Maryland online sports betting revenue plunges in September
Winnings from online sports betting in Maryland fell 20.1% in September to US$56.6 million.
Online handle in the Free State was US$641.2 million. Sports books held at 8.8% for the month.
According to figures provided 13 October by Deutsche Bank, FanDuel was the leading operator in Maryland with US$24.3 million in revenue. It held at 9.1% on handle share of US$265.9 million.
DraftKings followed with win of US$16.1 million, holding at 8.3%. Its handle was US$193.2 million.
TheScore Bet had the lowest revenue, US$1.2 million, but the tightest hold at 12.9%. Its handle share was US$9 million.
Holding at 10.5%, BetMGM finished third for the month. It won US$4.7 million on handle of US$44.9 million.
Fanatics Sportsbook saw higher handle than BetMGM, US$50.6 million, but lower win. It garnered US$3.8 million because of a state-low hold of 7.6%.
Caesars Sportsbook won US$2 million, with a hold percentage of 9.5%. Its handle share was US$20.7 million.
All other books joined for an aggregate US$4.6 million in revenue. They averaged hold of 8.1% on handle of US$56.9 million combined.
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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The Backstory
September’s drop fits a volatile revenue pattern
Maryland’s September online sports betting results underscored a familiar tension in mature U.S. betting markets: Handle can remain large while operator revenue swings sharply on hold. The state’s mobile books took US$641.2 million in wagers, a robust total by Maryland standards, but revenue fell 20.1% to US$56.6 million as the market held at 8.8%. That made September less a demand problem than a margin problem.
The decline followed months in which the same operators showed that higher betting volume does not guarantee higher winnings. In April, Maryland online sports betting revenue rose 5.6% year over year to US$62.1 million on US$566.1 million in handle. The statewide hold was 11%, a stronger conversion rate that allowed operators to post revenue growth even with a smaller handle than September’s. By June, the pattern had already turned choppier: Maryland online sports betting winnings sagged to US$54.4 million despite handle rising 30.1% year over year to US$515 million.
That sequence gives the September figures their context. Maryland bettors continued to wager at scale, but the state’s books kept a smaller share of the action. The shift matters for operators because revenue, not handle, funds promotions, state taxes, marketing and product spending. It also matters for policymakers tracking whether legal sports betting is generating predictable receipts or merely producing large headline wagering totals.
FanDuel and DraftKings still set the pace
The September market remained highly concentrated at the top. FanDuel led with US$24.3 million in revenue on US$265.9 million in handle, holding at 9.1%. DraftKings followed with US$16.1 million in revenue on US$193.2 million in handle, holding at 8.3%. Together, the two companies accounted for roughly seven of every 10 dollars won by Maryland online sports books during the month.
That leadership has been consistent through earlier reporting periods. In April, FanDuel generated US$29 million in revenue on US$224.2 million in handle, with a 12.9% hold that topped the state. DraftKings ranked second with US$16.9 million from US$171.6 million in wagers. In June, FanDuel again led with US$25.1 million in winnings on US$200 million in handle, helped by a 12.5% hold, while DraftKings won US$15.7 million from US$162.3 million in wagers.
The comparison highlights why September was weaker. FanDuel’s September handle exceeded both its April and June volumes, but its revenue trailed April because hold compressed. DraftKings had a similar issue: Its September handle was higher than in April or June, yet revenue was slightly below April’s total. For the market leaders, the month showed that scale provides resilience but not immunity from unfavorable results.
Middle-tier books fight for position
Below the top two, Maryland’s middle tier continued to show narrow separation. BetMGM finished third in September with US$4.7 million in revenue on US$44.9 million in handle, helped by a 10.5% hold. Fanatics Sportsbook had a higher handle, US$50.6 million, but won less at US$3.8 million because it held just 7.6%, the lowest reported rate among named operators for the month.
