In August, Maryland sportsbooks generated $32.9 million in revenue from a 10.4% hold

The late months of summer can often drag by as sportsbook operators await the start of the NFL in September. Sportsbooks see their revenue increase as soon as the season starts and Maryland Lottery and Gaming (MLG) proved that to be true. For the first time since March, Maryland’s monthly handle increased. While total wagers in the state declined each month after March, August’s handle was 13.2% better than July’s. Additionally, Maryland sportsbooks accepted $377.4 million in total bets this past August. They generated $39.2 million in revenue from a 10.4% hold. August was the fifth consecutive month that industry operators had a hold of at least 10%. Maryland’s handle in August was a 43.1% year-over-year increase. Their revenue jumped a sizeable 57.6% as well. Finally, they generated $5.6 million in tax contributions to the Blueprint for Maryland’s Future Fund in August. That brought their total to over $100 million since December 2021. 

What Maryland sportsbooks were the most profitable in August?

There are 11 online sportsbooks in Maryland and FanDuel is the leader of the pack. In August, FanDuel consumed 44% of all online sports betting in Maryland. They had a handle of $160.7 million while their top competitor DraftKings has 32% of the online market for a $119.3 million handle. BetMGM had a $32.2 million handle. Caesars, ESPN BET, and Fanatics were the other operators in August to achieve an eight-figure handle. Bally’s sportsbook went live in July and had $1.6 million worth of wagers in August. The newest operator is LetsBetMD which is under the license of Veteran Services Corporation (VSC). They only managed to have a $322,448 handle in August. The twelve retail sportsbooks in Maryland brought in a $9 million handle and drove $1.2 million in revenue