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Sports betting operators in Maryland generated $4.65 million in tax revenue for the state in May, the Maryland Lottery reported Monday.
The state currently has 10 mobile and retail sportsbooks, and sportsbooks provide 15% of their taxable win to the state. The tax revenue goes to the Blueprint for Maryland’s Future Fund, a measure to support public education.Â
Once again, it was FanDuel’s mobile product that paced sports betting operators in Maryland. FanDuel posted a monthly handle of $146.3 million and had had an impressive hold of 15.9%. FanDuel’s mobile hold in Maryland has exceeded 12% since mobile sports betting launched in the state in November of 2022.Â
FanDuel had a taxable win of $18 million and contributed $2.7 million in tax revenue to the state in May, the most of any mobile sportsbook in Maryland. DraftKings ($1.3 million) was the only other operator to generate more than $1 million of tax revenue for Maryland in May.Â
DraftKings sits behind FanDuel
DraftKings was the only other mobile operator to generate a handle of more than $30 million, reporting a monthly handle of $101.9 million. The company has exceeded $100 million in handle in Maryland during every full month with legal mobile betting.Â
DraftKings had a solid hold percentage of 12.2% and its taxable win was $8.7 million.
BetMGM’s monthly handle was $27.5 million, and the operator had a monthly hold percentage of 12.9%. Its taxable win was $1.9 million, and it contributed $285,567 to the state. Caesars Sportsbook reported a monthly handle of $15.7 million, but its hold percentage was just 4.5%. Caesars’ taxable win was below $400,000, and it contributed $56,353 in tax revenue in May.
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Fanatics Sportsbook recently made its entrance into Maryland, and the sports betting operator has its sights set on competing with DraftKings and FanDuel. Fanatics was operational during a controlled demonstration on May 30 and reported a handle of $9,479. The bettors participating in the controlled demonstration struggled, with Fanatics Sportsbook posting a 73% hold.Â
While Fanatics Sportsbook is now technically live in Maryland, the sportsbook is currently only offered in a beta testing capacity, so its June numbers aren’t expected to be large.Â
SuperBook Sports, which recently entered Maryland, had a monthly handle of $546,473, the smallest of any non-Fanatics operator.Â
Retail wagering details
On the retail side, Live! Casino (FanDuel) barely outpaced MGM National Harbor (BetMGM) from a handle perspective. Live! Casino reported a monthly handle of $5 million, and MGM National Harbor posted a handle of $4.8 million.Â
MGM National Harbor had a higher taxable win, however, and generated $84,480 for the state. Live! Casino generated $68,467 in tax revenue for Maryland in May. Both retail locations had hold percentages between 11 and 12%, a bounce-back after a tough April.Â
Retail wagering accounted for just 4.7% of the state’s total wagering handle ($320.2 million) in May. In-person sports betting accounted for 4.5% of the tax revenue generated by overall sports wagering in May.Â
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