Maryland Sportsbooks Reach Milestone After Strong April Handle

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Written By Giovanni Shorter | Last Updated
Maryland Sportsbooks Handle April

Maryland Lottery and Gaming has released April’s sports betting handle and revenue report. It shows that Maryland sportsbooks saw $328,454,397 wagered during the month. Mobile wagers via sports betting sites dominated the market during this stretch, seeing $313,472,676 which was 95.4% of the total activity. April’s betting handle pushed the lifetime handle in Maryland to more than $2 billion wagered.

Maryland’s Strong April Betting Numbers

Overall activity in Maryland was 15.3% down compared to March’s $370.3 million. It is understandable since March had the benefit of March Madness betting to boost its overall numbers. April’s dip was not that large, however, indicating the market is thriving.

Even with the decline in activity, Maryland saw the second-highest tax revenue since its launch. The Maryland sports betting market saw $35,644,586 in revenue, a 10.9% hold rate. After deductions from promotions, the state was left with $25,764,571 in taxable revenue. Maryland taxes sportsbooks 15%, giving the Old Line State $3,864,686 in taxes for April.

Below is the full breakdown of sports betting activity for April 2023 in Maryland:

Handle (Amount players wagered, including free promotional wagers)

  • Retail: $14,981,720 (includes $15,434 in free promotional wagers)
  • Mobile: $313,472,676 (includes $9,014,508 in free promotional wagers)
  • Combined: $328,454,397

Prizes (Winnings paid to players)

  • Retail: $14,097,933
  • Mobile: $278,711,878
  • Combined: $292,809,811

Hold (Handle less prizes paid)

  • Retail: $883,788 (5.9%)
  • Mobile: $34,760,798 (11.1%)
  • Combined: $35,644,586 (10.9%)

Taxable Win (Amount remaining after deducting prizes, promotional wagers and other amounts)

  • Retail: $664,775
  • Mobile: $25,099,796
  • Combined: $25,764,571

Sports Wagering Tax (15% of the Taxable Win)

  • Retail: $99,716
  • Mobile: $3,764,969
  • Combined: $3,864,686

FanDuel Dominated The Market

FanDuel was the most popular sportsbook in Maryland in April. The mobile operator took in $150,794,605.49 in total betting handle. FanDuel saw a 14.1% hold rate for $16,479,098.21 in taxable revenue.

In second place came DraftKings which saw $101,374,284.27 wagered and an 8.8% hold rate for $6,798,610.43 in taxable revenue. Rounding out the big three is BetMGM with $28,388,602.82 wagered in April. The sportsbook saw a 10.2% hold rate and $1,068,923.06 in taxable revenue.

These operators remain the more popular options in the market, with FanDuel separating itself from the pack. April saw the addition of another operator in Maryland: SuperBook. Despite not having a full month, only being live from April 13, the operator managed $530,379.42 in wagers.

Maryland continues to boom in the sports betting industry.