for the industry in Maryland.
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