Fanatics Sportsbook, which launched in beta mode through a partnership with the Washington Commanders on May 30, showcased a strong performance in Maryland’s online sports betting market in June, its first month of operation.
Despite still being in the beta phase and accessible only to existing retail customers, Fanatics handled $1.6 million in wagers, generating $329,238 in gross gaming revenue (GGR) with a hold percentage of 20.6%.
The Maryland Lottery and Gaming Control Commission released figures indicating that Fanatics had the highest hold percentage of any operator in the state for June, above the average 10.8% for the month. However, after deducting $616,000 in promotional play, the sportsbook did not generate profits or pay taxes to the state.
While Fanatics displayed a notable performance, in particular taking into account it was its first month of operation, the figures were a far cry from the activity of the industry heavyweights. DraftKings handled $89.6 million, accounting for 37% of all betting dollars in the state; while market leader FanDuel handled $108.6 million, capturing 45% of the mobile market.
Still, Fanatics did manage to outpace some of its competitors in the state, namely SuperBook and Betfred. The sportsbook trailed behind PointsBet, which posted $2.3 million in handle and is actually set to become part of Fanatics as a result of a $225 million takeover.
Maryland sports betting down in June
Overall, Maryland’s online sports betting market saw a sports betting handle of $254.4 million in June, resulting in $27 million in revenue for sportsbooks. Overall, handle was down 20% from May, a consistent trend with other states amid the slow season of the US sports calendar.
The state collected $2.8 million in sports betting taxes from the activity in June. The cumulative handle for the fiscal year, combining retail and online betting, surpassed $2.89 billion.
Breaking down handle by wager types, parlay bets emerged as a popular choice, accounting for nearly 37% of all wagers at $93.3 million. As for the preferred sport, baseball betting represented 25% of all wagering activity, reaching $65.2 million.
Original article: https://www.yogonet.com/international/news/2023/07/13/67897-fanatics-debuts-with-strong-online-sports-betting-performance-in-maryland
