Maryland Lottery and Gaming reported a monthly handle of $550.7 million, topping the $497.1 million recorded in December 2022. The November handle represented a 14% increase from Octobers $483.1 million, previously the second-highest handle. <\/p>\n
Last Updated: Dec 11, 2023 4:36 PM ET Read Time: 4 min <\/p>\n
Maryland legal sports betting didnt just squeak past its highest handle on record. The Old Line State barreled right through its previous best in November. <\/p>\n
Maryland Lottery and Gaming reported a monthly handle of $550.7 million, topping the $497.1 million recorded in December 2022. <\/p>\n
The November handle represented a 14% increase from Octobers $483.1 million, previously the second-highest handle. <\/p>\n
With the NFL, college football, NBA, college basketball, and NHL all coinciding, it shows what a sports-thirsty market featuring 12 mobile and 13 retail sportsbooks is capable of after about a year since online sports betting went live. <\/p>\n
Sportsbooks gross revenue, however, did not match the Old Line States heavy action. Bettors put up a fight, lowering the month-over-month hold by 4.5 points to Novembers 7.6%. Operators grossed $41.6 million, hauling in $21.3 million in adjusted revenue, down 45% month-over-month after sportsbooks handed out over $28.6 million in promotional credits. <\/p>\n
Online operators made up 98.6% of the Old States amount wagered while retail sportsbooks accounted for $17.4 million of the total handle. <\/p>\n
Operators paid out $3.2 million in taxes, adding to the Blueprint for Marylands Future Funds $46.25 million accumulated this year. <\/p>\n
FanDuel and DraftKings once again dominated the Maryland market, combining for over $400 million of the total handle. <\/p>\n
FanDuel finished ahead of its rival with a handle of $241.7 million, the most ever in a month by a sportsbook in Maryland, while DraftKings took in $165.8 million in November. <\/p>\n
BetMGM placed third with a hair under $36 million in the amount wagered. <\/p>\n
ESPN BET, which entered the market halfway through November, made major waves in its debut. The recognizable brand and PENN Entertainments new platform, which replaced Barstool, recorded a handle of $33.3 million, the fourth highest for the month in the Old Line State. <\/p>\n
ESPN BET recorded a 12.5% hold but gave away over $13 million in promotional credits to help drum up business for their new sportsbook app. <\/p>\n
MGM National Harbor led all brick-and-mortar sportsbooks with a handle of $5.7 million. A month after recording a 16% hold, the win rate fell to 7.5%, well below its fiscal year average of 9%. <\/p>\n
Live! Casinos $4.1 million handle was second best in November among retail shops, but the FanDuel-run sportsbook posted an even worse hold of 3.8%. <\/p>\n
Four other in-person sportsbooks landed handles in seven figures, but none crossed $2 million. <\/p>\n
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Maryland Sets New State Record with $550M Handle in November - Covers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Maryland Lottery and Gaming reported a monthly handle of $550.7 million, topping the $497.1 million recorded in December 2022. The November handle represented a 14% increase from Octobers $483.1 million, previously the second-highest handle Continue reading