Maryland Sets New State Record with $550M Handle in November – Covers

Maryland Lottery and Gaming reported a monthly handle of $550.7 million, topping the $497.1 million recorded in December 2022. The November handle represented a 14% increase from Octobers $483.1 million, previously the second-highest handle.

Last Updated: Dec 11, 2023 4:36 PM ET Read Time: 4 min

Maryland legal sports betting didnt just squeak past its highest handle on record. The Old Line State barreled right through its previous best in November.

Maryland Lottery and Gaming reported a monthly handle of $550.7 million, topping the $497.1 million recorded in December 2022.

The November handle represented a 14% increase from Octobers $483.1 million, previously the second-highest handle.

With the NFL, college football, NBA, college basketball, and NHL all coinciding, it shows what a sports-thirsty market featuring 12 mobile and 13 retail sportsbooks is capable of after about a year since online sports betting went live.

Sportsbooks gross revenue, however, did not match the Old Line States heavy action. Bettors put up a fight, lowering the month-over-month hold by 4.5 points to Novembers 7.6%. Operators grossed $41.6 million, hauling in $21.3 million in adjusted revenue, down 45% month-over-month after sportsbooks handed out over $28.6 million in promotional credits.

Online operators made up 98.6% of the Old States amount wagered while retail sportsbooks accounted for $17.4 million of the total handle.

Operators paid out $3.2 million in taxes, adding to the Blueprint for Marylands Future Funds $46.25 million accumulated this year.

FanDuel and DraftKings once again dominated the Maryland market, combining for over $400 million of the total handle.

FanDuel finished ahead of its rival with a handle of $241.7 million, the most ever in a month by a sportsbook in Maryland, while DraftKings took in $165.8 million in November.

BetMGM placed third with a hair under $36 million in the amount wagered.

ESPN BET, which entered the market halfway through November, made major waves in its debut. The recognizable brand and PENN Entertainments new platform, which replaced Barstool, recorded a handle of $33.3 million, the fourth highest for the month in the Old Line State.

ESPN BET recorded a 12.5% hold but gave away over $13 million in promotional credits to help drum up business for their new sportsbook app.

MGM National Harbor led all brick-and-mortar sportsbooks with a handle of $5.7 million. A month after recording a 16% hold, the win rate fell to 7.5%, well below its fiscal year average of 9%.

Live! Casinos $4.1 million handle was second best in November among retail shops, but the FanDuel-run sportsbook posted an even worse hold of 3.8%.

Four other in-person sportsbooks landed handles in seven figures, but none crossed $2 million.

Read the original here:

Maryland Sets New State Record with $550M Handle in November - Covers