FanDuel Sportsbook already handles an impressive amount of sports betting in Maryland, and now it looks to take that advantage in the online realm
Last year, FanDuel Sportsbook launched its retail sportsbook at Live! Casino and Hotel in Hanover. Since it opened in December 2021, that FanDuel Sportsbook has handled $120.4 million in wagers, likely enough to put it among the top five retail sportsbooks outside of Nevada in US sports betting.
Now, FanDuel has launched its US market share-leading mobile sportsbook for Maryland sports betting. Another six sportsbooks also launched Wednesday, including other market leaders like BetMGM, Caesars Sportsbook and DraftKings Sportsbook.
FanDuel tops in Maryland retail sports betting
The Live! Casino retail FanDuel immediately became one of the top retail sportsbooks in the country when Maryland retail sports betting started in late 2021. Only a few retail sportsbooks, like the Meadowlands in New Jersey and Twin River Lincoln in Rhode Island, have regularly outdrawn the Live! Casino since its launch.
Cordish Gaming Group President Rob Norton told LSR he knows sports betting is not a big money maker but can be an extra attraction at the casino.
“We’ve said throughout the process, there’s not a whole lot of money to be made in sports betting,” Norton said. “The benefit we get is it will bring a lot of people and interest into the facility. Maybe to watch a game, partake in the food and beverage and maybe play a table game or two.”
In October, the retail FanDuel Sportsbook took $15.4 million in bets. That was good for 38.7% of the state’s overall $39.7 million handle in October. There were eight retail sportsbooks open during the month.
Cordish employees now a part of license ownership
The Cordish Companies announced last week that it would incorporate employees into its license ownership. Approximately 90 employees from three Live! Casino properties, in Maryland and Pennsylvania, and the corporate office purchased up shares equivalent up to 10% of the license.
More than 50% of those employees are women and minorities, helping accomplish Maryland legislative goals for a more diverse industry. During the process to set up regulations for competitive sports betting licenses, regulators determined at least 5% of an applicant’s ownership must have a net worth commensurate with the working families in the state.
“As a family-owned and privately held company, we can be creative in how we reward our team members, and sharing ownership in this way is very impactful,” Norton said in a release. “When we evaluated how we should meet the state’s requirements for ownership of this license, there was no question that this was the right path forward.”