Maryland Online Sportsbooks Accept $186 Million In Bets In November
The much anticipated Maryland online sports betting launch brings in the first numbers on players’ wagering action in the state. So far, it seems to be a success.
The Maryland Lottery and Gaming Control Commission released a report on how much money online sports betting has already generated for the state.
Maryland’s first seven sportsbooks launched at 9 a.m. on Nov. 23, holding eight hours of controlled demonstration wagering on Nov. 21. Until the stroke of midnight that day, an incredible 16.5 million geolocation transactions took place, according to geolocation leader GeoComply.
For the first nine days of operations during late November, Maryland sports betting handle hit $186,084,496.
That amount also included $63.8 million with promotional credits, which sportsbooks provided to users. Sports betting operators were not taxed on the money wagered through free bets, so $4,262 was generated in tax revenue.
Lottery officials expect promo bets to continue thro ugh the first fiscal year
The state’s combined online and retail sports betting handle in November totaled $219,071,374. Sportsbooks generated $704,728 for the state.
Maryland Lottery and Gaming Director John Martin said:
“We expect mobile sportsbook operators to continue to offer a lot of promotional wagers in the coming months as they venture into a new market and work to attract customers.
There was tremendous pent up demand, and a lot of people are utilizing promotional offers from multiple operators simultaneously. But as many of the operators have acknowledged, this level of promotional play is not sustainable, and based on our regulations, it will be curtailed over time.”
Maryland sports betting totals for November 2022
According to Maryland Lottery and Gaming, these are the statewide sports betting totals for November:
Total handle from sports betting
- Retail: $32,986,878
- Online: $186,084,496
Prizes (winnings paid to players)
- Retail: $28,234,802
- Online: $160,216,032
Hold (handle less prizes paid)
- Retail: $4,752,076 (14.4%)
- Online: $25,868,463 (13.9%)
- Retail: $4,669,773
- Online: (-$38,276,855)
Sports wagering tax (15% of the taxable win)
- Retail: $700,466
- Online: $4,262
FanDuel and DraftKings top two Maryland sportsbooks
Predictably, FanDuel and DraftKings were the most successful two sportsbooks by the handle in the state. FanDuel also reported a $29.4 million promotional play, while DraftKings wrote off $26.6 million.
Although being top operators in the state, both sportsbooks faced losses in late November. With the promotional deductions, FanDuel reported $18.6 million in losses for the month. DraftKings stated losses of $18.6 million.
Altogether, the online sportsbooks in the state held almost 13.9% of wagers.
Here is an entire breakdown of how much each MD sportsbook brought in:
- FanDuel: $89.9 million in handle, $11 million in GGR
- DraftKings: $69.6 million in handle, $9.6 million in GGR
- BetMGM: $15.1 million in handle, $3.9 million in GGR
- Barstool: $5.7 million in handle, $367K in GGR
- Caesars: $3.5 million in handle, $625K in GGR
- PointsBet: $1.7 million in handle, $277K in GGR
- BetRivers: $631K in handle, $87K in GGR