Maryland sports betting surpassed $441.5 million in bets in January, its second full month of legal wagering, according to the Maryland Lottery and Gaming Commission.
While handle and revenue were slightly down from December, taxes were up more than 380%, per MLGC data released Friday.
| Month | Handle | Revenue | Hold | Tax |
|---|---|---|---|---|
| January 2023 | $441,481,779 | $59,601,405 | 13.5% | $2,114,613 |
| December 2022 | $497,121,656 | $85,168,804 | 17.1% | $440,043 |
| November 23rd-30th, 2022 | $219,071,374 | $30,620,539 | 14% | $704,728 |
MD sports betting began at in-person locations in December 2021, though it took until late November 2022 for online sportsbooks to go live. January saw the state add its 10th in-person sportsbook, with Fanatcis Sportsbook opening at FedEx Field, home of the Washington Commanders.
What to make of MD sports betting so far
The slight dropoff in betting is normal considering less NFL games. Handle also was down month-to-month in West Virginia and Indiana, the only other states to report January sports betting revenue so far.
Maryland saw $14.3 million more in bets than Indiana, despite a slightly smaller population.
Fewer promos boost tax revenue
The inverse relationship to January’s tax haul comes as the state’s seven online sportsbooks were less generous with free bets in their second month.
Promotional or free bets made up 5% of January handle, as opposed to December when they made up 15%.
Maryland’s law allows sportsbooks to write off revenue from those bets during their first year. In January, they deducted $14 million in promos from $59.6 million of revenue, generating $2.1 million for public education via the state’s 15% tax.
FanDuel, DraftKings dominate Maryland sports betting
FanDuel stayed atop Maryland’s market-share leaderboard for the second month in a row, seeing $208.8 million of January’s online handle.
DraftKings nabbed the No. 2 spot for the second straight month with $131.9 million, followed by BetMGM at $40.7 million and Caesars at $19.9 million.
To date, 82% of online bets legally placed in Maryland have were made with either FanDuel or DraftKings.
