With March Madness being the center of attention across the sports betting industry, sportsbook operators in Maryland took advantage of the calendar in March. The average betting volume took a notable leap as the bookmakers combined to accumulate nearly $386 million, which was 13.7 percent higher than February’s result.
The House Keeps the High Win Rate Rolling
In the sports betting market, bettors are finding it difficult to find an edge against the house. Based on the gross revenue results, the house brought in a hold rate of 12.3 percent, which extended its streak to nine consecutive months of 10 percent or higher.
Additionally, it marks five straight months where the bookmakers registered a win rate of 11.9 percent or higher. March’s promotional credits totaled just shy of $11.4 million. There was a decrease of 27.9 percent in the category compared to February, and an 84 percent drop compared to December, the first full month of mobile betting.
During the first quarter of the year, promotional credits totaled $49 million. With the gross revenue total reaching $47.5 million, the adjusted revenue total hit the $35.4 million benchmark, which was the highest market since the market launched in December 2021.
That was when brick-and-mortar sports wagering was the only option in the Old Line State. In the first three months of 2023, the state earned over $5.3 million in tax revenue, up nearly $8.9 million from last year.
Adding mobile sports betting to the arsenal was proven to be crucial as the state has been bringing in far more tax receipts, which are being used to help programs across the state. With an all-time hold rate close to 13.9%, the handle exceeded $2 billion, and gross revenue has surpassed $300 million.
How Did the Sportsbooks Do in Maryland?
When a state’s commission releases strong results for the house, the industry’s most reputable sportsbook operators tend to account for most of the market share. FanDuel, DraftKings, and BetMGM make up the Big 3 not only in Maryland but most jurisdictions in the sector.
FanDuel claimed a $176.5 million handle, which easily outpaced the rest of the competition. Thanks to a 14.3 percent win rate, the platform brought in $25.3 million in gross revenue.
Furthermore, DraftKings posted a nine-figure handle with $115.5 million and an 11.1 percent hold for nearly $12.8 million. With just over $5 million in gross revenue, BetMGM ranked third thanks to a 13.2 percent win rate on nearly $38 million in its handle.
Even though the house easily crushed the public, the bettors had a better outcome in the retail aspect of wagering. Despite posting a 7.5 percent win rate, it was where the public found a slight edge compared to the overall outcome.
Out of all the states that released their results for March, the Old Line ranks first in the handle. The only three other states that publicly released their results are Iowa, West Virginia, and Montana.
