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The Maryland Lottery and Gaming Control Agency has announced sports betting numbers from November and sportsbooks in the state had a great month. Maryland just passed the one-year anniversary of online sports betting, and things have been trending in the right direction in a big way.
The total sports betting handle for the month was $550.72 million in November, and that easily set a new industry record. That number officially puts Maryland as one of the bigger sports betting markets in the United States.
While there are some retail sports betting sites throughout the state of Maryland, online sports betting accounted for nearly 97% of the total handle. The total sports betting handle in November represented an increase of 14% from what was reported in October.
Not all of the sports betting numbers were good in November though, as sportsbooks only accounted for $3.2 million in tax revenue. This is the lowest tax revenue reported since August of this year, but that was when sports betting was extremely slow.
This is a sports betting market that has continued to grow since the launch back in December 2022 as there are now 25 total sportsbooks in the state. Maryland offers 12 online sportsbooks to sports betting customers and there are 13 retail locations throughout the state.
Lifetime online sports betting handle is now over $5 billion, and this state should see another $5 billion or more wagered in 2024. Sports betting numbers in December and January should also be strong as the Baltimore Ravens have emerged as a legitimate Super Bowl contender.
A Look at the Betting Apps
The sports betting report for November also breaks down how each operator in the state is performing, and there is no surprise at the top. DraftKings and FanDuel tend to dominate online sports betting action and those two sites set the tone in Maryland as well.
FanDuel Sportsbook actually accounted for 45% of the total wagers in November as the total handle climbed all the way up to $241.7 million. That is a record for FanDuel in the state of Maryland, and the mobile operator also brought in $18.8 million in gross revenue.
DraftKings has been able to keep up with FanDuel in many states throughout the country, but that hasn’t really been the case in this state. The total handle for DraftKings last month was $165.9 million, which was still 31% of the total market share.
Third in fourth place wasn’t a major surprise in Maryland either as those spots belonged to BetMGM and Fanatics Sportsbook, respectively. BetMGM accounted for nearly 7% of the market share for the month, but it had a relatively low gross revenue.
Fanatics launched in Maryland back in August, and it has seen growth every single month since that time. This operator posted a total handle of $19 million, but it’s going to have to work hard to stay in fourth place.
ESPN BET Making Big Push
Bettors in the state of Maryland were able to use ESPN BET starting on November 14th, and it didn’t take long for it to become a popular option. ESPN BET officially replaced Barstool Sportsbook in the state, and it is going to give PENN Entertainment a huge boost in the state.
Because there was a switch in the middle of the month, it’s hard to know exactly how well ESPN BET did in November. PENN Entertainment posted a total sports betting handle of $4.2 million in November, but those numbers are expected to skyrocket in December and beyond.
