November was Maryland’s most profitable month of sports betting ever for operators and for the state.
Maryland Lottery and Gaming reported that bettors wagered a new monthly record of $639.9 million last month, easily surpassing the previous high of $593.1 million that had just been set in October. Some $621 million of that total was bet online.
That total handle was up 16.2% from November 2023 and yielded $82.3 million in gross gaming revenue as sportsbooks bounced back from a poor October to record a hold of nearly 13%.
Operators’ net revenue of more than $78.6 million, a state record, netted an all-time high of just short of $12 million in tax revenue for the state. That was nearly $2.5 million higher than the previous record monthly tax haul, the $9.4 million taken in September of this year, and up a massive 274.6% year-over-year.
Sportsbooks in Maryland are spending far less on offers than they were this time last year, as promo spend has dropped 94% from $28.7 million in November 2023 to $1.6 million last month.
Year-to-date, sports betting handle is up 24.6% from last year, sitting at just below $2.5 billion. The Maryland market has raised just over $40 million in sports betting tax revenue, a rise of 121.2%.
FanDuel far outpaces the rest
FanDuel led the way by a wide margin in the state in November.
It captured 44% of the state’s total betting handle, taking $283.3 million from Maryland sports bettors. That was $83 million more than its nearest rival DraftKings took, at $199.7 million.
FanDuel’s monthly revenue of $6.01 million was close to double DraftKings’ $3.5 million.
Behind the big two, BetMGM sat as the best of the rest with $948,407 in taxable revenue from $52.6 million in handle. Fanatics Sportsbook was fourth, with $30.5 million in handle and $381,796 in tax revenue, and Caesars Sportsbook completed the top five ($25.0 million handle, $315,639 in revenue).
ESPN Bet’s $17.6 million in handle and $267,574 lagged behind in sixth, but were comfortably ahead of BetRivers‘ $7.8 million and $75,811.
