Maryland Reports Surprisingly Profitable May Sports Betting Totals

Apr 11, 20024; Boston, Massachusetts, USA; Baltimore Orioles left fielder Colton Cowser (17) hits a home run against the Boston Red Sox during the fifth inning at Fenway Park. Mandatory Credit: Eric Canha-USA TODAY SportsMaryland Lottery and Gaming reported $431.5 million in sports betting handle for MayThe state took in more than $6.9 million in sports betting tax revenue for the monthIt was the state’s second-best single-month tax revenue total

May is usually a slow sports betting month for state. Maryland Lottery and Gaming just reported its second most profitable month of sports betting since launching in December 2021.

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Maryland Lottery and Gaming representatives reported $431.5 million in combined retail and online sports betting handle, which generated more than $6.9 million in tax revenues for the commonwealth. It’s the second most profitable sports betting month for Maryland.

Massive Month for the State

May is historically a slow sports betting month. Baseball is usually not a huge sports betting market and the NBA playoffs are the only other big event to hit during the month. However, Maryland Lottery and Gaming reported a total retail and sports betting handle total of $431,528,137 for the month, an increase of 34.8% compared with the $320.2 million total in May 2023.

But the state’s real success came at the expense of its bettors. Maryland’s sports betting market generated $6,991,225 in sports betting tax revenue for the Blueprint for Maryland’s Future Fund, which supports public education programs.

The tax revenues represented a 50.3% increase from the $4.6 million p in May 2023.

Total retail sports betting handle for the month came in at $12,039,657, leading to $131,293 in tax revenue to the state. Online sports betting handle totaled $419,488,479 and more than $6.8 million in tax revenue.

Maryland sports bettors won a combined $380,463,006 for the month, leading to a $51,065,131 (11.8%) hold for the month. The taxable win for the month, which is the amount remaining after deducting prizes, promos, and other amounts, resulted in $46,608,364 in taxable revenue for the state.

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.

Since launching sports betting in December 2021, sports betting has contributed $82,724,657 to the Blueprint for Maryland’s Future Fund. The total expired prizes contributed to the state’s problems gambling fund is $3.1 million.

FanDuel Top Online Operator in May

FanDuel continued its Maryland dominance for the month of May, reporting $195,177,992 in online sports betting handle. FanDuel has reported more than $2.1 billion in online sports betting handle for the fiscal year to date. The operator contributed more than $4 million in taxes for the month.

DraftKings reported $137,366,225 in online handle for the month, good for second in May. The operator has reported more than $1.5 billion in online sports betting handle for the fiscal year to date. The operator reported more than $1.8 million in taxes to the state.

Veterans Services Corp., which launched this month through Bee-Fee Limited, reported just $80 in online sports betting handle. It lost $96 for the month. Veterans Services Corp. received a sports betting license in April 2023.

Veterans Services Corp. has run the Washington, D.C. Lottery for more than a decade

Here are the online sports betting handle and tax revenue totals for the month of May:

BetMGM: $31,078,142 in handle, $438,151 in tax revenueBingo World (BetRivers): $6,927,698 in handle, $74,295 in tax revenueCaesars Sportsbook: $17,549,858 in handle, $119,443 in tax revenueDraftKings $137,366,225 in handle, $1,837,043 in tax revenueGreenmount (betPARX): $787,029 in handle, $11,087 in tax revenueESPN BET: $16,801,36 in handle, $205,903 in tax revenueFanDuel: $195,177,992 in handle, $4,082,858 in tax revenueLong Shots: $496,979 in handle, $0 in tax revenueFanatics Sportsbook: $12,334,039 in handle, $86,202 in tax revenueRiverboat on the Potomac: $0 in handle, $0 in tax revenueSuperBook: $528,722 in handle, $0 in tax revenueVeterans Services (Bee-Fee): $80 in handle, $0 in tax revenue