Maryland’s Online Sports Betting Market Continues to Surge in August 2024

Maryland’s online sports betting market has maintained its impressive upward trajectory, with August 2024 emerging as another strong month of growth. The latest data released by Maryland Lottery and Gaming highlights a significant increase in both the online handle and winnings paid out to players compared to the same period in 2023. The rise of online sports betting in the state reflects its growing popularity and the increasing involvement of major sportsbook operators.

Steady Growth in Online Handle

In August 2024, licensed operators in Maryland reported a staggering $368.4 million in online handle, a considerable leap from the $250.3 million recorded in August 2023. This growth is particularly noteworthy, as it marks a significant expansion of the state’s online sports betting market over the past year. The increasing online handle demonstrates the continued enthusiasm for online sports betting among Maryland residents.

During the same month, sportsbooks paid out $330.2 million in winnings to online players, reflecting an increase from the $225.9 million paid out in August 2023. This substantial rise in payouts is indicative of the expanding player base and the increasing number of bets being placed.

While Maryland’s overall betting market has grown, promotional play saw a notable decline in August 2024. Operators in the state reported $1.1 million in online promotion play during the month, a sharp contrast to the $8.1 million recorded in August 2023. This decrease in promotional play suggests that sportsbooks may be scaling back on bonuses and promotional offers, potentially as a result of the market maturing and players becoming more established.

In August 2023, Maryland had 12 licensed sportsbooks operating within the state, while by August 2024, the number had dropped slightly to 11. Despite this decrease, the market’s performance has continued to thrive, driven by the major players dominating the sector.

Maryland’s mobile sportsbooks reported $36 million in taxable wins in August 2024, more than double the $16.3 million recorded during the same period in 2023. These taxable wins resulted in $5 million in contributions to the state, compared to $2.4 million in August 2023. The growth in taxable wins highlights the increasing profitability of the sportsbooks operating within Maryland, contributing significantly to the state’s revenue through taxes.

This surge in taxable wins also reflects the overall growth in betting activity, as more Maryland residents engage with mobile sportsbooks and place bets on a variety of sports events. The increase in state contributions from sports betting revenue further underscores the economic benefits that the industry is bringing to Maryland.

FanDuel Leads the Maryland Market

FanDuel continues to solidify its position as the leading sportsbook operator in Maryland. In August 2024, the gaming giant reported the highest online handle at $160.7 million, a sharp rise from the $104.1 million recorded in August 2023. FanDuel’s dominance in the market is clear, as the Live! Casino partner paid out $142.3 million to players last month, resulting in an 11.4% hold. This compares to a payout of $91.6 million in August 2023, with a slightly higher hold of 12.1%.

FanDuel’s impressive performance is largely due to its extensive base and the appeal of its -friendly platform. The operator’s ability to consistently deliver a strong hold percentage while maintaining high levels of player engagement is a key factor in its market leadership.

DraftKings, FanDuel’s closest competitor, closed August 2024 with an online handle of $119.2 million, placing it behind the market leader. Despite this, DraftKings has made significant strides, with its August 2024 handle increasing from $91.9 million recorded during the same month in 2023. The sportsbook also paid $106.7 million to players in August 2024, achieving a 10.5% hold, compared to a 7.7% hold in August 2023.

BetMGM, on the other hand, has struggled to close the gap between Maryland’s top two mobile sportsbooks and the rest of the market. The operator reported a $32.1 million online handle in August 2024, up from $20.2 million in August 2023. BetMGM paid out $28.9 million in winnings to players last month, achieving a 10.2% hold. In comparison, the sportsbook’s August 2023 handle saw a hold of 10.4% with winnings paid out at $18.1 million. Despite the growth in handle, BetMGM remains well behind FanDuel and DraftKings in of overall market share.

Maryland Welcomes New Operators and Bids Farewell to Others

August 2024 marked the first full month of operations for Bally Bet Sportsbook in Maryland. After successfully obtaining its mobile sports betting license in July 2024, Bally Bet closed the month with an online handle of $1.6 million. The sportsbook paid out $1.4 million to players, achieving a 10.6% hold in its debut month.

At the same time, August 2024 also saw the exit of SuperBook Sports from the Maryland market. In July, the Nevada-based operator announced its decision to close its online operations in eight states, including Maryland. While SuperBook did not accept any wagers during August 2024, it did pay out $6,770 in winnings to players. In August 2023, SuperBook’s handle in Maryland had reached $441,366 with a 25.2% hold, signaling a decline in its performance prior to its departure from the state.

Maryland’s online sports betting market continues to demonstrate strong growth, driven by increasing player engagement and the presence of leading operators such as FanDuel, DraftKings, and BetMGM. With new entrants like Bally Bet making their mark and the departure of operators like SuperBook, the market remains dynamic and competitive.

Source:

”Mobile sportsbooks in Maryland report $368M August handle”, sbcamericas.com, September 11, 2024.