Maryland sportsbooks surge to $51 million in revenue for May

Sports Betting

Maryland’s sports wagering market generated $6,991,225 in contributions to the state from a handle of $51m during May 2024. Sports wagering contributions go to the Blueprint for Maryland’s Future Fund, which supports public education programs.

The $6.9 million contribution to the state in May 2024 was the second-best single-month total and represented a 50.3% increase from the $4.6 million figure in May 2023. The $431.5 million in handle was an increase of 34.8% compared to the $320.2 million total in May 2023.

Sports wagering data is tracked and reported based on the State of Maryland’s fiscal year, which runs from July 1 through June 30. During the first 11 months of Fiscal Year 2024 (July 2023 through May 2024), sports wagering has contributed $54,582,952 to the Blueprint for Maryland’s Future Fund.

Parlay bets represented an even larger chunk of overall wagers at 32.7%. In total, $140.9 million was wagered on parlays. Players won $104.7 million on those bets, which meant operators enjoyed a 25.7% hold percentage. That’s why sportsbooks love parlays.

Of course, many of those parlay wagers included bets on the NBA. The second most popular sport was professional baseball at $86.8 million, 20.1% of the overall total. Tennis came in third with $27.5 million, 6.4% of the total wagers placed. FanDuel handled $195.2 million in May. Bettors took home $165.1 million, netting FanDuel $27.2 million of taxable win after subtracting $2.3 million in promotional plays and $482,114 in other deductions. Its hold percentage in May was 15.4%, which also led the state.