Maryland saw both revenue and handle increase year-on-year during the 12 months to 30 June, while Tennessee stakes climbed significantly during the month.
Full-year handle hits $5.37bn in Maryland
Maryland Lottery and Gaming figures show handle for the state’s 2024 fiscal year rise $85.9% to $5.37bn (£4.18bn/€4.96bn). The 12 months which ended on 30 June mark Maryland’s first full fiscal year of mobile betting, after it launched in November 2022.
Of this total, $5.19bn was wagered online, while $180.6m was staked with retail sports books.
Parlay popularity
In terms of handle by sport, pro basketball took top spot with $873.6m in bets, or 16.3% of all wagers placed in FY24. Players spent the most on parlay bets, with these wagers hitting $2.03bn, or 38.2% of handle.
Players won $4.80bn over the year, a 10.6% hold, down from 13.3% in FY2023. Once $167.3m in promos were accounted for, operators’ taxable win came to $402.1m, up 138.8% year-on-year. Of this, $387.1m came from online betting and $14.9m retail.
FanDuel’s Maryland revenue hits $228.2m in FY24
FanDuel and partner Live! Casino & Hotel Maryland took top spot in the mobile betting market. The partnership generated $228.2m in revenue from $2.34bn in total wagers with its 13% hold outstripping the competition.
Long-time rival DraftKings ranked second with $112.3m off $1.68bn, a 9.7% hold. BetMGM followed in a distant third on $26.0m from a $404.9m handle. Betfred, which pulled out of the market at the end of June, generated revenue of just $78,194 from $10.8m in bets.
Over the year operators paid $60.3m from Maryland’s 15% GGR tax.
Three new brands have entered the market in July. Bally’s will finally launch its Bally Bet platform in July alongside UK-based Veteran’s Services which takes up one of 15 Class B licence available to OTBs, bingo halls and similar businesses. Jake Paul-backed Betr is also now in play, after securing a licence in late June.
Maryland June revenue rockets 102%
Looking to the latest monthly figures in Maryland, these follow similar trends as the full year. Handle jumped 51.2% to $384.7m, split $373.4m online and $11.3m at retail sportsbooks. This total is, however, 19.3% lower than the $431.8m bet in May.
Pro baseball drew the most bets in June, with players spending $103.1m, representing 26.8% of total monthly handle. Parlay and combination bets totalled $127.4m, or 33.1% of all bets in June.
Maryland players won $345.0m from sports betting, resulting in a hold of 10.3%, compared to 10.6% last year. After deducting $816,687 worth of promotional play, taxable win hit $38.2m, up 102.1% year-on-year but 18.0% down from May. This includes $37.5m from online and $684,981 retail.
Tennessee handle tops $344.8m in June
From the limited information published by the Tennessee Sports Wagering Council, handle was up 49.7% year-on-year to $344.8m. This, however, marked a 9.7% decline from May’s $381.8m.
After accounting for $2.6m worth of adjustments, gross handle hit $342.2m. This is 9.8% behind May’s total, with no comparable figures for June last year.
The state is the only one in the US to tax operators on handle, with a 1.85% levy imposed on bets placed. Tax take for June came to $6.3m, up 37% from the prior year.
Detroit casino revenue up 3.8%
Meanwhile the Michigan Gaming Control Board reported a 3.8% increase in revenue to $105.4m for Detroit’s three commercial casinos in June.
Casino games revenue, comprising slots and table games, made up $104.6m of that sum, up 2.7% on June 2023. Sports betting qualified adjusted gross receipts (QAGR) hit $889,015, in stark contrast to last year’s $395,606 loss. Handle was also 3.7% higher at $8.4m.
MGM remains the market leader in Detroit with a 46% share. MotorCity is second with 30%, then Hollywood Casino at Greektown on 22%.
As for tax, the operators paid $8.5m in gaming taxes to the state of Michigan. An additional $12.4 went the city of Detroit in wagering taxes and development agreement payments.
The three casinos paid $33,605 in tax to the state on sports betting and $41,072 to the city.
Original article: https://igamingbusiness.com/sports-betting/maryland-betting-fy24-tennessee-betting-june/
