MD Sports Betting Contribution Tops $6.2 Million in July
State Education Fund Receives Nearly $95 Million From Sports Betting
While most states typically see a sports betting slowdown during the summer months, Maryland is faring better than most. The state took in more than $333 million in sports betting wagers in July. That marks a significant increase from the $247.4 million bet in the state last July.
Not only did the state receive more bets, it also kept a higher percentage of them. The state’s hold for the month was 13.1%, which is the second-highest since sports betting began in December 2021. The MD sports betting contribution to the state’s Blueprint for Maryland’s Future Fund was $6,254,056 for the month.
The state education fund has received $94.7 million from sports betting in total.
The state’s reported gross sports betting revenue of $43.8 million in July. That amount helped Maryland become the 12th state to pass the $1 billion gross revenue mark since the inception of sports betting. The state charges sportsbooks a 15% tax rate.
The hold rate at the state’s 12 retail sportsbooks was 15.2%, while online sports betting was at the 13.1% mark. As is usually the case, online betting had a huge advantage over retail sports betting. The retail sportsbooks accepted $8,368,990 in wagers.
Mobile sports betting brought in $324,900,680. The taxable win rate for online sportsbooks was $40,689,198, compared to $1.04 million for the retail sportsbooks. That means $6.1 million of the MD sports betting contribution came from online betting.
FanDuel Reigns Supreme Again
FanDuel received the most wagers in the state once again, taking in $145.8 million in July, which lead to $21.1 million in profits for the month.
DraftKings was next with $106.46 million in handle and $12.2 million in profits. There was a huge gap to BetMGM, which took in $25.5 million in online wagers in July. Caesars Sportsbook was a distant fourth with $16.1 million in handle.
BetMGM‘s National Harbor was the leading retail sportsbook in terms of handle, with $2.88 million in wagers. With a taxable win of $400,638, National Harbor was responsible for 40% of the retail sportsbook profits in July.
Parlays Still King in Maryland
Sports bettors in Maryland love their parlay/combination bets. The state received $109.3 million in parlays in July and returned $83.2 million back to bettors. The MD sports betting contribution received a huge boost from the $26.1 in parlay profits for the month.
Pro baseball received the highest amount wagered per individual sport, with more than $85 million in bets coming in. The majority of that obviously came from Major League Baseball. Pro basketball was second with $40.8 million.
Online sports betting attracts those who like to bet any sports and tennis showed a strong month with $37.5 million in wagers. The hold on tennis was much lower than some of the other sports at 5.5%, so tennis bettors tend to be a little bit sharper than your typical bettor.
Soccer had a decent month in terms of betting, with $22.4 million. The “other sports” category saw $32.1 million in wagers. The hold on the other sports category was just 8.0%.
July started the new fiscal year for the State of Maryland and it’s hard for the state not to be excited about the start of the new year. If the betting trends continue to climb upwards in August and September, the state could be looking at a banner year in terms of sports betting revenue.
For Gambling news, odds analysis, and more, visit Point Spreads Sports Magazine.
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