Maryland Sports Gambling Up In November, But Tax Revenue Decreases

Maryland’s sports betting handle of $550.72 million in November was the largest single-month total, surpassing the $497.12 million recorded in December 2022. Of the November total, online sports betting handle accounted for 96.8%, resulting in $533,276,787.

The November handle represents a 13.99% growth from Maryland’s October sports betting handle of $483.15 million, which was the previous second-highest handle. With football season playoffs approaching fast, there’s a good possibility we’ll see another high in December.

Maryland’s sports betting market went live with five retail locations in December 2021. A year later, the first seven online sportsbooks launched in November 2022.

There are currently 13 retail locations and 12 mobile operators, with additional operators expected to launch.

Maryland sportsbooks pay $3.2M in taxes, a 45% monthly drop

The Maryland Lottery and Gaming reported that 13 retail and 12 mobile sportsbooks combined to generate $3.20 million in contributions to the state in November. The figure is a 44.95% monthly drop.

To be more specific, in November:

• Online gambling brought in $3,052,509
• Retail sportsbooks delivered $147,020

Throughout November, Maryland operators generated $21.3 million in adjusted revenue (taxable win). The figure is a 41.84% month-over-month decrease from October’s $36.68 million.

Each sportsbook contributes 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs. Here’s a total from December 2021 inception through November 2023:

• Blueprint for Maryland’s Future Fund: $46,253,210
• Maryland Problem Gambling Fund: $2,708,307

ESPN BET debuts in Maryland in November

ESPN BET (Hollywood Casino), which entered Maryland on Nov. 14, made success in its business. PENN Entertainment’s new platform (launched as a replacement for Barstool) recorded a handle of $33.31 million, the fourth highest for the month in the state.

FanDuel was once again the top performer, followed by the runner-up DraftKings. The two combined for more than $400 million of the total betting handle.

Below is a bigger picture. A negative taxable win (loss) is reflected as $0:

1. FanDuel: $241,690,679 handle, $19,508,264 revenue
2. DraftKings: $165,857,068 handle, $7,335,201 revenue
3. BetMGM: $35,979,048 handle, $1,115,828 revenue
4. ESPN BET: $33,309,326 handle, $0 revenue
5. Caesars Sportsbook: $25,502,078 handle, $191,645 revenue
6. Fanatics Sportsbook: $19,015,115 handle, $0 revenue
7. BetRivers: $5,170,104 handle, $2,693 revenue
8. PointsBet: $3,386,601 handle, $61,765 revenue
9. Betfred: $1,171,452 handle, $0 revenue
10. Parx Interactive: $877,283 handle, $19,520 revenue
11. Crab Sports: $761,684 handle, $17,700 revenue
12. SuperBook: $556,342 handle, $0 revenue