Summer Slowdown Strikes Maryland Betting Handle, Revenue in June

Summer Slowdown Strikes Maryland Betting Handle, Revenue in June Pleas Subscribe For Daily Sports Betting NewsShow more

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The Old Line State felt the summer slowdown. 
Maryland’s legal sports betting handle plummeted 20.5% month-over-month to $254.5 million in June, the lowest amount wagered for a full month since the state began mobile sports betting in late November 2022.  Maryland’s 10 online and 10 retail sportsbooks combined to produce $27.1 million in revenue, which was down 34% from May.
After reaching the second-highest taxable revenue ever and sending $4.65 million to the state in May , operators contributed $2.8 million on a taxable revenue of $18.9 million to the Blueprint for Maryland Future Fund and the Problem Gambling Fund...

The Old Line State felt the summer slowdown. 
Maryland’s legal sports betting handle plummeted 20.5% month-over-month to $254.5 million in June, the lowest amount wagered for a full month since the state began mobile sports betting in late November 2022.  Maryland’s 10 online and 10 retail sportsbooks combined to produce $27.1 million in revenue, which was down 34% from May.
After reaching the second-highest taxable revenue ever and sending $4.65 million to the state in May , operators contributed $2.8 million on a taxable revenue of $18.9 million to the Blueprint for Maryland Future Fund and the Problem Gambling Fund in June.  According to figures released by Maryland Lottery and Gaming, sportsbooks in the Old Line State saw the June hold fall to 10.6%, well below the yearly average of 13.3%. 
Mobile wagers made up $243.8 million of Maryland’s overall handle, including $7.7 million in promotional plays. Retail produced just $633,901 of revenue on a handle of $10.6 million for a hold of just 5.9%. 
FanDuel hold remains high FanDuel certainly took a hit in wagers as the handle fell from $146.3 million in May to $108.7 million in June, but with a 13.3% win rate, the sportsbook giant still brought in $14.5 million in profits, including $10.8 million in taxable revenue. DraftKings finished second in Maryland with a handle of $89.7 million, and a hold of 8.9% left the FanDuel rival with $7.8 million in revenue.  BetMGM was the only other sportsbook in the Old Line State to take in over $20 million in wagers, and it hauled in $2.2 million in revenue before promotional plays and other deductions. Caesars produced the state’s lowest win rate at 4.9%, leading to gross revenue of $588,740 on a handle of $11.9 million for June.
No other operators reached $5 million in handle for the month. Fanatics, which launched in late May and is still in the beta stage, brought in $1.6 million in mobile wagers while paying out $1.2 million in winnings to bettors and giving away $616,000 in promotional plays.
Retail reports low figures
It wasn’t a great month for brick-and-mortar shops.
MGM National Harbor, which produced a lower handle in May than Live! Casino, bounced back by taking in $3.6 million in retail wagers in June . However, it produced just a 3.7% win rate, and with a handle of $2.8 million, Live! Casino paid out $2.6 million to bettors, giving the retail sportsbook a slight edge in taxable revenue of $161,116 to MGM National Harbor’s $122,836.  Horseshoe Casino took a loss despite producing $1.4 million in wagers. The new Fanatics retail location at FedEx Field, home of the NFL’s Washington Commaders, recorded a handle of $264,674 and produced a 15.9% win rate.  This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/maryland-struck-by-summer-slowdown-july-10-2023