Fanatics Growing Share As Maryland Sports Betting Market Continues To Spend

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Maryland sports betting

Fanatics continued its run of Maryland sports betting gains in October as operators kept up promotional spending in the state.

Fanatics’ $13.7 million handle is up from $12 million in September, the first full month since its Maryland sports betting app launched for all customers in mid-August.

That ticked the Fanatics up to a 3% handle share, up from 2.8% in September. The company gave out fewer promotional deductions and saw a 9.2% month-over-month jump in handle.

This is the first full NFL season for mobile MD sportsbooks. October included five Sundays of NFL betting, compared to three in September.

Fanatics growth is a trend

A spokesperson for Fanatics Sportsbook told LSR last week an advertising push and improved promotions are driving sports betting increases in multiple markets.

In Kansas, where it still operates as “PointsBet, a Fanatics Experience” brand, Fanatics saw a handle increase of more than four times what it took in September.

Fanatics pulled in $23.7 million in Ohio sports betting handle for September, its first complete month of full-scale operations in the Buckeye State.

Promos flow in deduction-friendly MD

According to sports betting data released last Monday, operators passed out $19.4 million in free bets during the state’s first October with online wagering.

Overall promo spending was down from $24 million in September, which tracks given the important customer acquisition periods around the start of the NFL and college football betting seasons.

Promos totaled 33% of sportsbook revenue before deductions in October, compared to 52% in September.

FanDuel offered the most free play

Market-leading FanDuel handed out $8.3 million in October after offering up $8.8 million in September.

Its promotional spending made up nearly 30% of its gross online revenue of $28.3 million.

Giving away the most money led to another month atop the online handle market for FanDuel. It took in $210.5 million in October bets, good for 45% of the online handle market.

DraftKings, BetMGM round out Maryland sports betting

DraftKings was the next biggest promo spender at $6.9 million in October. Free play made up more than 35% of DraftKings’ $19.4 million in gross revenue.

Of the three most popular MD sports betting apps, BetMGM saw its promotions as a percent of revenue come in the highest at 39.5%.

BetMGM deducted $1.85 million in credits while generating $2.7 million in net online revenue.

DraftKings accepted $157.6 million, or 34%, in online bets last month. BetMGM handled $38.5 million, good for an 8% handle share.

Maryland sports betting in October

Maryland sports betting handle topped $483.1 million last month between online and in-person wagering. It is the second-highest month on record, trailing only December 2022‘s $497.1 million.

Maryland sportsbooks posted a win rate north of 12% and reported $38.7 million in taxable revenue.

The $5.8 million collected in sports betting taxes was the most-ever in a single month.