Maryland online sports betting handle surges in July
Win for Maryland’s online sports books grew 25.6% in July, driven by a 36.8% surge in handle. Hold was 11.2%. Online operators made US$54.9 million on wagering of US$489.2 million.
FanDuel led the Free State by a wide margin, amassing US$23.5 million in win off handle of US$187.9 million, double-digit increases in both cases. It held at 12.5%.
DraftKings booked US$15.6 million in revenue. Its handle share was US$150 million, as it held at 10.4%.
Third was BetMGM with US$5.8 million in winnings from wagers of US$42.6 million. It held at a state-high 13.5%.
The lowest hold, 7.5%, was experienced by Caesars Sportsbook. It made US$1.1 million off wagers on the order of US$14.9 million.
Fanatics Sportsbook realized US$3.6 million in revenue from handle of US$38.5 million. Its hold was 9.2%.
TheScore Bet held at 8.5% on handle of US$8 million. Its win was US$700,000. All other online books combined for US$4.7 million in win. Their aggregate handle was US$47.4 million, as they held at an average of 9.9%.
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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July’s rebound followed a softer revenue turn
Maryland’s July online sports betting results marked a return to growth after a June report that showed the limits of handle-driven expansion. Online books generated US$54.9 million in July revenue from US$489.2 million in wagers, with win up 25.6% as handle rose 36.8%. The 11.2% hold was the key difference: It allowed operators to convert a smaller betting base than June’s into slightly higher revenue.
The prior month had delivered a more mixed signal. In June, Maryland online sports betting winnings sagged even as handle climbed 30.1% year over year to US$515 million. Books held 10.5% and made US$54.4 million, down 3.2%. Deutsche Bank attributed the betting volume to soccer-related wagering, illustrating how event-driven betting can lift turnover without guaranteeing commensurate revenue.
July therefore strengthened the view that Maryland’s online market is not merely expanding through volume. Operators also benefited from improved pricing, mix and results. In sports betting, small changes in hold can materially alter revenue, especially in a state where monthly online handle regularly approaches or exceeds half a billion dollars.
FanDuel has kept the lead through hold and scale
The Maryland market has remained highly concentrated at the top, with FanDuel and DraftKings setting the pace and rivals contesting a distant third tier. July extended that pattern. FanDuel booked US$23.5 million in win from US$187.9 million in online handle, holding 12.5%. DraftKings followed with US$15.6 million in revenue on US$150 million in wagers and a 10.4% hold.
That hierarchy was visible throughout the spring. In March, Maryland online sports betting revenue surged 30.5%, with FanDuel winning US$28.4 million from US$233.6 million in handle and DraftKings taking US$17.3 million from US$183.9 million. FanDuel also had the state’s highest hold at 12.1%, reinforcing the role of margin rather than just market share.
The same dynamic appeared in April, when Maryland online sports betting revenue rose 5.6%. FanDuel led with US$29 million in revenue on US$224.2 million in handle, holding 12.9%. DraftKings generated US$16.9 million with a 9.9% hold. By June, FanDuel again led in both handle and revenue, with US$25.1 million in winnings on US$200 million in wagers and a 12.5% hold.
The consistency matters because it suggests the state’s largest operator is not relying only on promotional momentum or customer acquisition. FanDuel has repeatedly paired scale with a higher win rate than its closest competitor, creating a structural advantage in monthly revenue comparisons.
The fight for third remains volatile
Behind FanDuel and DraftKings, Maryland’s next tier has shifted month to month. BetMGM, Fanatics Sportsbook, Caesars Sportsbook, theScore Bet and smaller operators have each faced the same challenge: enough handle exists to build a meaningful business, but hold rate and product mix can quickly separate contenders.
July favored BetMGM. It generated US$5.8 million from US$42.6 million in wagers, holding a state-high 13.5%. Fanatics followed with US$3.6 million in revenue on US$38.5 million in handle and a 9.2% hold. Caesars had the lowest hold among named operators at 7.5%, producing US$1.1 million from US$14.9 million in wagers. TheScore Bet held 8.5% and made US$700,000 on US$8 million in handle.
The picture was different earlier in the year. In March, Fanatics placed third in revenue with US$4.5 million on US$50.9 million in handle, ahead of BetMGM’s US$4.1 million. April again saw Fanatics edge BetMGM, US$4.5 million to US$4.2 million, even though BetMGM had a slightly higher hold. In June, BetMGM moved back ahead with US$3.8 million in revenue from US$40.3 million in wagers, while Fanatics made US$3.4 million on US$42 million in handle.
This movement underscores the importance of hold volatility in the second tier. Fanatics has shown it can attract comparable handle, while BetMGM’s July result demonstrated how a stronger win rate can quickly widen the revenue gap. For operators outside the top two, the battle is not just to add customers but to do so profitably.
Seasonality shapes Maryland’s monthly comparisons
Maryland’s recent results also show how sports calendars influence monthly performance. March and April benefited from the high-volume environment around basketball and other spring sports. March online handle reached US$595.2 million, while April came in at US$566.1 million. June handle remained elevated at US$515 million, helped by soccer interest, before July dipped to US$489.2 million while still rising sharply from the year-earlier period.
The difference between handle and revenue trends is critical. March revenue hit US$62 million, April reached US$62.1 million and June slipped to US$54.4 million despite stronger betting volume than July. July then produced US$54.9 million with a better hold. That sequence shows why monthly sports betting reports can send different signals depending on whether the focus is customer demand, operator margin or tax receipts.
Comparable data from other states point to the same pattern. In Oregon’s March online sports betting report, DraftKings’ monopoly operation produced US$8.3 million in revenue from US$75.2 million in handle, holding 11.1%. Basketball dominated wagering, while parlays accounted for a large share of revenue and carried a much higher hold than single-game bets. The Oregon results showed how bet type and sports mix can be as important as total wagering volume.
Maryland’s numbers do not provide the same breakdown in these reports, but the same industry logic applies. Months with heavier parlay activity or favorable event outcomes can lift hold, while customer-friendly results can compress revenue even when handle rises.
Promotions and taxes remain part of the stakes
Maryland’s July results carry implications beyond operator league tables. Higher online sports betting revenue generally means stronger taxable proceeds, but the path to sustainable tax growth depends on how much operators spend to acquire and retain bettors. States with newer or expanding markets have seen promotional activity distort early revenue trends.
Missouri offered a recent example. In February, online sports betting promotions slowed in Missouri, falling to US$11 million from a much heavier January level. Promotional allowances still equaled 36% of revenue, compared with 61% in January. J.P. Morgan said the figures reflected typical handle and hold noise tied to promotions and state accounting in the first months of a launch.
Maryland is more mature than a newly launched market, but the Missouri comparison is useful because it highlights a broader industry shift. Operators have increasingly emphasized profitability, disciplined promotions and parlay-driven hold rather than chasing handle at any cost. July’s Maryland performance fits that environment: The market grew strongly from the year-earlier period, while top operators maintained double-digit holds.
For regulators and budget officials, the stakes are straightforward. Strong handle signals consumer engagement, but hold determines operator revenue and, ultimately, taxable sports betting proceeds. For operators, July reinforced a competitive order that has been evident for months: FanDuel leads through both volume and margin, DraftKings remains a clear No. 2 and the next tier is still unsettled. The result was a market that looked healthier in July than it did a month earlier, even as it continued to show the volatility built into sports betting economics.
