Maryland Lottery and Gaming reported $39.7 million in gross sports betting revenue for June on Wednesday thanks to a 10.3% hold on $384.7 million in handle.

It was the third consecutive month sportsbooks across the Old Line State combined for a double-digit win rate. The state’s 13 sports betting apps combined for a 10.5% hold in June and kept $39.2 million of the $373.4 million wagered.

With a sharp drop in promotional spend by operators — the $816,700 reported was an all-time monthly low and down 89.5% from the $7.8 million in bonuses and credits offered to the public in June 2023 — the state was able to levy taxes on $38.2 million in adjusted gross revenue. That resulted in an inflow of $5.7 million in receipts into tax coffers.

Year-over-year gross revenue was up 46.5% from June 2023, slightly lagging behind the 51.6% surge in handle. Operator winnings were down 22.3% from May, steeper than the 10.9% dip in handle as May’s win rate was 11.8%.

The $35.7 million in taxes collected through the first half of 2024 is running $14.1 million ahead of last year’s pace.

1 New York $1.48B
2 North Carolina $398.3M
3 MARYLAND $384.7M
4 Tennessee $342.2M
5 MAINE $39.5M
6 TBA
7 TBA
8 TBA
9 TBA
10 TBA#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) July 10, 2024

FanDuel has been the unquestioned leader in the Maryland mobile sports betting space in terms of handle and revenue, and that continued in dominant fashion in June. The digital powerhouse reaped $22.5 million in winnings thanks to a 13.9% hold against $162.7 million in handle.

FanDuel has recorded a double-digit win rate every month in Maryland save last November and attained a 14% hold in the first half of 2024. June’s winnings were enough to push its all-time gross revenue above $500 million. More importantly for the state, FanDuel did not report any deductions via mobile betting, which resulted in $22.2 million in taxable revenue.

DraftKings pushed its streak of eight-figure revenue hauls to 10 months after claiming $10.7 million in gross winnings. It had an 8.4% win rate from $128.1 million worth of wagers as its all-time action surpassed $2.5 billion. Its 9.8% hold from $853.3 million in handle for the first half of the year is nearly seven-tenths of a percentage point lower than its 10.5% all-time mark.

It was a long way to BetMGM for third place in revenue and handle as it notched an 8.6% win rate in collecting $2.5 million in revenue from $28.7 million in handle. ESPN BET slotted fourth for winnings thanks to a 9.5% hold that produced $1.3 million in revenue from $13.3 million worth of bets placed.

Fanatics Sportsbook rounded out the sports betting apps with seven-figure revenue totals for June, clearing $1 million by $17,604 with an 8.5% hold from $12 million-plus in handle. Caesars was a strong fourth in handle with $19.8 million worth of bets, but a 4.3% hold meant it finished June with $854,000. Caesars has gone five straight months failing to reach a 6% win rate and has a 5.3% hold for 2024 in claiming $6.5 million in revenue from $121.9 million in handle.

Betfred, which announced it will be leaving the Maryland mobile marketplace at the end of the month, paid out $8,662 above its $405,950 handle in June. It needs $8,495 in gross revenue in July to exit the Old Line State with $1 million in gross revenue.

A little boost in promotional spend helped BetPARX to its second-highest handle at $2.1 million, nearly triple the $787,000 reported for May. Revenue did not follow suit, though, as a 4.2% win rate produced $87,300 in revenue — an increase of $6,400. BetPARX’s $10,850 in promotional bonuses and credits was an all-time high since entering the state last August.

Parlays and same-game parlays provided the bulk of operator revenue, with the $25.4 million in winnings accounting for 64% of the total amount. Operators narrowly missed a 20% hold on the multi-leg bets for a third consecutive month, landing at 19.9% against $127.4 million in handle. The year-to-date hold on parlays in the Old Line State is 20.2% as sportsbooks have claimed $226.1 million in winnings.

Basketball revenue edged out baseball for second among operators, who collected $4.5 million in basketball winnings thanks to a 9% hold from $50.2 million worth of wagers. The win rate for baseball was a mere 3.9% as the house claimed $4 million-plus in revenue off $103.1 million in handle.

The catch-all “other” category, which includes auto racing among other sports, provided $2.5 million for sportsbooks, but the public collected $632,900 above their $6.8 million wagered in golf, sending operators to a minus-9.3% hold for the month.

Maryland’s 13 retail sportsbooks combined for $424,400 in gross revenue against $11.3 million in handle, which resulted in a modest 3.8% hold. But losses at five brick-and-mortar venues — the largest originating at MGM National Harbor with a $246,100 deficit, taxable revenue was 38% higher at $685,000.

The $2.83 billion in year-to-date handle is up 36.6% compared to the first six months of 2023. Despite an 11% hold that has produced $309.7 million in gross winnings, that is only 22.5% higher since it is nearly 1.3 percentage points lower. Adjusted gross revenue has spiked 65.6% to $238.1 million compared to the first half of last year.