Maryland Lottery and Gaming reported $80.6 million in gross sports betting revenue for December on Monday, continuing the nationwide trend of sportsbooks closing out 2025 in grand style.
The revenue haul was up 76.7% from the final month of 2024 and the fifth-highest overall in the Old Line State. It was the third time in 2025 Maryland sportsbooks cleared $80 million in monthly winnings as six of the eight top monthly revenue totals took place during the last calendar year.
Handle dipped slightly to $636.3 million, but the $6.65 billion worth of accepted wagers in 2025 was up 11.9% from last year. Year-over-year gross revenue surged 24.8% higher on the strength of an 11.9% hold, up more than 1.2 percentage points from 2024. Operators attained a 12.7% win rate in December, the eighth time it topped 12% in 2025.
The state was able to levy taxes on $79 million in adjusted gross revenue, re-directing $15.7 million into its coffers. The $78.6 million collected in the first six months of the current fiscal year is running $32 million ahead of last year, boosted by the tax-rate increase to 20% that took effect in June.
With eight states having reported handle and revenue figures for December, the collective nationwide hold is 11.5%. Operators had a rough close to 2024; the 5.8% win rate was the lowest since a 4.9% hold in February 2022.
FanDuel left coal for almost everyone
While almost every sportsbook is reaping the benefits of a late-year flourish, FanDuel’s status as marketplace leader in most states has resulted in some notable year-over-year turnarounds. It became the first mobile operator in Maryland to post back-to-back months with $40 million in revenue after claiming $42.2 million in December.
It notched back-to-back months with holds of 16% or higher for the second time in 2025, closing out the year just on that mark with $263.5 million handle. Despite action dropping 7.6% from December 2024, revenue spiked 68.2%, thanks to its hold climbing 7.1 percentage points. FanDuel finished the year with a near-14% win rate in Maryland as its $388.6 million in winnings was up 13.2% from 2024.
DraftKings achieved a similar milestone in smaller fashion, topping $20 million in back-to-back months for the first time, after reporting $22.1 million in gross winnings with an 11.6% hold on $191 million handle. DraftKings attained a double-digit win rate in nine of 12 months in 2025, after doing so 11 times in 2023 and 2024 combined.
BetMGM ($3.8 million), Fanatics ($3.8 million), and bet365 ($3.3 million) were tightly bunched in rounding out the top five, with BetMGM claiming the final podium spot by less than $63,000. It also took third for handle at $48.2 million, easily outdistancing Fanatics ($42.3 million) and bet365 ($32 million). England-based bet365, though, did have the highest hold among the trio at 10.4%.
TheScore Bet largely maintained predecessor ESPN Bet’s status quo in its first month of operations in Maryland in terms of performance. The Penn Entertainment-operated brand extended the run of double-digit holds to nine months, landing at 11.8% as it kept $1.5 million of the $12.8 million wagered. Handle, however, plunged 26.8%, while revenue was up more than four-fold.
More of the same in Indiana
To the west, the Indiana Gaming Commission reported $65 million in adjusted gross revenue for December as operators followed up a record $69.1 million output for November, their third-best showing in state history.
Winnings more than doubled from December 2024 at 106.5%, while handle edged down 3.5% to $544.4 million. The $5.7 billion in calendar-year wagering was up 7.4% from 2024, while the $300.6 million in revenue was 20.6% higher thanks to a 10.1% win rate.
The two sportsbook superpowers split 2025 titles for handle and revenue: DraftKings became the first operator to surpass $2 billion in yearly handle in Indiana, while FanDuel was the first to crest $200 million in winnings.
FanDuel nearly tripled its revenue from December 2024, claiming $23.2 million from a 15.2% hold on $152.8 million worth of wagers. Year-over-year revenue was up 15.9% as its 12% hold ticked up 1.4 percentage points.
DraftKings can take solace claiming the revenue title for December by $137,800 as it posted a 12.2% win rate against $191.6 million handle. Its full-year haul of $197.9 million was up 16.5% versus 2024.
BetMGM surpassed $4 million in revenue in back-to-back months for the first time since a four-month run to close out 2022, totaling $4.3 million in winnings with a 9.2% hold. That was enough to hold off bet365 for third as the England-based book claimed $4.2 million with an 11.1% win rate from $37.9 million worth of wagers.
Fanatics closed a productive 2025 in the Hoosier State with its first back-to-back months with $3 million-plus in revenue, landing at $3.6 million in December, thanks to a 9.6% hold.
