The latest sports betting revenue numbers from Maryland indicate that operators really are front-loading promotional credit to the first month of launch and then steeply tapering off the offers. During December, the first full month of launch, operators spent $71 in promotional credit. New numbers from March show that number is already down to $11.4 million.
Numbers from March show that Maryland bettors wagered $370 million during the month while online sportsbooks generated $46.4 million in gross gaming revenue. Combined retail and online revenue came in at just shy of $386 million total. It was once again a high hold month for operators at 12.5%. FanDuel led the way on the hold front with 14.3%, though BetMGM was not far behind with 13.2% hold.
The handle and revenue breakdown for each operator during March is as follows:
FanDuel: $176.5 million in handle, $25.3 million in revenue
DraftKings: $115.5 million in handle, $12.8 million in revenue
BetMGM: $38.0 million in handle, $5.0 million in revenue
Caesars: $20.6 million in handle, $1.7 million in revenue
Barstool: $10.6 million in handle, $730,000 in revenue
PointsBet: $4.1 million in handle, $526,000 in revenue
BetRivers: $3.8 million in handle, $221,000 in revenue
Betfred: $1.1 million in handle, $141,000 in revenue
As the numbers reflect, FanDuel and DraftKings owned 78.8% of the Maryland market this month. They were also responsible for 68% of the promotional credit given out during that time. BetMGM is the only other operator with double-digit market share.
Handle was up from February, likely thanks to the interest in March Madness betting. The Maryland Terrapins beat West Virginia in the opening round before losing to one-seed Alabama in the Round of 32. February’s handle was $340 million, resulting in a 13.2% increase month-over-month.