In May 2024, Maryland’s sports betting landscape witnessed notable activity across both retail and mobile platforms. The state’s 13 retail and 12 mobile sportsbooks combined to generate an impressive handle of $431.5 million, as reported by the Maryland Lottery and Gaming Control Agency (MLGCA). This figure reflects a substantial increase of 34.8% from the previous year’s performance in May 2023. However, it represented an 11.3% decline compared to April 2024.
Breakdown of Betting Handle
Online Sportsbooks: $413.5 million
Retail Sportsbooks: $12 million
This data indicates a dominant preference for online betting platforms over traditional retail sportsbooks among Maryland bettors.
Revenue Insights
After accounting for prizes, promotional wagers, and other deductions, the net revenue from sports betting for May 2024 reached $46.6 million. This represents a significant 50.3% increase compared to May 2023 and a 22.6% rise from April 2024.
Revenue Sources
Online Betting: $45.7 million
Retail Betting: $875,290
FanDuel and DraftKings emerged as the top performers in the market. FanDuel led with a handle of $195.2 million and revenue of $27.2 million, while DraftKings followed with a handle of $137.4 million and revenue of $12.2 million.
Tax Revenue and Contributions
Maryland’s state tax revenue from sports betting in May totaled $7 million. Of this, $6.9 million came from online betting and $131,294 from retail sportsbooks. Each sportsbook is required to contribute 15% of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education initiatives in the state.
Year-to-Date Performance
For the year 2024 to date, Maryland’s sports betting handle has surged to $4.46 billion, marking an impressive 89.2% increase year-over-year. The revenue stands at $363.9 million, reflecting a significant 143.4% growth compared to the previous year.
Maryland Casino Revenue in May 2024
Turning to Maryland’s casino sector, the six casinos in the state collectively generated $173.2 million in gaming revenue for May 2024. This figure represents a 2.2% increase compared to the same month in 2023 and a 6.1% rise from April 2024’s $163.2 million.
Casino Performance
Live! Casino and Hotel: $65 million (up 10.3% from May 2023)
MGM National Harbor: $72.3 million (up $551,000 from the previous year)
Hollywood Casino: $7.8 million (up $204,423 from May 2023)
Horseshoe Casino: $14.7 million (down 15.9% year-over-year)
Rocky Gap Casino: $4.97 million (down $258,000 from the previous year)
Ocean Downs Casino: $8.35 million (down $50,000 from May 2023)
Sports Betting Trends
The growth in Maryland’s sports betting handle and revenue showcases the increasing popularity and expansion of online betting platforms. The significant year-over-year increase in sports betting spend highlights a robust market trend, although the month-over-month decline from April 2024 suggests potential fluctuations in betting patterns or seasonal effects.
The dominance of online sportsbooks over retail options aligns with broader industry trends, where convenience and accessibility drive higher engagement with digital platforms. The strong performance of FanDuel and DraftKings indicates their continued market leadership and appeal to Maryland bettors.
Tax Revenue Utilization
The substantial tax revenue generated from sports betting not only benefits state education programs through the Blueprint for Maryland’s Future Fund but also underscores the positive impact of regulated sports betting on public funding. The 15% contribution requirement ensures that the state’s educational initiatives receive consistent support.
Casino Revenue Performance
The slight increase in overall casino revenue from May 2023 to May 2024 suggests a stable yet modest growth trajectory for Maryland’s casino industry. The varying performance across individual casinos indicates that while some venues are thriving, others are facing challenges. The strong performance of Live! Casino and Hotel and MGM National Harbor reflects their competitive positioning and operational effectiveness.
Conversely, the revenue declines reported by Horseshoe Casino, Rocky Gap Casino, and Ocean Downs Casino may warrant further investigation into market conditions, customer preferences, or operational factors affecting these properties.
Maryland’s gaming industry continues to exhibit robust growth across both sports betting and casino sectors. The impressive increase in sports betting handle and revenue reflects a thriving market, with online platforms playing a central role. Meanwhile, the casino sector’s performance highlights both opportunities and challenges, with varied results among different properties.