Maryland Achieves Historic Sports Betting Revenue Milestone in November 2024

Maryland experienced an early holiday surprise this year as the state’s sports betting industry reached unprecedented heights. In November 2024, Maryland Lottery and Gaming Agency reported a record-breaking $78.6 million in taxable gaming revenue. With a 15% tax rate on sports betting, this resulted in an all-time high of $11.8 million in tax revenue—a remarkable achievement for the state since sports betting launched in December 2021.

November’s Record-Breaking Wagering Numbers

November 2024 proved to be a banner month for retail sportsbooks contributed $18.85 million.

This exceptional performance also shattered Maryland’s previous tax revenue record of $9.4 million, achieved in September 2024. Over the first five months of the 2025 fiscal year, Maryland’s sports betting tax revenue reached $40.1 million, more than double the $18.1 million collected during the same period in FY 2024. Cumulatively, the state has garnered $128.6 million in sports betting tax revenue since the market’s inception.

Sports betting market in Maryland currently features 11 online platforms and 12 retail sportsbooks. Among the operators, FanDuel stood out as a dominant force in November. The platform generated over $283.3 million in handle and $6.01 million in tax revenue, nearly doubling DraftKings, its closest competitor. DraftKings reported $199.7 million in handle and $3.5 million in tax revenue, maintaining a strong second-place position.

Other notable operators included BetMGM, which contributed $52.6 million in handle and $948,407 in tax revenue, and Caesars Sportsbook, with $25 million in handle and $315,639 in tax revenue. Smaller platforms, such as Crab Sports and Greenmount’s betPARX, also played their part, though their contributions were more modest.

Performance Highlights by Operator

Here is a breakdown of the online sports betting handle and tax revenue for November 2024:

• FanDuel: $283,374,933 handle, $6,014,739 tax revenue
• DraftKings: $199,712,263 handle, $3,568,248 tax revenue
• BetMGM: $52,596,158 handle, $948,407 tax revenue
• Caesars Sportsbook: $24,979,793 handle, $315,639 tax revenue
• ESPN BET: $17,635,637 handle, $267,574 tax revenue
• Fanatics Sportsbook: $30,533,232 handle, $381,796 tax revenue
• BetRivers (Bingo World): $7,797,939 handle, $75,811 tax revenue
• Crab Sports: $422,952 handle, $7,844 tax revenue
• betPARX (Greenmount): $1,110,528 handle, $8,967 tax revenue
• Veterans Services (Bee-Fee): $229,415 handle, $5,007 tax revenue

Several smaller operators, including Long Shots, Riverboat on the Potomac, and SuperBook, reported no handle or tax revenue for the month.

A Promising Future for Maryland Sports Betting

As Maryland’s sports betting industry continues to grow, November’s performance sets a new standard for the state. With consistent increases in online engagement and tax contributions, Maryland remains poised to capitalize on this thriving market.

Source:

„Maryland reports most profitable sports betting month ever“, sbcamericas.com, December 11, 2024.