Maryland Gaming and Lottery reported on Tuesday $51.1 million in gross sports betting revenue for February, with operators failing to extend a streak of double-digit holds to a fourth consecutive month.
Operator winnings plunged 14.9% from last year despite an 8.4% increase in handle to $515.7 million. The 9.9% win rate was 2.7 percentage points lower than February 2025, with sportsbooks barely coming out ahead for football wagering — which included the Super Bowl.
The state was able to levy taxes on $36.7 million in adjusted gross revenue after promotional deductions, the federal excise tax, and other deductions, re-directing $7.3 million into its coffers. Gov. Wes Moore’s decision to raise the tax rate on mobile operators from 15% to 20% effective last June has contributed to a $35.7 million increase in receipts for the current fiscal year in the Old Line State.
FanDuel maintains status quo
It is unreasonable to expect the collective hold to continuously be in double digits, and the mediocre performance by the house on pro football bets is partly to blame. Maryland Gaming and Lottery does not disclose Super Bowl-specific figures, but operators had a paltry 2.1% hold on $15.4 million worth of wagers, netting less than $325,000. That is, however, much better than 2025’s Super Bowl, when they combined to pay out $1.1 million above the $18.5 million handle generated.
Also, FanDuel cannot be blamed for February’s overall hold from reaching 10%. The mobile juggernaut crafted a 12.6% win rate in keeping $25.3 million of the $200.6 million worth of wagers it accepted.
It was FanDuel’s 11th consecutive month with a hold of 10% or higher but also its lowest since a 10.4% win rate in October. FanDuel also was tops in promotional credits and bonuses offered, by a wide margin; its $6.2 million outlay was nearly half the $13.1 million in total spend by Maryland’s 12 mobile sportsbooks.
DraftKings rode shotgun in all three major categories, reaping $14.4 million in revenue from $157.8 million handle to land a 9.2% hold. It offered $4 million in goodies to its customers, a 28.8% falloff from February 2025.
BetMGM and Fanatics split the final podium spot, with the former collecting $2.8 million in winnings and the latter posting a $39 million handle. Fanatics, which had a 6.6% hold in totaling $2.6 million in revenue, did not report any promotional deductions for the month.
The bet365 sportsbook rounded out the top five with $2.3 million in gross revenue, posting an 8.3% hold from $27.9 million worth of wagers. The England-based operator has surpassed $200 million handle in its first six-plus months of operating in Maryland and still has a robust 14.1% overall win rate with $29.7 million in gross winnings.
Down the road in North Carolina …
The North Carolina State Lottery Commission reported $58.1 million in revenue for February as Tar Heel State sportsbooks wrapped up their second full year of operations.
Operator winnings were up 4.3% from February 2025, lagging behind the 9.7% increase in handle to $596.1 million. The 9.7% hold was one-half of a percentage point lower than last year, but it was also the 18th time in 24 months since launch the collective win rate was 9.5% or higher.
Promotional spend dipped 17.1% to $14.5 million, representing 2.4% of total handle. the $214.9 million outlay in credits and bonuses over the last 12 months is slightly more than the $202.6 million sportsbooks saturated new clients with during the mid-March 2024 commercial launch timed right before the start of the NCAA Tournament.
Handle the last 12 months increased 11.5% to $7.37 billion, which outpaced the 4.1% bump in gross revenue to $742.9 million. Operators had a collective 10.1% hold over the past 12 months of wagering, down from 10.8% in their first 12.
