The Super Bowl helped spur a 7.5% year-over-year sports betting increase in the Old Line State. With the NFL champion Philadelphia Eagles in nearby New Jersey, Maryland Lottery and Gaming reported a $475.7 million handle, the most ever during February and the ninth-highest total since wagering launched in 2022.
The 11 online Maryland sports betting operators and 13 retail sportsbooks produced $60 million in gross revenue, a 38% rise from Feb. 2024. Profits increased despite the $18.5 million football handle leading to more than $1 million in operator revenue loss.
The 12.6% hold was up from 9.9% the previous year and marked the ninth double-digit win rate in the last 11 months. The state hauled in $6.3 million in taxes from a $43.2 million adjusted income.
Monthly drop
With only one football game in February, Maryland operators endured a significant month-over-month decrease in action and profit.
Handle fell 23% compared to January, which featured the NFL playoffs and the end of college football's postseason. During February, sportsbooks made $18 million less in gross revenue from the month that produced the third-highest total ever.
However, parlays continued to be big business, generating $43.6 million in profit. NBA betting contributed $6.6 million in sportsbook income from a $118.8 million handle.
FanDuel’s record high hold
Online sports betting accounted for $463.2 million of the total betting amount in February. Mobile operators also handed out $16.2 million in promotional bets and finished the month with $59.2 million in gross revenue.
A whopping 16% FanDuel lead the way with $32.3 million in profits on a $202.6 million handle.
DraftKings took in $143.6 million in wagers and produced $16.4 million in income, nearly $7 million less than January. BetMGM finished third with a $40.4 million handle and a hold slightly under 10%.
Fanatics Sportsbook was the only other operator to surpass $30 million in bets and $3 million in profits for the second consecutive month. Caesars’ handle dropped by $6 million from the previous month. ESPN BET’s $12.5 million was down over $6 million from the previous month, but revenue only slipped $400,000.
Legislation updates
It’s been a busy start to the year for gambling in the Maryland General Assembly. A bill to ban sweepstakes gaming in the Old Line State passed through the Senate Budget and Taxation Committee Monday 13-0.
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Maryland Sports Betting Rises 7.5% during Super Bowl Month
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