Maryland Sports Betting Industry Continues to Thrive in FY2025
In November, Maryland sportsbooks recorded a betting handle of nearly $639.9 million, contributing to a total handle of almost $2.48 billion for FY2025. This marks a significant 16.2% increase from the previous year. The state has seen a steady growth in sports betting revenues this fiscal year, with a 24.6% increase in year-to-date handle compared to the same period in FY2024.
The record-breaking monthly handle in November follows another record set in October, indicating a strong and growing sports betting market in Maryland. With a 12.9% hold on the November handle, taxable revenues reached almost $78.7 million, significantly higher than the previous year’s $21.3 million.
Online sports betting continues to dominate the market, generating $621 million in handle compared to nearly $18.9 million from retail sports betting. The strong performance in November contributed a record $11.98 million to the state, marking a 274.6% increase year-on-year.
Despite a setback in October, where sports betting revenues fell below expectations, Maryland has bounced back with consecutive months of record-breaking performances. The market has seen significant growth throughout FY2025, with several changes and new additions contributing to its success, including the launch of Bally Bet in July 2024.
Overall, Maryland’s sports betting industry is on a positive trajectory, setting new records and contributing substantial tax revenues to the state. With continued growth and innovation, the future looks bright for sports betting in Maryland.
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