Maryland Sports Betting Thrives in March with FanDuel Leading the Pack

This marks a 39.1% increase from March 2023, reflecting the growing enthusiasm for sports betting in the Old Line State, particularly during the NCAA Tournament.

A Milestone in Maryland’s Betting History

This surge in betting activity places March as the fourth-highest month in the 28-month history of legal betting in Maryland. It’s noteworthy that this is the fourth occasion in the past five months where the betting handle exceeded $500 million, highlighting a consistent upward trend in the state’s sports betting industry.

Despite the robust handle, the gross operator sports betting revenue experienced a slight dip of 5.1% year-over-year, settling at $45.1 million. The win rate, or hold, decreased to 8.4%, marking a notable shift as it was the first instance of the gross revenue win rate falling below 10% for consecutive months.

Tax Contributions and FanDuel’s Dominance

The state capitalized on this betting activity by imposing a 15% tax on $32.4 million of adjusted gross revenue, which contributed $4.9 million to Maryland’s financial reserves. Furthermore, the adjusted gross revenue (AGR) for the first quarter of 2024 soared to $115.4 million, a 69.4% increase from the same period last year, a rebound attributed to the reduction of promotional expenditures by operators who had initially invested heavily following the launch of mobile betting in late November 2022.

FanDuel emerged as a clear leader among mobile sports betting platforms, significantly outperforming its competitors. It’s proof of the company’s strong market presence and its ability to attract and retain a substantial user base in the Maryland market.