Maryland Sportsbooks Reap $50 Million in September Parlay Revenue

Maryland sportsbooks combined for an eye-watering 25.2% hold on parlay wagers in September, according to the state's lottery and gaming agency, resulting in $50.3 million in gross sports betting revenue.

The overall haul for operators reported Thursday was $65.4 million, the third-highest total in 34 months of wagering in the Old Line State. That was an increase of 43.6% compared to last year and 66.7% higher than August.

Handle picked up 20.4% year-over-year to $532.9 million, ranking fifth in state annals. The 12.3% hold marked the sixth consecutive month it was 10% or better, and September's win rate was the third-highest of 2024 behind January (14.7%) and July (13.1%).

The state was eligible to levy taxes on a record $62.5 million in adjusted gross revenue, redirecting almost $9.4 million to its coffers. The $56.9 million in sports betting state tax revenue through the first nine months of the year is $26.3 million more than 2023.

Maryland Bettors Struggling With Parlays in 2024

September's figures are a more extreme example of the discrepancy in win rates between parlays and single-event wagering in Maryland. The 25.2% hold from $199.8 million in accepted bets was second only to the 25.7% win rate operators crafted in June, but it also obscures the fact that bettors limited the house to a 4.5% hold and $15.1 million in revenue from single-event wagers in September.

For the year, Maryland sportsbooks have pounded the public on parlays to the tune of a 20.9% hold, claiming $324.6 million in revenue from $1.55 billion worth of multi-leg bets. By contrast, operators notched only $133.5 million from $2.52 billion handle on single-event wagers, resulting in a hold of 5.3%.

And anytime parlay handle and revenue figures are discussed, FanDuel is at the center of it. Though Maryland Lottery and Gaming does not disclose handle and revenue figures by operator for sport-specific categories, it appears FanDuel fared quite well in the first full month of football season.

Still the only mobile sportsbook to surpass $30 million in monthly revenue in the Old Line State, FanDuel accomplished that feat for the seventh time by banking $32.9 million in gross revenue and posting a 14.2% win rate against $231.8 million handle.

It was the 10th consecutive month with a double-digit hold for the digital juggernaut, as year-over-year revenue soared 65.6%. September's winnings left FanDuel $222,000 shy of $250 million in gross revenue for the year, and it surpassed $4 billion in all-time handle.

DraftKings, meanwhile, had its best month since January in reaping $20.2 million while fashioning an 11.5% win rate from $175.9 million worth of wagers. It is the first time DraftKings has had three straight months with 10%-plus holds on gross revenue since the first five months it conducted business in Maryland. DraftKings enjoyed a 30.4% bounce in revenue from September 2023, outpacing the 14.1% rise in handle.

BetMGM was a comfortable third in both revenue and handle while also posting its best numbers since January. It posted an 11.3% hold in claiming $4.4 million in revenue from $39.4 million handle. BetMGM also has a three-month streak of double-digit holds and topped $30 million in gross revenue for the year.

An aggressive promotional spend by Fanatics nearly helped it pip Caesars for fourth in handle, but a near-10% hold resulted in $2.2 million in revenue and a fourth-place spot on that list. Fanatics, which is still eligible to deduct promotional spend, had an outlay of nearly $1.4 million, as its $22.5 million handle was $465,000 shy of Caesars.

ESPN BET also topped Caesars in revenue, claiming close to $1.5 million in rounding out the top five spots. The PENN Entertainment-owned sportsbook completed the group of six with eight-figure handle totals at $15.6 million — 53.2% higher than predecessor Barstool Sportsbook. The 9.6% hold was nearly three percentage points higher as revenue more than doubled.

Though Caesars reached seven figures in revenue for the third consecutive month, September marked the seventh time this year it failed to reach the industry standard hold of 7%. The 6.3% win rate is slightly better than the 5.9% mark it has through the first three quarters of the year, and Caesars did hit milestones of $10 million in year-to-date revenue and $25 million overall.

Bally Bet continued its own aggressive promotional spend as it tries to carve out a niche during its first few months in action. It deducted $252,100 in promotional spend — more than 8% of its $3.1 million handle — and had a modest 6.4% win rate in claiming $196,700 in gross revenue. Bally Bet finished with a minus-$63,200 AGR after counting deductions and the federal excise tax, which it will be allowed to carry over in October.

Pro Football Biggest Chunk of Non-Parlay Revenue

Sportsbooks claimed nearly $4.7 million in winnings from pro football wagering but had only a 4% hold from $116.4 million handle. Wagering was up 53.2% compared to September 2023, while revenue ticked 42% higher.

Bettors nearly broke even when it came to college football, holding operators to a measly 0.2% hold and $62,700 from $30.3 million worth of wagers. Revenue plunged 92.3% from August despite handle more than tripling.

Baseball revenue totaled $2.6 million as the 4.3% hold on $59.5 million handle was 2.3 percentage points higher than last year. Operators also collected $2.6 million from tennis with a more respectable 7.1% win rate and $3.1 million from the catch-all other category, which includes MMA.