Maryland’s sportsbooks saw a surge in wagers in February, reaching a total of $475.7 million despite football causing operators a loss of over $1 million. The state reported a 12.6% hold, marking the ninth consecutive month of double-digit win rates. Online and retail sportsbooks generated $60 million in gross revenue, showing a 38% increase from the previous year.
The Super Bowl played a significant role in boosting sports betting activity, leading to a 7.5% year-over-year increase in Maryland. However, the lack of football games in February resulted in a drop in handle and profit compared to the previous month, which featured the NFL playoffs and college football postseason.
FanDuel led the way in online sports betting with a record high hold, making $32.3 million in profits from a $202.6 million handle. DraftKings and BetMGM followed behind with $16.4 million and $3.8 million in revenue, respectively.
Additionally, updates on gambling legislation in the Maryland General Assembly were reported, with a bill to ban sweepstakes gaming passing through the Senate Committee and a proposal to legalize online casinos facing a deadline to reach the Senate floor.
Overall, the state’s sports betting industry continues to show growth and resilience, despite challenges such as operator losses from football betting and ongoing legislative discussions around expanding online gambling options.
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