Sports Betting
In September, Maryland sportsbooks had a whopping 25.5% hold on parlay wagers
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished3 hours ago on October 11, 2024
Per the Maryland Lottery and Gaming Agency, sportsbooks combined for an outstanding 25.2% hold on parlay wagers in September. That was enough for $50.3 million in gross sports betting revenue. Maryland’s overall haul between all state operators was $65.4 million. The state’s third-highest total in 34 months of legal wagering. Compared to their figures from September 2023, their $65.4 million was up 43.6%. That was 66.7% higher than their figures in August.
Additionally, the handle was up 20.4% year-over-year to $532.9 million. Maryland’s 12.3% hold in September was the sixth consecutive month they had a hold of 10% or larger. Their win rate in September was the third highest through nine months in the calendar year. Maryland had a record $62.5 million in adjusted gross revenue. Levied taxes redirected $9.4 million to state coffers. Through nine months in 2024, they have $56.9 million in sports betting tax revenue.
What Maryland sportsbooks were the most profitable in September?
There was a major discrepancy between win rates for parlays and single-event wagers in Maryland. The 25.2% hold was from $199.8 million in accepted bets. That was the second-highest win rate in 2024, only trailing 25.7% in June. In September, bettors limited the house to a 4.5% hold and $15.1 million in revenue from single-event wagers. This year, Maryland sportsbooks have a solid 20.9% hold on public parlays.
In September, FanDuel had $32.9 million in gross revenue from a 14.2% win rate and a $231.8 million handle. It was the seventh time they’ve had a handle of over $30 million in Maryland. No other operator in the state has reached $30 million. This was also the seventh consecutive month that FanDuel had a double-digit hold. Their year-over-year revenue is up 65.6%.
DraftKings’ $20.2 million in revenue was their best month since January. They had an 11.5% win rate and $175.9 million worth of wagers. This was DraftKings’ third consecutive month a win rate of 10% or higher. BetMGM had an 11.3% hold in September and claimed $4.4 million in revenue from a $39.4 million handle. The company has a three-month streak of having a double-digit hold. Additionally, they are now over $30 million in gross revenue for the year.
