Maryland’s January sports betting revenue up 23.4% year-on-year

Maryland has reported a 23.4% year-on-year increase in January for sports wagering, accumulating $545m (£431.9m/€506.2m) in revenue for the month.

Maryland’s January figures far exceeded the same month last year, when it recorded $441.5m in revenue. Taxable win for the month was $55m, with the contribution to the state standing at $8.2m, an all-time high.

Hold in January was 14.7%, 1.2% higher than the same month last year, while prizes paid to players amounted to $465m, again a 21.8% increase year-on-year.

Maryland has now accumulated $3.1 trillion in sports betting handle for its 2024 financial year, a 144.9% hike on 2023.

Maryland lottery and gaming director John Martin attributed the strong revenue figures to the NFL playoffs, stating the sporting calendar was the “driving force” behind the state’s sports wagering success.

FanDuel out in front

Live! Casino Hotel and FanDuel recorded a handle of $244.6m in January for online sports wagering, while DraftKings trailed behind with $154m for the month.

BetMGM was third for handle with $40m, while Caesars took $24.5m in bets for the month.

In terms of retail, Live! Casino Hotel and FanDuel again led the way, recording a handle of $3.5m. Retail accounted for $17.2m in revenue, just 3.3% of the total, with online continuing to dominate the market.

Maryland sports betting flourishing

Since online sports betting was launched in Maryland in November 2022, the state has consistently enjoyed strong revenue figures.

In December, Maryland set a new sports betting handle record for the second consecutive month, with players wagering a total of $559.9m.

Online casino is also performing well in the state, with online casino revenues for December amounting to $165.6m, a 5% increase on the previous month.

Original Article