That BetMGM-Fanatics competition has shifted month to month. In April, Fanatics edged BetMGM in revenue, US$4.5 million to US$4.2 million, despite comparable handles. In June, BetMGM moved back ahead, winning US$3.8 million from US$40.3 million in wagers, while Fanatics won US$3.4 million from US$42 million. September extended the pattern: Fanatics can attract volume, but BetMGM’s revenue ranking improves when its hold outperforms.
Caesars Sportsbook and theScore Bet occupied smaller positions but also illustrated the same hold-driven dynamic. Caesars won US$2 million in September on US$20.7 million in handle, with a 9.5% hold. TheScore Bet had the smallest named revenue total at US$1.2 million, though its 12.9% hold was the highest in the state. In April, theScore Bet held 11.7% on US$9.7 million in handle, while in June it held just 7.6%. The swing shows how smaller books can post eye-catching percentages without materially changing the overall state picture.
National comparisons show the role of hold
Maryland’s September decline also fits a wider national pattern in which monthly sports betting results are increasingly shaped by hold rates, parlay performance and sports calendars. In New York, the country’s largest online betting market, online sports betting revenue plunged 18% in May as hold slipped to 9.6%. Books there still handled US$2.1 billion, but revenue fell to US$204.2 million. FanDuel and DraftKings again led, yet the overall result turned on margin compression rather than a collapse in demand.
Two months earlier, the same market showed the opposite side of the equation. New York online sports betting revenue jumped 34.3% in March even though handle fell 4.6%. Books won US$217.3 million on US$2.3 billion in wagers, with hold at 9.3%. The March and May New York results, like Maryland’s April-to-September movement, show that revenue trajectories can diverge from handle trends in both directions.
Oregon offered another example in September. DraftKings revenue surged in Oregon despite a modest handle decline because hold reached 11.5%. Parlay revenue more than doubled, with parlay wagers holding at 18.3%. Oregon is structurally different because DraftKings is the sole online operator, but the lesson is relevant: A few percentage points of hold can overwhelm changes in wagering volume.
Sports calendar effects cut both ways
The arrival of football typically lifts betting activity, but it does not automatically lift sportsbook revenue. Maryland’s September handle likely benefited from the start of the NFL and college football seasons, yet the statewide hold of 8.8% trailed April’s 11% and June’s 10.5%. If bettors perform well on heavily wagered football outcomes, or if promotional and pricing pressures intensify, operators can see revenue fall even during one of the industry’s most important months.
Earlier Maryland data showed how sports mix can reshape volume. In June, Deutsche Bank analyst Steven Pizzella attributed Maryland’s handle growth to World Cup-related action, according to the prior report. That soccer-driven lift did not prevent revenue from falling 3.2% because the increase in wagering was not enough to offset year-over-year margin pressure. September reflects a similar principle, with a larger betting base but weaker conversion into operator win.
Oregon’s September results reinforce that sports mix is not merely about which sport leads handle. Football handle there fell 25.2%, attributed in the report to calendar-related timing shifts, yet DraftKings’ revenue climbed because hold improved and parlays performed strongly for the book. Maryland’s September numbers did not include sport-level detail, but the statewide outcome suggests the mix of results was less favorable to operators than in stronger months.
What the figures signal for Maryland’s market
The September report points to a Maryland market that is active, competitive and increasingly sensitive to margin. FanDuel and DraftKings remain dominant, but their monthly revenue depends heavily on whether hold tracks closer to low double digits or slips below 9%. BetMGM, Fanatics, Caesars and theScore Bet continue to compete for the remaining share, with rankings shifting based on the balance between handle and win rate.
For investors, the results are a reminder that online sports betting growth cannot be measured by handle alone. Maryland’s September handle was higher than April and June, yet revenue was weaker than April and only modestly above June. For state officials, the same volatility complicates revenue forecasting. A strong football calendar can draw wagers, but tax receipts ultimately follow operator win.
The broader story is not that Maryland demand has weakened. The state continues to generate hundreds of millions of dollars in monthly online wagers, with a familiar set of national brands competing for share. The backstory is that the market’s maturity makes the monthly hold rate more visible and more consequential. September’s plunge was the product of that maturity: High volume remained, but sportsbooks kept less of it.
