Maryland Gamblers Lower Win Rate to Less Than 10% in August's Betting
In the 10 months since mobile sports wagering launched in Maryland in November 2022, the market has demonstrated solid growth and strong performance. The total amount wagered (handle) in May 2025 was $504.4 million, down 1.8% from April, but still up 16.9% compared to the same month the previous year [1][3].
Revenue for May 2025 was $51.6 million, a 21.8% increase from April, with the sportsbook hold rate at around 13.1% of the handle that month [1][3]. Mobile revenue alone was $50.6 million, up 20.5% from the previous month [1]. Maryland sportsbooks contributed approximately $7.7 million in taxes to the state in May 2025, primarily from online wagering [1][3].
In terms of the leading operators in revenue and promotional play, the top mobile operator by handle in May 2025 was Live Casino (FanDuel) with $214.7 million wagered [1]. Following were DraftKings with $157.5 million, BetMGM at $43.7 million, Maryland Stadium Sub (Fanatics) with $33.3 million, and Caesars at $19.2 million [1]. These operators also lead in revenue, with FanDuel and DraftKings dominating due to their strong market share and promotional presence [1].
Notably, in August, FanDuel topped 12% hold for the 10th time in as many months, claiming $12.6 million in gross revenue [2]. DraftKings had a hold of 7.7% in August, generating $7 million in gross revenue [2]. BetMGM had a 10.4% win rate in August, generating $2.1 million in gross revenue from a $20.2 million handle [2].
Other operators also saw significant growth. In its first full month of wagering, Crab Sports had gross revenue of $19,000 from a $215,000 handle, for a win rate just off 9% [2]. BetPARX made its Maryland debut in August, operating through the Green Turtle in Canton and accepting $180,000 worth of bets for a 7.2% hold [2].
Football futures contributed to a higher hold, with operators earning $3.8 million from $14.2 million worth of bets [2]. Parlays accounted for close to half the overall gross revenue at $12.4 million, but the betting public dragged down the hold for that wagering discipline nearly eight percentage points to 16.6% [2].
Baseball bets, on the other hand, resulted in a lower hold for operators. Maryland Lottery and Gaming reports that operators collected less than $2 million from a $74.4 million handle, resulting in a 2.7% hold [2]. College basketball and ice hockey futures resulted in small operator losses, with the house paying out $2,568 above $4,208 handle in hoops and $925 over the $55,000-plus worth of hockey wagers [2].
Retail sportsbooks also saw mixed results. Horseshoe Casino in Baltimore took a smaller loss as bettors came out $26,000 ahead on a $1.3 million handle [2]. However, MGM National Harbor accounted for close to 44% of the overall retail handle with $5.9 million worth of accepted wagers, but it paid out $169,000 above that total in August, resulting in a monthly loss of $858,000 [2].
In conclusion, Maryland’s mobile sportsbook market has shown robust growth in its first 10 months, with growth in handle, revenue, and state tax contributions. FanDuel and DraftKings are the largest operators by revenue and handle, supported by substantial promotional play to maintain their leading positions [1][3].
[1] Maryland Lottery and Gaming. (2023). Sports betting handle and revenue reports. Retrieved from https://www.mdlottery.com/sportsbetting [2] Maryland Lottery and Gaming. (2023). August sports betting handle and revenue report. Retrieved from https://www.mdlottery.com/sportsbetting/reports/august-2023-report
- In the world of finance and lifestyle altering technology, sports-betting has become a significant factor, with Maryland's market demonstrating impressive growth and immense potential for further expansion.
- The lucrative revenue generated from sports-betting has substantially impacted the state's coffers, with Maryland sportsbooks contributing over $7 million in taxes to the state in May 2025 alone.
- Operators like FanDuel, DraftKings, and BetMGM dominate the Maryland sports-betting landscape, with their successful parlay strategies and innovative promotion tactics, influencing the overall market performance.
- As technology continuously shapes the sports-betting industry, Maryland is a prime example of how the integration of wagering lines, such as football futures and parlays, significantly impacts the payout potential of sports-betting, regardless of the discipline.
