Maryland Smashes Sports Betting Tax Revenue Records

We’re just now seeing September betting numbers trickle into legal states across the United States. Most of this data is reported with a lag so that’s why we’re barely getting September figures despite almost being halfway into October.

Maryland was one of the first to report, and welp, it was a blowout month. As a matter of fact, sports betting in Maryland has never been better from a tax perspective than it was during September 2024. Let’s get into all the record-setting data inside this article.

Maryland Posts Record Month In September

$532.9 million in wagers — that’s how much Maryland bettors contributed in September. To put things into perspective, this is a 20.4 percent increase from the same time last year. The number was good enough for fifth all-time in the state’s history.

But what about this record month we mentioned? Well, that’s in tax revenue, which was at an all-time high of $9.4 million. The year-over-year number here is the head-turner because it’s up 190 percent from September 2023, which topped out at a measly $3.2 million. The previous record was set in January 2024, which was $1.2 million lower.

Of course, the big beneficiary of this jump is the Blueprint for Maryland’s Future education. That’s where the tax dollars are funneled to.

“We’re encouraged that the sports wagering market continues to generate additional funding to support schools, and at the same time we also encourage everyone to be responsible about their betting,” said Maryland Lottery and Gaming Director John Martin. “Mobile wagering apps have tools that allow you to set limits on your activity. If you bet, please enjoy it in moderation and leave room to simply have fun watching the games and being a sports fan.”

Got to hand it to Martin, eh? He used this record month to get a plug-in for responsible betting in the state.

September also marked the end of the first quarter of the 2025 fiscal year for Maryland (it runs from July through September 2024). This too was a blowout number. During the quarterly period, Maryland sportsbooks handled $1.2 billion in bets — a 30.4 percent increase year-over-year. Tax revenues eclipsed $21.2 million, more than double the $9.1 million from the same period in FY 2024.

Parlays Responsible For Big September

As we mentioned, September was a record month for tax revenue in Maryland but not actual wagers placed. Now why is that? Welp, parlays mainly.

Parlays contributed big time to the state’s 12.3 percent hold for September. The month turned out to be the third-highest hold of 2024 behind January (14.7%) and July (13.1%).

The hold on parlays by themselves was 25.2 percent. This was enough to produce $50.3 million in gross sports betting revenue on the bet type alone.

The disparity between parlay betting and straight wagers continues to swell. So far this year, Maryland sportsbooks have a combined holding of 20.9 percent on parlays, raking in $324.6 million in revenue. In comparison, single-event bets brought in $133.5 million with a much lower hold of 5.3 percent. The numbers are startling with parlays having almost a 4X better hold.

It’s no wonder why the biggest mobile betting apps promote parlays so much, whether that’s in Maryland or elsewhere. It’s a suckers bet that contributes to their bottom line the most.

FanDuel Leads Month of September Among Operators

FanDuel was the only sportsbook in Maryland to surpass $30 million in monthly revenue. This is now the seventh time the leading bookmaker has done so inside the state. Its win rate — no doubt boosted by parlays — was 14.2% off $231.8 million in bets. FanDuel has really perfected the high hold rate. September is the 10th consecutive month with a double-digit hold in Maryland.

DraftKings posted its best month since January, pulling in $20.2 million with an 11.5% win rate on $175.9 million in wagers. This was the third straight month DraftKings hit a double-digit hold.

BetMGM secured third place, claiming $4.4 million in revenue from $39.4 million in bets, with an 11.3% hold — its best performance since January too. Caesars finished fourth with a slightly under 10 percent hold for $2.2 million in revenue. Fanatics was fifth and ESPN Bet was sixth overall.

There are currently 11 mobile betting apps inside the state. This is actually down from the 13 last year. During the summer, both SuperBook Sports and Betfred exited the Maryland marketplace.

Local Teams Contributing To Big Numbers

We expect Maryland to continue setting record numbers during the NFL season. Why? Well, because the two local area teams have a lot of buzz going for them.

Of course, the Baltimore Ravens are the “home” team. After an 0-2 start, the Ravens have righted the ship behind monster play from quarterback Lamar Jackson and running back Derrick Henry. A thunder-and-lightning running attack behind the two has been near unstoppable for opposing defenses.

There’s also the Washington Commanders, which are right next door, and many Maryland locals root for. The Commanders are the surprise of the NFL season thanks to the sudden rise of quarterback Jayden Daniels. He’s drawing comparisons to Jackson due to his own dual-threat abilities.

Believe us, NFL betting is just getting started in Maryland…