In November, Maryland’s legal sports betting market surged past its previous record, demonstrating a robust appetite for this type of wagering. The monthly handle reached $550.7 million, surpassing the prior high of $497.1 million in December 2022. This also marked a 14% increase from October’s $483.1 million, which was the second-highest handle at that time.
The concurrent presence of major sporting events including NFL, college football, NBA, college basketball, and NHL, along with the operations of 12 mobile and 13 retail sportsbooks for about a year since the launch of online sports betting, played a pivotal role in this achievement.
Despite the considerable betting activity, sportsbooks’ gross revenue did not align proportionately. Bettors limited sportsbooks, resulting in a 4.5-point decrease in the month-over-month hold to 7.6% in November. Operators recorded a gross revenue of $41.6 million, with adjusted revenue at $21.3 million, reflecting a 45% decline from the previous month. This reduction was partly attributed to sportsbooks distributing over $28.6 million in promotional credits.
In the 12 months following market launch, the operator count has increased from seven to 12, with ESPN BET, launching in multiple states on November 14, emerging as a notable contributor through its assertive entry into the Old Line State.
Online operators dominated, constituting 98.6% of the total amount wagered, while retail sportsbooks contributed $17.4 million to the overall handle. Operators also fulfilled their tax obligations, remitting $3.2 million, contributing to the Blueprint for Maryland’s Future Fund, which accumulated $46.25 million in the year.
FanDuel and DraftKings continued their market dominance, collectively accounting for over $400 million of the total handle. FanDuel set a state record with a monthly handle of $241.7 million, outpacing DraftKings, which recorded $165.8 million in November. BetMGM secured the third position with a wagered amount just below $36 million.
ESPN BET made a notable debut, leveraging its recognizable brand and PENN Entertainment’s new platform. With a handle of $33.3 million, it secured the fourth-highest position for the month in Maryland. However, it distributed over $13 million in promotional credits to stimulate interest in its new sportsbook app.
ESPN BET, comprising 6.2% of the unprecedented $533.3 million mobile handle, left a significant impact on the financial outcome by generating $4.2 million in gross revenue, reflecting a 12.6% hold – the highest recorded in any month since PENN entered the Maryland market.
Among brick-and-mortar sportsbooks, MGM National Harbor led with a handle of $5.7 million, exhibiting a decrease in the win rate from 16% to 7.5%, notably below its fiscal year average of 9%. Live! Casino followed with a $4.1 million handle, and despite being the second-best among retail shops in November, the FanDuel-operated sportsbook reported a lower hold of 3.8%. Several other in-person sportsbooks achieved seven-figure handles, with none exceeding $2 million.
Original article: https://www.yogonet.com/international/noticias/2023/12/12/70039-maryland-sports-betting-hits-record-5507-million-handle-in-november
