Maryland Sportsbooks Take in More Than $50M in Revenue in May – Covers

Pro basketball betting led the way for total bets by sport in the Old Line State last month.

Jun 10, 2024 15:59 ET 4 min read

Maryland Lottery and Gaming reported Mays statewide betting activity across all retail and online sports betting in Maryland, touting one of its best results in Maryland sports betting history.

A total $431.5 million was wagered in May, and despite that being a month-over-month decline and lowest wagering total in 2024 so far, the tax contributions to the state nearly broke all-time highs.

All sports betting in Maryland generated $6.9 million for the Blueprint for Marylands Future Fund, which supports public education programs. This was the second-best single-month total, representing a more than 50% year-over-year increase from May 2023s $4.6 million contribution.

The bulk of this contribution came from online sports betting in Maryland, which generated $6.86 million for the Future Fund.

Mays wagering activity also produced a 34.8% year-over-year increase from the $320.2 million handle wagered in May 2023.

Year to date, the Old Line State has enjoyed $54.6 million in contributions to the Future Fund from $4.99 billion in total wagering activity. The YTD figures are where you can really see the growth of Maryland sports betting, since the tax contribution is a 143.4% YoY increase and the total handle is an 89.2% boost from the same period last year.

Despite the near-record tax contribution, Maryland sportsbooks still achieved their lowest metrics in 2024.

January was a banner month in the Old Line State with a $545 million handle generating a record $55 million in revenue for sportsbooks in Maryland. Januarys impressive 14.7% hold helped spur these gains, but Mays 11.8% hold isnt far behind for second place in that category among the first five months on the calendar.

Maryland sports bettors also took home their lowest total winnings on the year so far with a combined haul of $380.5 million across retail andsports betting in Maryland.

Its not too surprising that May was a slow month for Maryland sportsbooks. The Super Bowl and March Madness - the two most prolific wagering periods on the calendar - are far in the rearview mirror, so bettors need to lean on early season baseball and playoffs in the NBA and NHL.

Pro basketball was the only sport to eclipse more than $100 million in total wagers with its $109.6 million handle, representing 25.4% of all bets. Pro baseball nabbed 20.1% of Mays wagering activity with $86.8 million. Tennis attracted $27.5 million in bets (6.4%), soccer scored $15.8 million (3.7%), and ice hockey rounded out the top five sports with $12.9 million (3%).

It will be interesting to see how FanDuels hot start as the sole online sportsbook in the D.C. sports betting market impacts its standing in neighboring Maryland, but its safe to assume that it will only help it continue its dominance.

The top sportsbook in the U.S. by market share hauled in $195.2 million in bets in May, generating $4.1 billion in tax revenue for the Old Line State. DraftKings finished runner-up, as it typically does in the Maryland sports betting market, with $137.4 million in handle and $1.8 billion in tax contributions.

No other online sports betting site in Maryland even came close to these two behemoths. BetMGM collected a $31.1 million handle. Caesars Sportsbook reported a $17.5 million handle and ESPN BET saw $16.8 million in wagers.

Retail sports betting in Maryland had a $12 million total handle, but only $875,290 in adjusted revenue, which led to $131,294 in tax contributions.

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Maryland Sportsbooks Take in More Than $50M in Revenue in May - Covers