Maryland’s strong performance in the NCAA tournament has led to a month of heavy betting on college basketball in the state. Despite a 9.6% increase in handle compared to the previous year, Maryland sportsbooks had the second-lowest operator hold in the last 12 months during March Madness. FanDuel led all operators with a $249.8-million handle, but saw a drop in revenue of nearly $10 million from the previous month.
College basketball accounted for 15% of bets made on individual sports in Maryland, with operators winning back 5.2% of March Madness wagers to haul in $4.5 million in revenue. Parlays, on the other hand, saw a significant decrease in revenue from February’s Super Bowl month.
Maryland online sports betting accounted for the majority of March’s total handle, with FanDuel, DraftKings, and BetMGM leading the way in terms of revenue. However, FanDuel saw a drop in profits despite having the highest handle and hold among the top six operators.
In addition to the betting activities in Maryland, state regulators have sent cease-and-desist letters to prediction market platforms and are also looking to crack down on sweepstakes gaming companies offering casino and sportsbook wagering through free coins.
Overall, the month of March was a mixed bag for Maryland sports betting operators, with a successful NCAA tournament driving heavy betting activity but also presenting challenges in terms of operator hold and revenue generation.
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