The end goal for Penn Entertainment, ESPN, and the newly launched ESPN Bet is 20% market share. That is not coming overnight, however. In its first month of operation in Maryland, the rebranded app did nab 6.2% of monthly handle with $33.3 million in wagers.
That benchmark already exceeded any month of performance by Barstool Sportsbook during the year it was operational in the state. However, that performance did come with heavy promotional spending. A total of $13 million of the $33.3 million came in the form of promo credit. With so much promotional credit, the sportsbook posted $0 in taxable revenue for the month despite ESPN Bet generating $4.2 million GGR.
The performance by ESPN Bet puts it fourth behind BetMGM but ahead of Caesars Sportsbook for the month. Fanatics Sportsbook rounded out the top five. The state also posted the best hold for the month at 12.5%. No other operator managed double-digt hold for the month. The next-closest competitor was DraftKings at 8.1%.
Overall, Maryland online sportsbooks took $533 million in bets. Combined with another $17.4 million from retail sportsbooks, the $550.7 million, it was the best month ever for the state, which launched online betting last November.
FanDuel led the pack in the state once again with $241.7 million in wagers, $18.8 million in gross gaming revenue, $6.6 million in promotional credit, and $11.6 million in taxable revenue. DraftKings lagged behind with $165.9 million in handle, $13.4 million in GGR, $5.6 million in promotional credit, and $7.3 million in AGR.
Across all sportsbooks, the state collected $21.3 million in taxes.
