Sports Betting Revenue In Maryland Jumps By 17% For April

The Maryland Lottery and Gaming Commission on Monday released data for the month of April indicating a year-over-year revenue increase of 17.3%, highlighting the state’s robust betting environment.

Maryland’s sports betting market has evolved rapidly since its legalization, with both online and retail platforms contributing to its success. The state has seen a steady influx of operators, enhancing competition and providing bettors with a variety of options.

Key Statistics

• Total Handle: In April, Maryland’s sports betting handle reached approximately $513.7 million.
• Revenue: The state generated around $59.2 million in revenue, marking a 5.6% increase compared to the previous year.
• Tax Revenue: Maryland collected $6.3 million in tax revenue, bringing the cumulative total to over $160 million since the inception of sports betting.

Performance Breakdown by Sport

The performance of various sports has played a crucial role in shaping the overall revenue figures. Different sports have attracted varying levels of interest and wagering activity.

Professional basketball emerged as the leading sport for betting in April, with a handle of $116.8 million. The NBA playoffs, which commenced in April, significantly boosted interest in basketball betting.

• Revenue from Basketball: The sport generated approximately $6.1 million in revenue, reflecting a hold of 5.2%.
• Impact of NCAA Tournaments: The NCAA tournaments also influenced the betting landscape, with substantial wagers placed during the Final Four and National Championship games.

Baseball followed closely behind basketball in terms of revenue generation. The sport accounted for a handle of $75.5 million, yielding $5.6 million in profit.

• Tennis and Soccer: Tennis also contributed positively, generating over $2 million in revenue. Soccer, while having a smaller share of the handle, achieved the highest individual hold percentage at 10.4%.

Parlays have consistently proven to be a lucrative segment for sportsbooks in Maryland. With a handle of $198.3 million, parlays generated an impressive $40.7 million in revenue.

Online vs. Retail Betting

The distinction between online and retail betting is crucial in understanding Maryland’s sports betting dynamics. Online platforms have become increasingly dominant.

Online sports betting accounted for the majority of the total handle, with $501.4 million wagered through digital platforms.

• Top Online Operators: FanDuel led the market with a handle of $224.6 million, followed by DraftKings with $156.9 million. Other notable operators included BetMGM and Fanatics Sportsbook.

While online betting has surged, retail sportsbooks also contributed to the overall revenue. Maryland’s 12 retail sportsbooks generated a handle of $12.3 million, achieving a hold of 2.9%.