Maryland February Sports Gambling And Taxes Down Significantly From January

Maryland’s gaming regulator reported that sports betting figures for February declined from January but increased from February 2023.

The state’s 13 retail and 12 mobile sportsbooks produced $442.5 million in betting handle (amount of money wagered) during February 2024.

As a result, Maryland sports betting generated $28.07 million in taxable wins (adjusted gross revenue). Consequently, sportsbooks brought in $4.2 million in contributions to the state.

Every month, sports betting contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs.

Sports betting data is reported based on the state’s fiscal year, from July 1 through June 30. During the first eight months of fiscal year 2024 (July 2023 – February 2024), sports betting contributed $37.05 million to the state.

To date, sports betting activity in Maryland brought more than $65 million to the state fund since the program launched in December 2021.

All Maryland sports betting figures dropped month-over-month in February

According to the Maryland Lottery and Gaming’s February 2024 revenue report, $442.5 million in betting handle represents a 30.4% year-over-year increase compared to the $339.4 million total from a year ago. The figure is still an 18.8% monthly drop from Maryland’s January 2024 sports betting handle of $544.97 million.

Likewise, the February 2024 taxable win total of $28.1 million represents a 48.9% monthly decline. The figure is still a yearly increase of 50.5% from February 2023’s $18.6 million.

Furthermore, the $4.2 million contribution to the state coffers last month is a 48.9% monthly decline. Still, it is a 50.5% annual increase compared to the $2.8 million total generated in February 2023.

FanDuel dominates Maryland’s online sports betting market

Of the February handle total, $428.4 million or 96.8% of the action came from online sports gambling.

Throughout the month, the 12 online sportsbooks in Maryland brought in $27.1 million in revenue.

FanDuel (OTCMKTS: PDYPY) dominated the market in both handle and revenue. Here’s how it compared to other leading operators:

1. FanDuel took $191.3 million in total wagers, resulting in $16.6 million in adjusted gross revenue
2. DraftKings reported $137 million in handle with $7.9 million in taxable win
3. BetMGM won $1.4 million of $37.3 million in bets
4. ESPN BET reported $22.2 million in handle with a negative taxable win (loss) reflected as $0

Despite the presence of Super Bowl LVIII on Feb. 11, the handle drop was also evident in New York sports betting, with wagers dropping 9.3% month-over-month. The decrease in gambling activity could also be linked to the NBA All-Star break or that February was two days shorter than January.